Homework Answers
Solution :
|
Boxes sold during the year |
714,400 |
|
Redemption rate |
70% |
|
Redeemable coupons |
500,080 |
|
Coupons already redeemed |
240,500 |
|
Coupons to be redeemed |
259,580 |
|
Net cost per coupon ($6.80+$1.30-$4.80) |
$ 3.30 |
|
Liability for unredeemed coupons |
$ 856,614 |
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3. Flint Company sold 714,400 boxes of pie mix under a new sales promotional program. Each...
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3. Concord Company sold 741,500 boxes of ple mix under a new sales promotional program. Each box contains one coupon, which submitted with $4.10, entities the customer to a baking pan. Concord pays $6.10 per pan and $0.60 for handling and shipping. Concord estimates that 70% of the coupons will be redeemed, even though only 257,600 coupons had been processed during 2020. What amount should Concord report as a liability for unredeemed coupons at December 31, 20207 Liability for unredeemed...
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...
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
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Cost of redemptions (stamps sold prior to 1/1/20)...
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...
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...
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. Concord Company sold 741,500 boxes of ple mix under a new sales promotional program. Each box contains one coupon, which submitted with $4.10, entities the customer to a baking pan. Concord pays $6.10 per pan and $0.60 for handling and shipping. Concord estimates that 70% of the coupons will be redeemed, even though only 257,600 coupons had been processed during 2020. What amount should Concord report as a liability for unredeemed coupons at December 31, 20207 Liability for unredeemed...
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...
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 !
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