please assist with these
twoHomework Answers
| Answer | ||
| 1 | Liability for stamp redemption at december 31, 2017 | |
| liability for stamp redemption at december 31,2016 | 13229600 | |
| less: cost of redemption redeemed in 2017 | -6296500 | |
| 6933100 | ||
| add: cost of redemption to be redeemed in 2018 (557500*80%) | 4460000 | |
| Liability for stamp redemption at december 31, 2017 | 11393100 | |
| 2 | Liability for unredeemed coupons at december 31,2017 | |
| total coupons to be redeemed (845700*60%) | 507420 | |
| add: handling charges (507420 *10%) | 50742 | |
| total cost | 558162 | |
| less: total payment to retailers | -297660 | |
| Liability for unredeemed coupons at december 31,2017 | 260502 |
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please assist with these
two
1. Sandhill Starmp Company records stamp service revenue and provides for...
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
$9,643,300
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...
. Sheffield Stamp Company records stamp service revenue and provides for the cost of redemptions in...
. Sheffield Stamp Company records stamp service revenue and provides for the cost of redemptions in the year stamps are sold to licensees. Sheffield’s past experience indicates that only 80% of the stamps sold to licensees will be redeemed. Sheffield’s liability for stamp redemptions was $12,693,900 at December 31, 2016. Additional information for 2017 is as follows. Stamp service revenue from stamps sold to licensees $8,614,200 Cost of redemptions (stamps sold prior to 1/1/17) 5,494,900 If all the stamps sold...
Current Attempt in Progress Bonita Trading Stamp Co. records stamp service revenue and provides for the...
Current Attempt in Progress Bonita Trading Stamp Co. records stamp service revenue and provides for the cost of redemptions in the year stamps are sold to licensees. Bonita's past experience indicates that only 80% of the stamps sold to licensees will be redeemed. Bonita's liability for stamp redemptions was $7490000 at December 31, 2020. Additional information for 2021 is as follows: $6000000 Stamp service revenue from stamps sold to licensees Cost of redemptions 4970000 If all the stamps sold in...
2. In packages of its products, Skysong Inc. Includes coupons that may be presented at retail...
2. In packages of its products, Skysong Inc. Includes coupons that may be presented at retail stores to obtain discounts on other Skysong products. Retailers are reimbursed for the face amount of coupons redeemed plus 10% of that amount for handling costs. Skysong honors requests for coupon redemption by retailers up to 3 months after the consumer expiration date. Skysong estimates that 60% of all coupons issued will ultimately be redeemed. Information relating to coupons issued by Skysong during 2020...
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...
On March 1, 2017, Sandhill Company sold goods to Goosen Inc. for $714,000 in exchange for...
On March 1, 2017, Sandhill Company sold goods to Goosen Inc. for $714,000 in exchange for a 5-year, zero-interest-bearing note in the face amount of $1,203,132 (an inputed rate of 11%). The goods have an inventory cost on Sandhill’s books of $439,000. (a) Prepare the journal entries for Sandhill on March 1, 2017. (b) Prepare the journal entries for Sandhill on December 31, 2017.
Exercise 10-17 Sandhill Co. issued $310,000 of 8%, 20-year bonds on January 1, 2022, at face...
Exercise 10-17
Sandhill Co. issued $310,000 of 8%, 20-year bonds on January 1,
2022, at face value. Interest is payable annually on January 1.
Prepare the journal entry to record the issuance of the bonds.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Jan. 1, 2022
enter an account title to record the issuance of the bonds on
January 1, 2017
enter a debit amount
enter a...
On April 1, 2017, Teal Company sold 13,500 of its 11%, 15-year, $1,000 face value bonds...
On April 1, 2017, Teal Company sold 13,500 of its 11%, 15-year,
$1,000 face value bonds at 97. Interest payment dates are April 1
and October 1, and the company uses the straight-line method of
bond discount amortization. On March 1, 2018, Teal took advantage
of favorable prices of its stock to extinguish 6,300 of the bonds
by issuing 207,900 shares of its $10 par value common stock. At
this time, the accrued interest was paid in cash. The company’s...
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)...
Current Attempt in Progress Bonita Trading Stamp Co. records stamp service revenue and provides for the cost of redemptions in the year stamps are sold to licensees. Bonita's past experience indicates that only 80% of the stamps sold to licensees will be redeemed. Bonita's liability for stamp redemptions was $7490000 at December 31, 2020. Additional information for 2021 is as follows: $6000000 Stamp service revenue from stamps sold to licensees Cost of redemptions 4970000 If all the stamps sold in...
2. In packages of its products, Skysong Inc. Includes coupons that may be presented at retail stores to obtain discounts on other Skysong products. Retailers are reimbursed for the face amount of coupons redeemed plus 10% of that amount for handling costs. Skysong honors requests for coupon redemption by retailers up to 3 months after the consumer expiration date. Skysong estimates that 60% of all coupons issued will ultimately be redeemed. Information relating to coupons issued by Skysong during 2020...
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...
Exercise 10-17
Sandhill Co. issued $310,000 of 8%, 20-year bonds on January 1,
2022, at face value. Interest is payable annually on January 1.
Prepare the journal entry to record the issuance of the bonds.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Jan. 1, 2022
enter an account title to record the issuance of the bonds on
January 1, 2017
enter a debit amount
enter a...
On April 1, 2017, Teal Company sold 13,500 of its 11%, 15-year,
$1,000 face value bonds at 97. Interest payment dates are April 1
and October 1, and the company uses the straight-line method of
bond discount amortization. On March 1, 2018, Teal took advantage
of favorable prices of its stock to extinguish 6,300 of the bonds
by issuing 207,900 shares of its $10 par value common stock. At
this time, the accrued interest was paid in cash. The company’s...
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