During 2021, Deluxe Leather Goods issued 820,000 coupons which entitles the customer to a $4.60 cash...
During 2021, Deluxe Leather Goods issued 820,000 coupons which entitles the customer to a $4.60 cash refund when the coupon is submitted at the time of any future purchase. Deluxe estimates that 75% of the coupons will be redeemed. 324,000 coupons had been processed during 2021. Deluxe recognizes coupon expense in the period coupons are issued. At December 31, 2021, Deluxe should report a liability for unredeemed coupons of:
Multiple Choice
-
$615,000.
-
$1,711,200.
-
$2,281,600.
-
$1,338,600.
Homework Answers
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During 2021, Deluxe Leather Goods issued 820,000 coupons which
entitles the customer to a $4.60 cash...
During 2021, Deluxe Leather Goods issued 856,000 coupons which entitles the customer to a $5.10 cash...
During 2021, Deluxe Leather Goods issued 856,000 coupons which entitles the customer to a $5.10 cash refund when the coupon is submitted at the time of any future purchase. Deluxe estimates that 71% of the coupons will be redeemed. 351,000 coupons had been processed during 2021. Deluxe recognizes coupon expense in the period coupons are issued. At December 31, 2021, Deluxe should report a liability for unredeemed coupons of: Multiple Choice $1,828,605. o $2,575,500. o $1,309,476. o o $607,760.
1. Vaughn Stamp Company records stamp service revenue and provides for the cost of redemptions in...
1. Vaughn Stamp Company records stamp service revenue and provides for the cost of redemptions in the year stamps are sold to licensees. Vaughn's past experience indicates that only 80% of the stamps sold to licensees will be redeemed. Vaughn's liability for stamp redemptions was $13,481,800 at December 31, 2019. Additional information for 2020 is as follows. Stamp service revenue from stamps sold to licensees Cost of redemptions (stamps sold prior to 1/1/20) $8,948,600 6,238,300 If all the stamps sold...
A. During the year, L&M Leather Goods sold 1,000,000 reversible belts under a new sales promotional...
A. During the year, L&M Leather Goods sold 1,000,000 reversible belts under a new sales promotional program. Each belt carried one rebate certificate which entitles the customer to a $4.00 cash refund when the rebate is submitted for redemption. L&M estimates that 70% of the rebates will be redeemed. 500,000 rebates had been submitted for redemption during the year. At December 31, L&M should report a liability for unredeemed rebate certificates of: B. At the beginning of 2018, Angel Corporation...
3. Flint Company sold 714,400 boxes of pie mix under a new sales promotional program. Each...
3. Flint Company sold 714,400 boxes of pie mix under a new sales promotional program. Each box contains one coupon, which submitted with $4.80, entitles the customer to a baking pan. Flint pays $6.80 per pan and $1.30 for handling and shipping. Flint estimates that 70% of the coupons will be redeemed, even though only 240,500 coupons had been processed during 2017, what amount should Flint report as a liability for unredeemed coupons at December 31, 2017? Liability for unredeemed...
Presented below are three independent situations. 1. Carla Stamp Company records stamp service revenue and provides...
Presented below are three independent situations.
1. Carla Stamp Company records stamp service
revenue and provides for the cost of redemptions in the year stamps
are sold to licensees. Carla’s past experience indicates that only
80% of the stamps sold to licensees will be redeemed. Carla’s
liability for stamp redemptions was $14,258,200 at December 31,
2019. Additional information for 2020 is as follows.
Stamp service revenue from stamps sold to licensees
$9,643,300
Cost of redemptions (stamps sold prior to 1/1/20)...
Please explain clearly and show each step for how to do this problem please!! Thank you...
Please explain clearly and show each step for how to do this
problem please!! Thank you so much !
Tiger Company sold 1,000,000 boxes of cereal under a new sales promotional program in 2019. Each box contains one coupon, which submitted with $2.00, entitles the customer to a stuffed animal. Tiger pays $4.00 per stuffed animal and $1.20 for handling and shipping. Tiger estimates that 40% of the coupons will be redeemed, even though only 100,000 coupons had been processed...
