During the year, L&M Leather Goods sold 1,080,000 reversible belts under a new sales promotional program. Each belt carried one coupon, which entitles the customer to a $4.80 cash rebate. L&M estimates that 77% of the coupons will be redeemed, even though only 507,000 coupons had been processed during the year. At December 31, L&M should report a liability for unredeemed coupons of: A. $831,600 B. $2,433,600 C. $3,991,680 D. $1,558,080
Q: Question:1.2
A: Biological assets are unique in financial reporting because they involve living plants or animals,…
Q: Answer please
A: Step 1: Formula Preferred dividends = Number of preferred shares x Par value x RateCommon dividends…
Q: If a transaction is properly analyzed and recorded, a. one account balance will increase and another…
A: Option a: This option is incorrect because transaction being properly analyzed and recorded does not…
Q: A company is considering whether to adopt a new accounting software system. Discuss the potential…
A: Definition Section (Related to the Question)Definition of Accounting Software:Accounting software is…
Q: I want to correct answer general accounting question
A: Step 1: Definition of Fixed CostsFixed costs are business expenses that remain constant regardless…
Q: Answer?? general account
A: Given.Expected Return (Mean) 14.70%=0.147Variance: 0.36000 Step 1. Calculate Standard Deviation…
Q: What is the total amount of your capital gains on this investment? General accounting
A: To calculate the total capital gains from your investment in ABC Co., follow these steps:1.…
Q: Subject - general account - During the current year, merchandise is sold for $40,000 cash and…
A: Step 1: Understand the Gross Profit FormulaGross profit is calculated as: Gross Profit=Net…
Q: What is the unit product cost?
A: Under variable costing:Product Cost per Unit = Direct Materials + Direct Labor + Variable…
Q: Explain the concept
A: Consolidation in financial reporting means combining the financial statements of a parent company…
Q: What is the level of fixed costs ??
A: To determine the fixed costs using the high-low method, follow these steps: 1. Identify the…
Q: Tulsas gross profit percentage?
A: Step 1: Define Gross ProfitGross profit is the difference between the sales revenue of a company and…
Q: Answer? ? Financial accounting
A: Required Rate of Return=Rf+β⋅(Rm−Rf)Where:Rf = Risk-free rate = 4% or 0.04Rm = Expected return…
Q: General Accounting
A: Step 1: Define Return on Equity (ROE)Return on Equity (ROE) is a measure of financial performance…
Q: Financial accounting
A: Step 1: Define Return on Capital EmployedThe overall return that the firm has been able to generate…
Q: Provide answer
A: Step 1: Step 2: Step 3: Step 4:
Q: incorrect solution will get unhelpful rate
A: Detailed explanation:Given:Direct Materials $ 25000Direct Labor $ 35000Overhead applied at 80% of…
Q: None
A: To compute the net income for the year, you can use the following formula: Net Income = Retained…
Q: Financial Accounting
A: To calculate the holding period return (HPR) for March 2023, use the following formula: HPR =…
Q: Financial accounting question
A: Step 1: Define Risk-free RateThe Risk-free Rate act as the baseline for investments, as it…
Q: Solve this general accounting problem
A: Explanation of Total Asset Turnover:Total Asset Turnover measures how efficiently a company uses its…
Q: Hi expert please give me answer general accounting question
A: Step 1: Definitions of Net Income: The profit earned by a company after deducting all expenses,…
Q: its a General Account problem
A: To calculate the Direct Material Efficiency Variance, use the formula: Direct Material Efficiency…
Q: General accounting
A: Step 1: Definition of Return on Assets (ROA) and Return on Equity (ROE)Return on Assets (ROA): ROA…
Q: What amount should be debited to the patent account?
A: Step 1:The asset costs include the acquisition price and amount incurred to bring the assets to…
Q: I want to this question answer general Accounting
A: Step 1: Define Fixed Asset Utilization and CapacityFixed Asset Utilization measures how effectively…
Q: In a period of rising prices, the inventory method that will show the highest net income is: a.…
A: Correct Answer: b. FIFO Explanation:In a period of rising prices (inflation), the inventory costing…
Q: Discuss the accounting treatment for business combinations.
A: Business Combination: A transaction or event in which one company obtains control over one or more…
Q: A company is considering whether to adopt a new accounting software system. Discuss the potential…
A: Step 1: Potential benefits of implementing new accounting softwareEnhances efficiency: An accounting…
Q: Perfect Paint mixes ingredients A ($30/liter), B ($20/liter), and C ($25/liter) in the ratio 3:2:1…
A: Step 1: Determine the ratio The mixture's ratio of ingredients is 3:2:1, meaning 3 parts of A, 2…
Q: Kindly help me with accounting questions
A: To calculate the Cost of Goods Sold (COGS), we use the formula:COGS = Beginning Inventory +…
Q: Which of the following is not an asset account? a. Common Stock b. Salary Expense c. Service Revenue…
A: a. Common Stock: This is an equity account, not an asset account. b. Salary Expense: This is an…
Q: What is the answer?
