Homework Answers
| Calculation of promotional expense recognized in 2022 is shown below | ||||
| Estimated promotional liability | $15.60 | 120*65%*0.2 | ||
| Redemption in 2021 | $16.50 | |||
| Redemption in 2022 | $4.60 | (78-55)*0.2 | ||
| Coupons redeemed in 2022 | $6.40 | 32*0.2 | ||
| Promotional expense | $1.80 | |||
| Thus, promotional expense in 2022 would be $1.80 million | ||||
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General Product Inc. distributed 120 million coupons in 2021. The coupons are redeemable for 20 cents...
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General Product Inc. distributed 280 million coupons in 2021. The coupons are redeemable for 25 cents each. General anticipates that 70% of the coupons will be redeemed. The coupons expire on December 31, 2022. There were 35 million coupons redeemed in 2021 and 22 million redeemed in 2022. General recognizes coupon promotion expense in the period coupons are issued. What was General's coupon promotion expense in 2021? Multiple Choice $49.0 million. • $22.0 million. $22.0 million. 0 $88 million $8.8...
Sherrod, Inc., reported pretax accounting Income of $92 million for 2021. The following Information relates to...
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Sherrod, Inc., reported pretax accounting income of $88 million for 2021. The following information relates to differences between pretax accounting income and taxable income: a. Income from installment sales of properties included in pretax accounting income in 2021 exceeded that reported for tax purposes by $7 million. The installment receivable account at year-end 2021 had a balance of $8 million (representing portions of 2020 and 2021 installment sales), expected to be collected equally in 2022...
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JOHNSON & JOHNSON AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (Dollars and Shares in Millions Except Per...
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General Product Inc. distributed 280 million coupons in 2021. The coupons are redeemable for 25 cents each. General anticipates that 70% of the coupons will be redeemed. The coupons expire on December 31, 2022. There were 35 million coupons redeemed in 2021 and 22 million redeemed in 2022. General recognizes coupon promotion expense in the period coupons are issued. What was General's coupon promotion expense in 2021? Multiple Choice $49.0 million. • $22.0 million. $22.0 million. 0 $88 million $8.8...
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Need help with PART 3!!!!
Sherrod, Inc., reported pretax accounting income of $88 million for 2021. The following information relates to differences between pretax accounting income and taxable income: a. Income from installment sales of properties included in pretax accounting income in 2021 exceeded that reported for tax purposes by $7 million. The installment receivable account at year-end 2021 had a balance of $8 million (representing portions of 2020 and 2021 installment sales), expected to be collected equally in 2022...
JOHNSON & JOHNSON AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (Dollars and Shares in Millions Except Per Share Amounts) (Note 1)* 2016 71,890 21,789 50.101 20,067 9.143 29 Sales to customers Cost of products sold Gross profit Selling, marketing and administrative expenses Research and development expense In-process research and development Interest income Interest expense, net of portion capitalized (Note 4) Other (income) expense, net Restructuring (Note 22) Eamings before provision for taxes on income Provision for taxes on income (Note 8)...
CASE 1-5 Financial Statement Ratio Computation Refer to Campbell Soup Company's financial Campbell Soup statements in Appendix A. Required: Compute the following ratios for Year 11. Liquidity ratios: Asset utilization ratios:* a. Current ratio n. Cash turnover b. Acid-test ratio 0. Accounts receivable turnover c. Days to sell inventory p. Inventory turnover d. Collection period 4. Working capital turnover Capital structure and solvency ratios: 1. Fixed assets turnover e. Total debt to total equity s. Total assets turnover f. Long-term...
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JOHNSON & JOHNSON AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (Dollars and Shares in Millions Except Per Share Amounts) (Note 1)* 2016 71,890 21,789 50.101 20,067 9.143 29 Sales to customers Cost of products sold Gross profit Selling, marketing and administrative expenses Research and development expense In-process research and development Interest income Interest expense, net of portion capitalized (Note 4) Other (income) expense, net Restructuring (Note 22) Eamings before provision for taxes on income Provision for taxes on income (Note 8)...
JOHNSON & JOHNSON AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (Dollars and Shares in Millions Except Per Share Amounts) (Note 1)* 2016 71,890 21,789 50.101 20,067 9.143 29 Sales to customers Cost of products sold Gross profit Selling, marketing and administrative expenses Research and development expense In-process research and development Interest income Interest expense, net of portion capitalized (Note 4) Other (income) expense, net Restructuring (Note 22) Eamings before provision for taxes on income Provision for taxes on income (Note 8)...
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