1. (17 points) Wynn Company offers a set of building blocks to customers who send in...

Question

Question

1. (17 points) Wynn Company offers a set of building blocks to customers who send in 2 UPC codes from Wynn cereals. The block

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

Workings Amount calculation of cost Particulars No. of boxes sold Expected Redumption Redumption in 2020 Balance to redeem 30

Add a comment

Answer 2

Similar Homework Help Questions

1. (17 points) Wynn Company offers a set of building blocks to customers who send in...

1. (17 points) Wynn Company offers a set of building blocks to customers who send in 2 UPC codes from Wynn cereals. The block sets cost Wynn $1.10 each to purchase, plus S.60 each to mail to customers. Wynn purchased 200,000 sets of blocks. 1.70 x 200,000 - 340,000 During 2020, Wynn sold 1,200,000 boxes of cereal. The company expects 30% of the UPC codes to be used for the blocks. During 2020 individual codes of 150,000 were redeemed. a....
Novak Company offers a set of building blocks to customers who send in 3 UPC codes...

Novak Company offers a set of building blocks to customers who send in 3 UPC codes from Novak cereal, along with 40¢. The block sets cost Novak $1.00 each to purchase and 60¢ each to mail to customers. During 2020, Novak sold 1,080,000 boxes of cereal. The company expects 30% of the UPC codes to be sent in. During 2020, 108,000 UPC codes were redeemed. Prepare Novak’s December 31, 2020, adjusting entry.
Pearl Company offers a set of building blocks to customers who send in 3 UPC codes...

Pearl Company offers a set of building blocks to customers who send in 3 UPC codes from Pearl cereal, along with 40¢. The block sets cost Pearl $1.20 each to purchase and 70¢ each to mail to customers. During 2020, Pearl sold 1,104,000 boxes of cereal. The company expects 30% of the UPC codes to be sent in. During 2020, 110,400 UPC codes were redeemed. Prepare Pearl's December 31, 2020, adjusting entry. (If no entry is required, select "No Entry"...

Brief Exercise 13-15 Marin Company offers a set of building blocks to customers who send in...

Brief Exercise 13-15 Marin Company offers a set of building blocks to customers who send in 3 UPC codes from Marin cereal, along with 40c. The block sets cost Marin $0.90 each to purchase and 50¢ each to mail to customers. During 2020, Marin sold 888,000 boxes of cereal. The company expects 30% of the UPC codes to be sent in. During 2020, 88,800 UPC codes were redeemed. Prepare Marin's December 31, 2020, adjusting entry. (If no entry is required,...
Wynn Corp. offers a set of building blocks to customers who send in three codes from...

Wynn Corp. offers a set of building blocks to customers who send in three codes from Wynn cereal, along with $1. Wynn purchased 100,000 building block sets in 2017 for $2.50 each and paid for them by cash. During 2017, Wynn sold one million boxes of cereal for $4 per box. Wynn estimates that 10% of the sales amount received from customers relates to the building block sets to be awarded. Wynn expects 30% of the codes to be sent...
Brief Exercise 13-15 Pina Company offers a set of building blocks to customers who send in...

Brief Exercise 13-15 Pina Company offers a set of building blocks to customers who send in 3 UPC codes from Pina cereal, along with 50¢. The block sets cost Pina $1.30 each to purchase and 70¢ each to mail to customers. During 2017, Pina sold 1,524,000 boxes of cereal. The company expects 30% of the UPC codes to be sent in. During 2017, 152,400 UPC codes were redeemed. Prepare Pina’s December 31, 2017, adjusting entry. (If no entry is required,...

Brief Exercise 13-15 Your answer is partially correct. Try again. Waterway Company offers a set of building blocks to c...

Brief Exercise 13-15 Your answer is partially correct. Try again. Waterway Company offers a set of building blocks to customers who send in 3 UPC codes from Waterway cereal, along with 60¢. The block sets cost Waterway $0.80 each to purchase and 80¢ each to mail to customers. During 2017, Waterway sold 1,308,000 boxes of cereal. The company expects 30% of the UPC codes to be sent in. During 2017, 130,800 UPC codes were redeemed. Prepare Waterway's December 31, 2017,...
Ayayai Corp. offers a set of building blocks to customers who send in 3 codes from...

Ayayai Corp. offers a set of building blocks to customers who send in 3 codes from Ayayai cereal, along with $1.00. Ayayai purchased 99,000 building block sets in 2020 for $2.50 each, and paid for them by cash. During 2020, Ayayai sold 990,000 boxes of cereal for $4 per box. Ayayai estimates that 10% of the sales amount received from customers relates to the building block sets to be awarded. Ayayai expects 30% of the codes to be sent in,...
Sheffield Frosted Flakes Company offers its customers a pottery cereal bowl if they send in 3...

Sheffield Frosted Flakes Company offers its customers a pottery cereal bowl if they send in 3 boxtops from Sheffield Frosted Flakes boxes and $2. The company estimates that 60% of the baxtops will be redeemed. In 2018, the company sold 1351000 boxes of Frosted Flakes and customers redeemed 660000 boxtops receiving 220000 bowis. If the bowls cost Sheffield Company $4 cach, how much liability for outstanding premiums should be recorded at the end of 2018? $ 276400 $ 100400 $...

Sheffield Frosted Flakes Company offers its customers a pottery cereal bowl if they send in 3...

Sheffield Frosted Flakes Company offers its customers a pottery cereal bowl if they send in 3 boxtops from Sheffield Frosted Flakes boxes and $1. The company estimates that 60% of the boxtops will be redeemed. In 2018, the company sold 1364000 boxes of Frosted Flakes and customers redeemed 630000 boxtops receiving 210000 bowls. If the bowls cost Sheffield Company $3 each, how much liability for outstanding premiums should be recorded at the end of 2018?

1. (17 points) Wynn Company offers a set of building blocks to customers who send in...

Homework Answers