Homework Answers
No. of coupons redeemed = 3,000.
No.of dogs to be given = 3000 / 3 = 1,000.
Cost of dog = $ 20
Amount to be received = $ 4
Premium expense = 1000 toys *( $20-$4) = 1000 * $ 16 = $ 16,000 ----------> Option D
Add Answer to:
Miller Company includes one coupon in each bag of dog food it sells. In return for...
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...
Sheffield Corp. includes one coupon in each bag of dog food it sells. In return for...
Sheffield Corp. includes one coupon in each bag of dog food it sells. In return for eight coupons, customers receive a leash. The leashes cost Sheffield $5 each. Sheffield estimates that 40 percent of the coupons will be redeemed. Data for 2020 and 2021 are as follows: 2020 2021 Bags of dog food sold 520000 580000 Leashes purchased 19000 21000 Coupons redeemed 110000 150000 The premium expense for 2020 is
premium expense and liability VREUN Downloadable eTextbook CALCULATOR FULL SCREEN PRINTER VERSION BACK Exercise 152 Sterling...
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...
homework
Mott Co. includes one coupon in each bag of dog food it sells. In return for eight coupons, customers receive a leash. The leashes cost Mott $2.00 each. Mott estimatesthat 40% of the coupons will be redeemed. Data for 2010 and 2011 are as follows:2010 2011Bags of dog food sold 500,000 600,000Leashes purchased 18,000 22,000Coupons redeemed 120,000 150,000The estimated liability for premiums at December 31, 2011 is
Culver Company includes one coupon in each box of soap powder that it packs, and 10...
Culver Company includes one coupon in each box of soap powder
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
redemption.
Prepare all the entries that would be made relative to sales...
Skysong Company includes one coupon in each box of soap powder that it packs, and 10...
Skysong Company includes one coupon in each box of soap powder that it packs, and 10 coupons are redeemable for a premium (a kitchen utensil). In 2020, Skysong Company purchased 9,300 premiums at 80 cents each and sold 111,000 boxes of soap powder at $3.10 per box; 46,900 coupons were presented for redemption in 2020. It is estimated that 60% of the coupons will eventually be presented for redemption. Prepare all the entries that would be made relative to sales...
Splish Company includes one coupon in each box of soap powder that it packs, and 10...
Splish Company includes one coupon in each box of soap powder that it packs, and 10 coupons are redeemable for a premium (a kitchen utensil). In 2020, Splish Company purchased 8,600 premiums at 85 cents each and sold 117,000 boxes of soap powder at $3.30 per box; 40,000 coupons were presented for redemption in 2020. It is estimated that 60% of the coupons will eventually be presented for redemption. Prepare all the entries that would be made relative to sales...
Accountancy
Answer parts A,B,C,D and E to receive full credit for #1:A. Becks company includes one coupon in each bag of cat food it sells. In return for 15 coupons and 25 cents, customers recieve a leash. the leashes cost the compny $4.50 each. Beck estimates that 40% of the coupons will be redeemed. Data for 2019 are as follows:2019bags of cat food sold1,650,000coupons redeemed225,000Beck does not make any coupon expense entries at the time of sale. rather, it recognizes coupon...
Sheffield Company includes one coupon in each box of soap powder that it packs, and 10 coupons are redeemable for a prem...
Sheffield Company includes one coupon in each box of soap powder
that it packs, and 10 coupons are redeemable for a premium (a
kitchen utensil). In 2020, Sheffield Company purchased 9,500
premiums at 75 cents each and sold 120,000 boxes of soap powder at
$3.00 per box; 41,800 coupons were presented for redemption in
2020. It is estimated that 60% of the coupons will eventually be
presented for redemption.
Prepare all the entries that would be made relative to sales...
Exercise 13-12 Pearl Company includes one coupon in each box of soap powder that it packs,...
Exercise 13-12 Pearl Company includes one coupon in each box of soap powder that it packs, and 10 coupons are redeemable for a premium (a kitchen utensil). In 2020, Pearl Company purchased 8,600 premiums at 75 cents each and sold 108,000 boxes of soap powder at $3.60 per box; 40,000 coupons were presented for redemption in 2020. It is estimated that 60% of the coupons will eventually be presented for redemption. Prepare all the entries that would be made relative...
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...
Culver Company includes one coupon in each box of soap powder
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
redemption.
Prepare all the entries that would be made relative to sales...
Sheffield Company includes one coupon in each box of soap powder
that it packs, and 10 coupons are redeemable for a premium (a
kitchen utensil). In 2020, Sheffield Company purchased 9,500
premiums at 75 cents each and sold 120,000 boxes of soap powder at
$3.00 per box; 41,800 coupons were presented for redemption in
2020. It is estimated that 60% of the coupons will eventually be
presented for redemption.
Prepare all the entries that would be made relative to sales...
Exercise 13-12 Pearl Company includes one coupon in each box of soap powder that it packs, and 10 coupons are redeemable for a premium (a kitchen utensil). In 2020, Pearl Company purchased 8,600 premiums at 75 cents each and sold 108,000 boxes of soap powder at $3.60 per box; 40,000 coupons were presented for redemption in 2020. It is estimated that 60% of the coupons will eventually be presented for redemption. Prepare all the entries that would be made relative...
Most questions answered within 3 hours.
-
(CO 2) A field can be added to a report to
values for two or more...
asked 2 minutes ago -
Identify 3 research scenarios that might provide a low,
medium, and high degree of variability in...
asked 26 minutes ago -
how
does gravity affect the trajectory of projectile? what would be the
shape of the trajactory...
asked 1 hour ago -
Two small plastic spheres are given positive electrical charges.
When they are a distance of 15.4...
asked 1 hour ago -
An acidic solution containing gold ions is
electrolyzed, producing gaseous oxygen (from water) at the anode...
asked 1 hour ago -
Assume that the population of Mexico is 128
million and that the population increases 1.01
percentannually....
asked 2 hours ago -
Can someone please help me add appropriate descriptive
comments to each line of code in the...
asked 2 hours ago -
Romeo wishes to throw a bouquet of flowers to Juliet, who is on
a second-story balcony,...
asked 3 hours ago -
Why is QE a controversial monetary policy tool.
A. It may lead to excessive inflation.B. By...
asked 3 hours ago -
Principles of Programming midterm study guide help!
1.)
______ Which of the following would reference the...
asked 3 hours ago -
A finite potential well has depth U0 = 2.78 eV . What is the
penetration distance...
asked 4 hours ago -
1. The bus bars of a power station are in two sections A and B
separated...
asked 4 hours ago