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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- Hi expert please give me answer general accounting questionCrane Bakery began selling gift cards in 2025. Based on industry norms, they expect that 30% of the gift cards will not be redeemed. In 2025, the bakery sold gift cards with a value of $2000. During that period, gift cards with a value of $500 were redeemed. The amount of revenue that Crane will recognize in 2025 with regard to the gift cards is O $650 O $500 O $2000 O $714Cullumber 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 is
- Use the information for the next three (3) questions. Seva Company operates a customer loyalty program. The entity grants program members loyalty points when they spend a specified amount on purchases. Program members can redeem the points for further purchases. The points have no expiry date.During 2020, the customer earned 60,000 points. Management expects that 100% of these points will be redeemed. The stand-alone selling price of each loyalty point is estimated at P20. The sales during 2020 amounted to P6,800,000 based on stand-alone selling price.On December 31, 2020, 28,800 points have been redeemed in exchange for purchases.In 2021, the management revised expectations and now expects 90% of the points to be redeemed. 9,000 points were redeemed during the year.How much of the sales should be allocated to the award points? How much should be recognized as revenue for 2020? How much should be recognized as revenue for 2021?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 $1.50 each. Sterling's experience indicates that 60 percent of the coupons will be redeemed. In 2025, 150,000 bags of dog food were sold, 18,000 toys were purchased, and 60,000 coupons were redeemed. In 2026, 180,000 bags of dog food were sold, 24,000 toys were purchased, and 90,000 coupons were redeemed. Determine the premium expense to be reported in the income statement and the premium liability on the balance sheet for 2025 and 2026.Dairy, Inc. offered an ice cream scoop in exchange for 8 labels of ice cream and $3.00. The ice cream scoops cost $7.00 each. Experience indicates that 45% of the coupons will be redeemed. Customers can redeem the coupons, receipts and cash through February 28, 2021. Dairy, Inc. sold 40,000 gallons of ice cream. 15,000 of the coupons were redeemed in 2020. What is the amount of premium expense to be recognized on the income statement for the year ended 2020? If all of the remaining ice cream scoops were issued in 2021, what is the amount of the premium expense to be recognized in 2021? What is the amount of the premium liability as of 12/31/20? Please provide a detailed explanation.
- What is the correct answer and show the solution.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 IncomeSweet Dates Company offers a premium to its customers—a glass bowl (cost to Sweet Dates is $0.90) upon return of 40 coupons. Two coupons are placed in each box of dates sold. The company estimates, on the basis of past experience, that only 70% of the coupons will ever be redeemed. During 2019, 10 million boxes of dates are sold at $0.30 each. Eight million coupons are redeemed during 2019. Sweet Dates purchased 360,000 glass bowls for the plan on January 1, 2019. Required: 1. Prepare the journal entries related to the sale of dates and the premium plan in 2019. 2. Show how the preceding items would be reported on the December 31, 2019, balance sheet.
- In 2019, Mott Co. started to include one coupon in each bag of dog food it sells. In return for ten coupons, customers receive a leash. The leashes cost Mott P2.50 each. Mott estimates that 60 percent of the coupons will be redeemed. Data for 2019 and 2020 are as follows: 2019 2020 Bags of dog food sold 500,000 600,000 Leashes purchased 18,000 20,000 Coupons redeemed 120,000 150,000 What is the premium liability at December 31, 2019?Lonergan Company occasionally uses its accounts receivable to obtain immediate cash. At the end of June 2024, the company had accounts receivable of $980,000. Lonergan needs approximately $600,000 to capitalize on a unique investment opportunity. On July 1, 2024, a local bank offers Lonergan the following two alternatives: a. Borrow $600,000, sign a promissory note, and assign the entire receivable balance as collateral. At the end of each month, a remittance will be made to the bank that equals the amount of receivables collected plus 8% interest on the unpaid balance of the note at the beginning of the period. b. Transfer $650,000 of specific receivables to the bank without recourse. The bank will charge a 2% factoring fee on the amount of receivables transferred. The bank will collect the receivables directly from customers. The sale criteria are met. Required: 1. Prepare the journal entries that would be recorded on July 1 for: a. alternative a. b. alternative b. 2. Assuming that…During the year 2023, the management of Lakers Company is looking into possible alternatives of obtaining additional financing. After considering several options, Lakers decided to use its receivables as a means of obtaining cash to continue operations. On July 16, 2023, Lakers factored P1,200,000 of its accounts receivable to High Finance Company. Factoring fee was 15% of the receivables purchased and the finance company withheld 10% of the purchase price as protection against sales returns and allowances. On November 30, 2023, accounts receivable amounting to P600,000 were assigned to Manila Bank as collateral. The bank advanced 75% of the assigned accounts less finance charge of 5% based on the amount advanced. During December, Lakers collected P200,000 which was remitted to the bank on December 31. This amount was applied first to payment of interest at the rate of 1% per month based on the outstanding balance and the remainder of the collection was applied to the principal. A…
