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
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- I want to this question answer general AccountingI want the correct answer is accountingSunbridge Stores prints a coupon on the bottom of all its May sales receipts for $3 off the customer's next purchase of over $20. The coupons may be redeemed in June 1. Sunbridge estimates that 20% of the coupons will be redeemed before they expire on August 31. During May, Sunbridge sold, for cash, merchandise for $400,000, which generated 60,000 sales receipts. The cost of the merchandise sold was $215,000. During June, Sunbridge sold $525,000 of merchandise for cash that costs $281,000. Additionally, 11,000 coupons were redeemed. Sunbridge uses a perpetual inventory system. Required: Prepare the journal entries related to the coupons for May and June. Be sure to include the expiration of any coupons. For a compound transaction, if an amount box does not require an entry, leave it blank.
- Sunbridge Stores prints a coupon on the bottom of all its May sales receipts for $3 off the customer's next purchase of over $20. The coupons may be redeemed in June 1. Sunbridge estimates that 20% of the coupons will be redeemed before they expire on August 31. During May, Sunbridge sold, for cash, merchandise for $400,000, which generated 60,000 sales receipts. The cost of the merchandise sold was $215,000. During June, Sunbridge sold $525,000 of merchandise for cash that costs $281,000. Additionally, 11,000 coupons were redeemed. Sunbridge uses a perpetual inventory system.Visions designs, markets, and distributes audio and gaming headphones, earbuds, and speakers. Assume that last year, Visions reported cost of goods sold of $157 million. Assume that this year, cost of goods sold was $116 million. Accounts payable was $23 million at the end of last year and $17 million at the end of this year. Required: 1. For this year, compute the average number of days that Visions's accounts payable are outstanding. Note: Do not round intermediate calculations and round your final answer to the nearest whole number. Use 365 days a year. Average number of daysBull's Eye Department Stores, Inc. records $150,000 in gift card sales and receives cash in year 1. Customers redeemed 20% of the gift cards to purchase merchandise in year 1. The company estimates breakage as 15% and uses the proportional method. How much breakage revenue should be recorded at the end of year 1? (Round any intermediary percentages two decimal places, XXX%. Round your final answer to the nearest dollar.) A. $22,500 B. $5,294 C. $30,000 D. $4,500
- Anton Company sells one dozen doughnuts for P500 per box. There is a promotion wherein if a customer buys 3 boxes in a single transaction, a customer received a coupon for one additional box for free. Customers can redeem coupons at any time following the month of sale of the 3 boxes before the expiration date. It is expected 60% of the customers will redeem the coupons. During 2022, the entity sold 15,000 boxes at P500 per box or P7,500,000. During 2023, the entity delivered 2,000 free additional boxes to the customers. Required: 1. Compute the stand-alone selling price of the coupons. 2. Allocate the transaction price to the products sold and the coupons. 3. Prepare the journal entry to record the sale of the products and issue of the free product coupons in 2022 4. Prepare the journal entry to record the delivery of 2,000 free additional boxes in 2023.On December 10, Year 1, Cantlay Inc. made $500,000 in sales on account to various customers. The cost of the merchandise sold is $350,000. Cantlay estimates that 4% of the merchandise will be returned. Cantlay allows customers to return merchandise for a credit or refund within 30 days of purchase. On December 20, Cantlay gave $16,000 credit to various customers related to the return of merchandise. Assume that Cantlay uses a perpetual inventory system. Required: Question Content Area 1. Prepare the journal entries to record the sale on December 10, the return of merchandise on December 20, and any adjusting entry necessary on December 31.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…
- 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 2021 with a refund liability of $300,000. During 2021, Halifax sold merchandise on account for $11,500,000. Halifax's merchandise costs is 65% of merchandise selling price. Also during the year, customers returned $450,000 in sales for credit, with $250,000 of those being returns of merchandise sold prior to 2021, and the rest being merchandise sold during 2021. 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 2021 of merchandise that was sold prior to 2021; (b) record actual returns in 2021 of merchandise that was sold during 2021; and (c) adjust the refund liability to its appropriate balance at year end.2. What is the amount of…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…