During 2024, Sports Planet sold 500,000 tennis rackets under a customer reward program. Each racket included one coupon worth a $10.00 cash rebate. Sports Planet estimates that 80% of the coupons will be redeemed, although only 250,000 coupons had been processed during 2024. What liability for unredeemed coupons should Sports Planet report at December 31, 2024?
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- Cullumber Bakery began selling gift cards in 2025. Based on industry norms, they expect that 40% of the gift cards will not be redeemed. In 2025, the bakery sold gift cards with a value of $1000. During that period, gift cards with a value of $250 were redeemed. The amount of revenue that Cullumber will recognize in 2025 with regard to the gift cards isGoodBuy sells gift cards redeemable for GoodBuy products either in store or online. During 2024, GoodBuy sold $1,040,000 of gift cards, and $900,000 of the gift cards were redeemed for products. As of December 31, 2024, $33,000 of the remaining gift cards had passed the date at which GoodBuy concludes that the cards will never be redeemed. How much gift card revenue should GoodBuy recognize in 2024?MOA sells gift cards that are redeemable only at its stores. The company's policy is to record the redemption amount as realized. MOA sold P1,800,000 worth of gift certificates in 2019 and redeemed P1,560,000 worth of gift certificates. The value of outstanding gift certificates as of January 1, 2019 is P520,000. The company's gross profit margin is 40%. What is the obligation for outstanding gift cards at the end of the fiscal year on December 31, 2019?
- Lastly, can you show me how to do this one? 22. In 2018, XYZ, Inc. sold 2,000 beds for $50 each. The beds carry a 2-year warranty for repairs. XYZ estimates that repair costs will average 3% of the total selling price. What amount would be recorded in the warranty liability account as a result of selling the beds during 2018? Assets = Liabilities + Stockholders’ Equity Revenues – Expenses = Net IncomeCan you solve this financial accounting question with the appropriate financial analysis techniques?In 2021, Holyoak Inc. offers a coupon for $20 off qualifying purchases of its new line of products. Holyoak sold 10,200 of these products during the year. By year-end of 2021, 7,300 coupons had been redeemed and the $20 reduction of purchase price provided to customers. Holyoak's historical experience with such coupons indicates that 85% of customers use the coupon. Holyoak recognizes coupon expense in the period coupons are issued. What is the coupon promotion liability that Holyoak should report in its December 31, 2021, balance sheet? Multiple Choice O O O $20,400. $27,400. $17,200, $19,340.
- GoodBuy sells gift cards redeemable for GoodBuy products either in store or online. During 2018, GoodBuysold $1,000,000 of gift cards, and $840,000 of the gift cards were redeemed for products. As of December 31,2018, $30,000 of the remaining gift cards had passed the date at which GoodBuy concludes that the cards willnever be redeemed. How much gift card revenue should GoodBuy recognize in 2018?Solve this problemWolf Computer Company began operations in 2018. The company allows customers to pay in installments formany of its products. Installment sales for 2018 were $1,000,000. If revenue is recognized at the point of delivery,$600,000 in gross profit would be recognized in 2018. If the company instead uses the cost recovery method,$100,000 in gross profit would be recognized in 2018.Required:1. What was the amount of cash collected on installment sales in 2018?2. What amount of gross profit would be recognized if the company uses the installment sales method?
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