1. Hairston Stamp Company records stamp service revenue and provides for the cost of redemptions in...
1. Hairston Stamp Company records stamp service revenue and provides for the cost of redemptions in the year stamps are sold to licensees. Hairstons past experience indicates that only 80% of the stamps sold to licensees will be redeemed. Hairstons liability for stamp redemptions was $13,000,000 at December 31, 2013. Additional information for 2014 is as follows. Stamp service revenue from stamps sold to licensees 9,500,000 Cost of redemptions (stamps sold prior to 1/1/14) 6,000,000 If all the stamps sold...
Questions: For Kroger deposits in transit: What is the account titled Store deposits in-transit (refer to footnote...
Questions: For Kroger deposits in transit: What is
the account titled Store deposits in-transit (refer to footnote 1)?
This is not an account you will find on the majority of company
financial statements. Why does Kroger include this account? Is it
odd that this account is larger than the cash balance? How do you
explain this?
Information Needed to Answer Questions:
Jan. 28, 2017 Jan. 30, 2016 $322 910 1,649 7,852 (1,291) 898 $ 277 923 1,734 7,440 (1,272) 790 9,892...
During 2021, Deluxe Leather Goods issued 856,000 coupons which entitles the customer to a $5.10 cash refund when the coupon is submitted at the time of any future purchase. Deluxe estimates that 71% of the coupons will be redeemed. 351,000 coupons had been processed during 2021. Deluxe recognizes coupon expense in the period coupons are issued. At December 31, 2021, Deluxe should report a liability for unredeemed coupons of: Multiple Choice $1,828,605. o $2,575,500. o $1,309,476. o o $607,760.
1. Vaughn Stamp Company records stamp service revenue and provides for the cost of redemptions in the year stamps are sold to licensees. Vaughn's past experience indicates that only 80% of the stamps sold to licensees will be redeemed. Vaughn's liability for stamp redemptions was $13,481,800 at December 31, 2019. Additional information for 2020 is as follows. Stamp service revenue from stamps sold to licensees Cost of redemptions (stamps sold prior to 1/1/20) $8,948,600 6,238,300 If all the stamps sold...
3. Flint Company sold 714,400 boxes of pie mix under a new sales promotional program. Each box contains one coupon, which submitted with $4.80, entitles the customer to a baking pan. Flint pays $6.80 per pan and $1.30 for handling and shipping. Flint estimates that 70% of the coupons will be redeemed, even though only 240,500 coupons had been processed during 2017, what amount should Flint report as a liability for unredeemed coupons at December 31, 2017? Liability for unredeemed...
Presented below are three independent situations.
1. Carla Stamp Company records stamp service
revenue and provides for the cost of redemptions in the year stamps
are sold to licensees. Carla’s past experience indicates that only
80% of the stamps sold to licensees will be redeemed. Carla’s
liability for stamp redemptions was $14,258,200 at December 31,
2019. Additional information for 2020 is as follows.
Stamp service revenue from stamps sold to licensees
$9,643,300
Cost of redemptions (stamps sold prior to 1/1/20)...
Please explain clearly and show each step for how to do this
problem please!! Thank you so much !
Tiger Company sold 1,000,000 boxes of cereal under a new sales promotional program in 2019. Each box contains one coupon, which submitted with $2.00, entitles the customer to a stuffed animal. Tiger pays $4.00 per stuffed animal and $1.20 for handling and shipping. Tiger estimates that 40% of the coupons will be redeemed, even though only 100,000 coupons had been processed...
Questions: For Kroger deposits in transit: What is
the account titled Store deposits in-transit (refer to footnote 1)?
This is not an account you will find on the majority of company
financial statements. Why does Kroger include this account? Is it
odd that this account is larger than the cash balance? How do you
explain this?
Information Needed to Answer Questions:
Jan. 28, 2017 Jan. 30, 2016 $322 910 1,649 7,852 (1,291) 898 $ 277 923 1,734 7,440 (1,272) 790 9,892...
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