A: Explanation of Work in Process (WIP) Inventory: Work in process inventory represents the cost of…
Q: The Yen Company has fixed costs of $750,000 and variable costs ..
A: The question requires the determination of the selling price per unit to achieve a desired target…
Q: Answer? ? Financial accounting question
A: Step 1: Define LiabilitiesThe liabilities a company has are all the obligations that it has to pay.…
Q: General Accounting question
A: Step 1: Define High-Low MethodThe high-low method is used to separate the fixed costs and variable…
Q: In accounting
A: Explanation of Subsidiary Ledger:A subsidiary ledger is a detailed record that provides information…
Q: Subject: Financial Accounting
A: 1) A firm order to buyThis is right. A purchase commitment implies a binding contract with respect…
Q: None
A: To find the total monthly fixed cost, we need to separate the fixed and variable costs using the…
Q: hello tutor, give answer general accounting question
A: Given:Each unit requires 4 pounds of aluminum.The cost of aluminum is $3 per…
Q: Provide answer general Accounting question
A: Step 1: Define Basic Earnings per ShareA company's basic earnings per share is the net income…
Q: Financial accounting
A: Explanation of Total Assets:Total assets refer to the combined value of everything a company owns…
Q: Need this question answer general Accounting
A: Step 1: Define Total Asset Turnover RatioThe Total Asset Turnover Ratio measures how efficiently a…
Q: Provide correct answer general accounting
A: Step 1: Use the formula for Cost of Goods Manufactured (COGM)Step 2: Rearrange the formula to solve…
Q: What is the holding period return on these financial accounting question?
A: The holding period return (HPR) is calculated as follows: HPR=Beginning PriceIncome + (Ending Price…
Q: The manufacturing overhead
A: Explanation of Current Assets:Current assets are assets that a company expects to convert into cash…
Q: Gross profit for genera account.??
A: Step 1: Understanding Gross ProfitGross profit is the difference between the revenue generated from…
Q: Activity-based costing systems ?: a) Use a single overhead rate b) Ignore overhead costs c) Use…
A: Activity-Based Costing (ABC) systems allocate overhead costs based on multiple activities that drive…
Q: Calculate JCI's projected free cash flow; the tax rate is 25%. Enter your answer in millions. For…
A: To solve the questions, we will use the available data and formulas.1. Calculate JCI's projected…
Q: Solve this question answer general Accounting
A: Step 1: Define Cost-Volume-Profit (CVP) AnalysisThe CVP analysis is considered to figure out the…
I want to this question answer general Accounting
Step by step
Solved in 2 steps
- At December 31, 2020, Feel Company had 20,000 gift certificates outstanding, which had been sold to customers during 2020 for P500 each. Feel operates on a gross margin of 60% of its sales. What amount of revenue pertaining to the 20,000 gift certificates should be deferred at December 31, 2020? *Kelly’s Jewelry has the following transactions during the year: total jewelry sales = $750,000; sales discounts = $20,000; sales returns = $50,000; sales allowances = $30,000. In addition, at the end of the year the company estimates the following transactions associated with jewelry sales in the current year will occur next year: sales discounts = $2,000; sales returns = $6,000; sales allowances = $4,000. Compute net sales.Kelly's Jewelry has the following transactions during the year: total jewelry sales = $740,000; sales discounts = $19,500; sales returns = $49,000; sales allowances = $29,000. In addition, at the end of the year the company estimates the following transactions associated with jewelry sales in the current year will occur next year: sales discounts = $1,950; sales returns = $5,880; sales allowances = $3,870. Compute net sales. Total sales Less: Sales discounts Less: Sales returns Less: Sales allowances Add: Sales allowances Net sales ♥ 1111 740,000 17,550 43,120 25,130 S 642.500
- Libscomb Technologies' annual sales are $6,974,991 and all sales are made on credit, it purchases $3,511,535 of materials each year (and this is its cost of goods sold). Libscomb also has $550,869 of inventory, $522,928 of accounts receivable, and $477,584 of accounts payable. Assume a 365 day year. What is Libscomb’s Inventory Turnover?Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credit to their accounts. All of Halifax's sales are for credit (no cash is collected at the time of sale). The company began 2024 with a refund llability of $390,000. During 2024, Halifax sold merchandise on account for $12,400,000. Halifax's merchandise costs are 65% of merchandise selling price. Also during the year, customers returned $368,000 in sales for credit, with $203,000 of those being returns of merchandise sold prior to 2024, and the rest being merchandise sold during 2024. Sales returns, estimated to be 3% of sales, are recorded as an adjusting entry at the end of the year. Required: 1. Prepare entries to (a) record actual returns in 2024 of merchandise that was sold prior to 2024; (b) record actual returns in 2024 of merchandise that was sold during 2024; and (c) adjust the refund liability to its appropriate balance at year end. 2. What is the…Libscomb Technologies' annual sales are $6,750,624 and all sales are made on credit, it purchases $3,062,806 of materials each year (and this is its cost of goods sold). Libscomb also has $571,915 of inventory, $1,475,000 of accounts receivable, and $1,400,000 of accounts payable. Assume a 365 day year. What is Libscomb’s Receivables Period (in days)?
