Crane Co. includes one coupon in each bag of dog food it sells.
Crane Co. includes one coupon in each bag of dog food it sells. In return for 4 coupons, customers receive a dog toy that the company purchases for $1.20 each. Crane's experience indicates that 60 percent of the coupons will be redeemed. During 2020, 102,000 bags of dog food were sold, 12,000 toys were purchased, and 40,800 coupons were redeemed. During 2021, 122,200 bags of dog food were sold, 16,695 toys were purchased, and 61,100 coupons were redeemed.
Determine the premium expense to be reported in the income statement and the premium liability on the balance sheet for 2020 and 2021.
I have found premium expense for 2020 and 2021 and premium liability for 2020. I cant find premium liability for 2021.
Premium expense 2020 - 18,360
Premium expense 2021 - $21,996
Premium liability 2020 - $6,120
Premium liability 2021 - ??
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premium expense and liability
VREUN Downloadable eTextbook CALCULATOR FULL SCREEN PRINTER VERSION BACK Exercise 152 Sterling Co. includes one coupon in each bag of dog food it sells. In return for 4 coupons, customers receive a dog toy that the company purchases for $1.40 each. Sterling's experience indicates that 60 percent of the coupons will be redeemed. During 2017, 101,000 bags of dog food were sold, 12,010 toys were purchased, and 40,400 coupons were redeemed. During 2018, 118,400 bags of...
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that it packs, and 10 coupons are redeemable for a premium (a
kitchen utensil). In 2020, Culver Company purchased 9,500 premiums
at 80 cents each and sold 121,000 boxes of soap powder at $3.20 per
box; 42,100 coupons were presented for redemption in 2020. It is
estimated that 60% of the coupons will eventually be presented for
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Prepare all the entries that would be made relative to sales...
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that it packs, and 10 coupons are redeemable for a premium (a
kitchen utensil). In 2020, Sheffield Company purchased 9,500
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