Accounts: Cash, Deferred
Revenue - Coupons, and Sales Revenue
Homework Answers
| date | particulars | LF | debit | credit |
| 1 | cash | 500 | ||
|
sales (being sales made) |
500 | |||
| 2 | cash | 20 | ||
| coupen expence | 60 | |||
|
sales revenve (being sales made by using coupon) |
80 |
| 3 | cash | 580 | ||
| sales revenue | 520 | |||
| deferred revence | 60 | |||
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Accounts: Cash, Deferred
Revenue - Coupons, and Sales Revenue
Problem 7 (sale with material right| Assume...
Problem 16 [sale with material right - inverted] Assume that on July 1, 2020 you paid...
Problem 16 [sale with material right - inverted] Assume that on July 1, 2020 you paid cash to purchase a television from Best Buy for $500. As part of a promotional effect, Best Buy gives you a coupon that allows you to buy a wall mount for the TV for $20. The wall mount normally sells for $_. The coupon expires after 30 days. Based on historical records, Best Buy estimates that 50% of customers utilize the coupon to buy...
Clarks Inc., a shoe retailer, sells boots in different styles. In early November the company starts selling "Sun Boots"...
Clarks Inc., a shoe retailer, sells boots in different styles. In early November the company starts selling "Sun Boots" to customers for $60 per pair. When a customer purchases a pair of SunBoots, Clarks also gives the customer a 20% discount coupon for any additional future purchases made in the next 30 days. Customers can't obtain the discount coupon otherwise. Clarks anticipates that approximately 10% of customers will utilize the coupon, and that on average those customers will purchase additional...
Accounts: Cash, Interest Revenue, Sales Revenue, Notes Receivable, Discount on Note Receivable Problem 6 (sale with...
Accounts: Cash, Interest Revenue, Sales Revenue, Notes
Receivable, Discount on Note Receivable
Problem 6 (sale with time value of money, IR On January 1, 2020, ABC sold and delivered a product to XYZ. ABC allows XYZ to delay payment for twelve months, at which time XYZ will pay ABC $20,000. ABC deems the financing component of the transaction to be significant and decides that an applicable interest rate is 10%. 1. Prepare the entry made by ABC on January 1,...
Clarks Inc., a shoe retailer, sells boots in different styles. In early November the company starts...
Clarks Inc., a shoe retailer, sells boots in different styles. In early November the company starts selling "SunBoots" to customers for $70 per pair. When a customer purchases a pair of SunBoots, Clarks also gives the customer a 30% discount coupon for any additional future purchases made in the next 30 days. Customers can't obtain the discount coupon otherwise. Clarks anticipates that approximately 20% of customers will utilize the coupon, and that on average those customers will purchase additional goods...
answer both please. Clarks Inc., a shoe retailer, sells boots in different styles. In early November...
answer both please.
Clarks Inc., a shoe retailer, sells boots in different styles. In early November the company starts selling "SunBoots" to customers for $75 per pair. When a customer purchases a pair of SunBoots, Clarks also gives the customer a 30% discount coupon for any additional future purchases made in the next 30 days. Customers can't obtain the discount coupon otherwise. Clarks anticipates that approximately 20% of customers will utilize the coupon, and that on average those customers will...
Clarks Inc., a shoe retailer, sells boots in different styles. In early November the company starts...
Clarks Inc., a shoe retailer, sells boots in different styles. In early November the company starts selling "SunBoots" to customers for $60 per pair. When a customer purchases a pair of SunBoots Clarks also gives the customer a 20% discount coupon for any additional future purchases made in the next 30 days. Customers can't obtain the discount coupon otherwise. Clarks anticipates that approximately 10% of customers will utilize the coupon, and that on average those customers will purchase additional goods...
ailer, sells boots in different styles. In early November the company starts selling "SunBoots"' to customers...
ailer, sells boots in different styles. In early November the company starts selling "SunBoots"' to customers for $65 per pair. When a customer purchases a pair of SunBoots, Clarks future purchases made in the next 30 days. Customers can't obtain the discount coupon otherwise. Clarks anticipates that approximately 20% of customers will utilize the coupon, and that on average those customers will purchase normally sell for $120. also give s the customer a 30% discount coupon for any additional additional...
Problem 3 DGA Associates, Inc. sells computer workstations designed for architects. In 2018, it sold 120...
Problem 3 DGA Associates, Inc. sells computer workstations designed for architects. In 2018, it sold 120 workstations for $360,000. For each workstation sold. DGA distributed a 40% discount coupon for any additional future purchases made in the next 12 months. Based on historical experience, DGA expects that approximately 30% of the coupons will be utilized, and the goods purchased with the coupons would normally sell for $350. Required: (a) How many performance obligations are in a contract to purchase a...
Problem 13-13 To increase the sales of its Sugar Kids breakfast cereal, Whispering Winds Foods Limited...
