Barlo Lunch Snacks places a coupon in each box of its cracker product. Customers may send in five coupons and $3, and the company will send them a recipe book. Sufficient books were purchased at a cost of $5 each. A total of 500,000 boxes of product were sold in 2016. It was estimated that 4% of the coupons would be redeemed. During 2016, 9,000 coupons were redeemed. What is Barlo's premium expense for 2016?
A. $4,400
B. $8,000
C. $20,000
D. $40,000
Answer: B
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Auditors do not rely on detailed knowledge of the application's internal logic when they use the __________________________ approach to auditing computer applications
Fill in the blank(s) with correct word
A classified balance sheet organizes assets and liabilities into important subgroups that provide more information to decision makers.
Answer the following statement true (T) or false (F)
Which of the following is the suggested four-step sequence for an inductive outline??
A) ?Mentioning a product or service; getting the reader's attention; presenting evidence of quality; and encouraging action B) ?Mentioning a product, service, or idea; getting the reader's attention; asking for action; and presenting documentable evidence of claims C) ?Getting the reader's attention; introducing a product, service, or idea; presenting valid evidence of claims; and asking for action D) ?Stating the reason for writing; mentioning a product or service; presenting evidence regarding the claims made; and asking for action
Gargiulo Company, a 90% owned subsidiary of Posito Corporation, transfers inventory to Posito at a 25% gross profit rate. The following data are available pertaining specifically to Posito's intra-entity purchases from Gargiulo. Gargiulo was acquired on January 1, 2017. 201720182019Purchases by Posito$8,000 $12,000 $15,000 Ending inventory on Posito's books 1,200 4,000 3,000 ??Assume the equity method is used. The following data are available pertaining to Gargiulo's income and dividends.? 201720182019Gargiulo's net income$70,000 $85,000 $94,000 Dividends paid by Gargiulo 10,000 10,000 15,000 ?For consolidation purposes, what amount would be debited to cost of goods sold for the 2017 consolidation worksheet with regard to unrecognized intra-entity gross
profit remaining in ending inventory with respect to the transfer of merchandise? A. $1,600. B. $240. C. $270. D. $300. E. $2,000.