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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- Libscomb Technologies' annual sales are $6,997,444 and all sales are made on credit, it purchases $3,879,449 of materials each year (and this is its cost of goods sold). Libscomb also has $530,851 of inventory, $490,754 of accounts receivable, and $417,441 of accounts payable. Assume a 365 day year. What is Libscomb’s Receivables Turnover?as show in the picVisions 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 days
- Bull'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. $4,500Anton 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.Shoemart Company issues gift certificates in denominations of P50, P100, P500 and P1,000. These certificates are redeemable in merchandise having an average gross profit of 30% of selling price. During the current year, the entity sold P500,000 worth of gift certificates and redeemed certificates having a sales value of P400,000. It is estimated that 8% of the certificates issued will not be redeemed by reason of expiration. 1. The balance of the gift certificates payable account as of year-end is:
- Libscomb Technologies' annual sales are $6,615,140 and all sales are made on credit, it purchases $4,071,988 of materials each year (and this is its cost of goods sold). Libscomb also has $553,442 of inventory, $521,646 of accounts receivable, and beginning and ending of year $448,048 and $420,069 accounts payables (respectively). Assume a 365 day year. What is Libscomb’s Cash Cycle (in days)?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.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.
- 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 642.500The Brick Company had cash sales of $221,600 for Year 1, Its first year of operation. On April 2, the company purchased 227 units of Inventory at $190 per unit. On September 1, an additlonal 170 units were purchased for $209 per unit. The company had 49 units on hand at the end of the year. The company's Income tax rate Is 40 percent. All transactions are cash transactlons. Requlred a. The preceding paragraph describes five accounting events: (1) a sales transaction, (2) the first purchase of Inventory, (3) a second purchase of Inventory, (4) the recognition of cost of goods sold expense, and (5) the payment of Income tax expense. Show the amounts of each event In horizontal statements models, assuming first a FIFO and then a LIFO cost flow. b. Compute net Income using FIFO. c. Compute net Income using LIFO. e. Which method, FIFO or LIFO, produced the larger amount of assets on the balance sheet? Complete this question by entering your answers in the tabs below. Required A Required B…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?