Problem 13-13 To increase the sales of its Sugar Kids breakfast cereal, Whispering Winds Foods Limited places one coupon in each cereal box. Five coupons are redeemable for a premium consisting of a child's hand puppet. In 2017, Whispering Winds purchases 41,400 puppets at $1.65 each and sells 489,000 boxes of Sugar Kids at $3.05 a box. Whispering Winds estimates that $0.20 of the sale price relates to the hand puppet to be awarded. From its experience with other similar...
Creative Computing sells a tablet computer called the Protab. The $875 sales price of a Protab...
Creative Computing sells a tablet computer called the Protab. The $875 sales price of a Protab Package includes the following: • One Protab computer • A 6-month limited warranty. This warranty guarantees that Creative will cover any costs that arise due to repairs or replacements associated with defective products for up to six months. • A coupon to purchase a Creative Probook e-book reader for $180, a price that represents a 50% discount from the regular Probook price of $360....
Problem 16 [sale with material right - inverted] Assume that on July 1, 2020 you paid cash to purchase a television from Best Buy for $500. As part of a promotional effect, Best Buy gives you a coupon that allows you to buy a wall mount for the TV for $20. The wall mount normally sells for $_. The coupon expires after 30 days. Based on historical records, Best Buy estimates that 50% of customers utilize the coupon to buy...
Clarks Inc., a shoe retailer, sells boots in different styles. In early November the company starts selling "Sun Boots" to customers for $60 per pair. When a customer purchases a pair of SunBoots, Clarks also gives the customer a 20% discount coupon for any additional future purchases made in the next 30 days. Customers can't obtain the discount coupon otherwise. Clarks anticipates that approximately 10% of customers will utilize the coupon, and that on average those customers will purchase additional...
Accounts: Cash, Interest Revenue, Sales Revenue, Notes
Receivable, Discount on Note Receivable
Problem 6 (sale with time value of money, IR On January 1, 2020, ABC sold and delivered a product to XYZ. ABC allows XYZ to delay payment for twelve months, at which time XYZ will pay ABC $20,000. ABC deems the financing component of the transaction to be significant and decides that an applicable interest rate is 10%. 1. Prepare the entry made by ABC on January 1,...
Clarks Inc., a shoe retailer, sells boots in different styles. In early November the company starts selling "SunBoots" to customers for $70 per pair. When a customer purchases a pair of SunBoots, Clarks also gives the customer a 30% discount coupon for any additional future purchases made in the next 30 days. Customers can't obtain the discount coupon otherwise. Clarks anticipates that approximately 20% of customers will utilize the coupon, and that on average those customers will purchase additional goods...
answer both please.
Clarks Inc., a shoe retailer, sells boots in different styles. In early November the company starts selling "SunBoots" to customers for $75 per pair. When a customer purchases a pair of SunBoots, Clarks also gives the customer a 30% discount coupon for any additional future purchases made in the next 30 days. Customers can't obtain the discount coupon otherwise. Clarks anticipates that approximately 20% of customers will utilize the coupon, and that on average those customers will...
Clarks Inc., a shoe retailer, sells boots in different styles. In early November the company starts selling "SunBoots" to customers for $60 per pair. When a customer purchases a pair of SunBoots Clarks also gives the customer a 20% discount coupon for any additional future purchases made in the next 30 days. Customers can't obtain the discount coupon otherwise. Clarks anticipates that approximately 10% of customers will utilize the coupon, and that on average those customers will purchase additional goods...
ailer, sells boots in different styles. In early November the company starts selling "SunBoots"' to customers for $65 per pair. When a customer purchases a pair of SunBoots, Clarks future purchases made in the next 30 days. Customers can't obtain the discount coupon otherwise. Clarks anticipates that approximately 20% of customers will utilize the coupon, and that on average those customers will purchase normally sell for $120. also give s the customer a 30% discount coupon for any additional additional...
Problem 3 DGA Associates, Inc. sells computer workstations designed for architects. In 2018, it sold 120 workstations for $360,000. For each workstation sold. DGA distributed a 40% discount coupon for any additional future purchases made in the next 12 months. Based on historical experience, DGA expects that approximately 30% of the coupons will be utilized, and the goods purchased with the coupons would normally sell for $350. Required: (a) How many performance obligations are in a contract to purchase a...
Problem 13-13 To increase the sales of its Sugar Kids breakfast cereal, Whispering Winds Foods Limited places one coupon in each cereal box. Five coupons are redeemable for a premium consisting of a child's hand puppet. In 2017, Whispering Winds purchases 41,400 puppets at $1.65 each and sells 489,000 boxes of Sugar Kids at $3.05 a box. Whispering Winds estimates that $0.20 of the sale price relates to the hand puppet to be awarded. From its experience with other similar...
Creative Computing sells a tablet computer called the Protab. The $875 sales price of a Protab Package includes the following: • One Protab computer • A 6-month limited warranty. This warranty guarantees that Creative will cover any costs that arise due to repairs or replacements associated with defective products for up to six months. • A coupon to purchase a Creative Probook e-book reader for $180, a price that represents a 50% discount from the regular Probook price of $360....
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