- In July 10, 2020, Marigold Ltd. sold $1.8 million of compressors to retailers on account. Marigold had paid $918,000 for these compressors. Marigold grants the right to return compressors that do not sell in three months following delivery. Past experience indicates that the normal return rate is 10%. By October 11, 2020, retailers returned compressors to Marigold and were granted a cash refund totalling $175,000. Marigold uses a perpetual inventory system and follows IFRS. Prepare Marigold's journal entries to record the sale on July 10, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation July 10 July 10 Accounts Receivable Purchase Returns and Allowances Sales Revenue (To record sales on account) Cost of Goods Sold (To record cost of goods sold) Debit Credit WINHalifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credit to their accounts. All of Halifax's sales are for credit (no cash is collected at the time of sale). The company began 2024 with a refund liability of $410,000. During 2024, Halifax sold merchandise on account for $13,500,000. Halifax's merchandise costs are 65% of merchandise selling price. Also during the year, customers returned $532,000 in sales for credit, with $294,000 of those being returns of merchandise sold prior to 2024, and the rest being merchandise sold during 2024. Sales returns, estimated to be 4% of sales, are recorded as an adjusting entry at the end of the year. Required: 1. Prepare entries to (a) record actual returns in 2024 of merchandise that was sold prior to 2024; (b) record actual returns in 2024 of merchandise that was sold during 2024; and (c) adjust the refund liability to its appropriate balance at year end. 2. What is the…Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credit to their accounts. All of Halifax's sales are for credit (no cash is collected at the time of sale). The company began 2024 with a refund liability of $450,000. During 2024, Halifax sold merchandise on account for $13,000,000. Halifax's merchandise costs are 65% of merchandise selling price. Also during the year, customers returned $514,000 in sales for credit, with $283,000 of those being returns of merchandise sold prior to 2024, and the rest being merchandise sold during 2024. Sales returns, estimated to be 4% of sales, are recorded as an adjusting entry at the end of the year. Record the year-end adjusting entry for estimated returns. Can someone please help me with this adjusting entry? I'm having difficulty with this
- Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credit to their accounts. All of Halifax's sales are for credit (no cash is collected at the time of sale). The company began 2024 with a refund liability of $420,000. During 2024, Halifax sold merchandise on account for $12,700,000. Halifax's merchandise costs are 60% of merchandise selling price. Also during the year, customers returned $619,000 in sales for credit, with $342,000 of those being returns of merchandise sold prior to 2024, and the rest being merchandise sold during 2024. Sales returns, estimated to be 5% of sales, are recorded as an adjusting entry at the end of the yearHalifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credit to their accounts. All of Halifax's sales are for credit (no cash is collected at the time of sale). The company began 2024 with a refund liability of $390,000. During 2024, Halifax sold merchandise on account for $13,300,000. Halifax's merchandise costs are 65% of merchandise selling price. Also during the year, customers returned $386,000 in sales for credit, with $213,000 of those being returns of merchandise sold prior to 2024, and the rest being merchandise sold during 2024. Sales returns, estimated to be 3% of sales, are recorded as an adjusting entry at the end of the year. Required: 1. Prepare entries to (a) record actual returns in 2024 of merchandise that was sold prior to 2024; (b) record actual returns in 2024 of merchandise that was sold during 2024; and (c) adjust the refund liability to its appropriate balance at year end. 2. What is the…Wal-Get Company sells apparel (clothing) to retail customers. Historical results show that about 10% of daily sales will be returned for a full refund. The ratio of cost of goods sold to sales is 70% (on average). On December 15, 2023, Wal-Get sold $5,000,000 of apparel products. The accounting system has appropriately recorded the sales and cash received and the decrease in inventory and increase in cost of sales for December 15. Calculate the estimated inventory return asset relative to December 15 sales.