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: Provide correct answer. accounting
A: Step 1: Define Labor VarianceLabor variance is used in a business if there is a compensation expense…
Q: Question in image, thanks!
A: Explanation: Net sales are calculated as = Sales revenue - Sales returns and Allowances - Sales…
Q: A note receivable due in five years is listed on the balance sheet under the caption: a.…
A: A note receivable is a written promise by a customer or borrower to pay a certain amount of money at…
Q: General Accounting
A: The company incurred an actual manufacturing overhead of $150,000 which shows that the manufacturing…
Q: Company X is in the household goods industry. What would be the estimated value of Company X stock…
A: ExplanationThe industry average P/E ratio of 8.4 is used as a benchmark for Company X. The P/E ratio…
Q: Provide correct answer for this accounting question
A: 1. Calculate the total market value of the firm's equity: * Number of shares outstanding = 43,240…
Q: Find the Common Size and Trend Analysis for three years for the Cash Flow Statements of Excel…
A: To perform Common Size and Trend Analysis for the Cash Flow Statements from the provided image of…
Q: General Accounting
A: Solution:The amount to be repaid that is the present value (P) = $7.5 million = $7,500,000Time = 4…
Q: When you retire 40 years from now you plan to make 10 annual withdrawals from your savings account…
A: First, we need to calculate the present value of each series of withdrawals at the end of year 40.…
Q: please do them right. i will upvote!
A: Step 1:To compute Hiram's maximum cost recovery deduction for 2024, we need to determine the…
Q: General Accounting
A: Step 1: Define Understanding RatiosThe ratios of a company are generated by looking at the figures…
Q: Down Under Products, Limited of Australia has budgeted sales of its popular boomerang for the next…
A: Step 1: Introduction to budgetingBudgeting is defined as the process of preparing a financial plan…
Q: rm
A: Learning curve relationship is expressed as a constant percentage. This percentage represents the…
Q: ITR?
A:
Q: Solve this question not use chatgpt
A: Step 1: Define Work-in-Process InventoryOne of the stages of inventory is work-in-process inventory…
Q: How many units must it sell?
A: 1. Calculate the contribution margin per unit: The contribution margin is the amount each unit sale…
Q: Financial Accounting
A: Step 1: Profit Margin can be calculated by dividing the net income by the Net sales. Step 2:…
Q: On November 16, Year 1, Clear Glass Company borrowed $20,000 from First American Bank by issuing a…
A: 3. Effective interest rate formula = (Interest cost/usable loan amount)*(number of days in a…
Q: Solve this question. Accounting
A: Step 1: Define Cost AllocationAn appropriate method of allocation can be to allocate costs on the…
Q: Provide answer the general accounting question
A: Step 1: Define Selling and Administrative Expenses:Selling and administrative expenses of a business…
Q: R E Q U I R E D:Determine the amounts that would appear in the consolidated financial statements of…
A: 4:Pam's retained earnings as of December 31, 2019$2,670,000 (from Pam's trial balance)Sam's retained…
Q: Give both Answer
A: In accounting, inventory must be reported at the "lower of cost or market" (LCM) value. This…
Q: ANSWER THE GIVEN BELOW AND COPY THE FORMAT IN THE GIVEN IMAGE. Joel Feliciano has started his own…
A: Each transaction affects at least two accounts. For example, the first transaction involves the Cash…
Q: Thanks for solving the problem
A: To calculate the annual depreciation expense and book value for both Jac Solutions Inc. and Bright…
Q: Question Accounting
A: a. Market Value - this is the current value of an asset if it is bought or sold. This is often used…
Q: Please help me with these last two parts of the problem.
A: Explanation: In the given question, the balance of Accounts receivable is given as $592,700 before…
Q: Financial Accounting
A: Step 1: Define Monthly paymentMonthly payment is the amount to be paid at a regular monthly gap…
Q: Need help with this accounting question not use ai
A: Step 1: Define Allowance MethodUnder the allowance method, there are two types of determining the…
Q: What is the company's return on equity?
A: 1. Calculate Net Income:Profit margin = Net income / SalesNet income = Profit margin * SalesNet…
Q: Calculate 1 to 5 accounting
A: Step 1:- Define Account ReceivableAccount receivable can be classified as current assets which…
Q: Solve this accounting problem not use ai
A: Step 1: Define Advertising ChargesAdvertising charges are the cost that is specifically spent to…
Q: Accounting calculate a. b. c.
A: Question A):• Step 1: Use the formula: CCC = DII + DSO − DPO• Step 2: Add DII and DSO• Step 3:…
Q: General Accounting
A: Step 1: Define Accrued ExpensesAccrued expenses are liabilities that are assumed by the companies…
Q: Henry and Jane, MFJ taxpayers, have a taxable income of $305,000 before considering any of the items…
A: We first need to determine their capital gains and losses from the asset sales, including the…
Q: Don't use AI.
A: Scenario 1: Chris sells the business, including goodwill and restrictive covenantSale price:…
Q: Hi expart Provide correct solution
A: Step 1: Define Cost of Goods SoldThe accumulated direct cost of acquiring or creating a product or…
Q: I tried solving some but I am not sure if what I have is right.
A: Step 1:Recording transactions in the books of accounts is the first step in the accounting process.…
Q: General Accounting
A: Step 1: Define Profitability IndexThe profitability index of a project indicates the return…
Q: Right answer
A: Explanation of Matching Principle:The matching principle is an accounting concept that requires…
Q: please provide correct answers carefully. i keep receiving incorrect answers from here. Do correct…
A: Step 1: Identify the total capitalized cost to develop the uranium mine.Total cost = $452,500Step 2:…
Q: Need help.
A: Step 1:- Define Cost AllocationCost allocation is a means of delivering assistance to the cost…
Q: Solution
A: If you have any clarifications (i.e., expand the explanation) or want different, expanded, or…
Q: Provide answer the accounting question with step by step calculation
A: Step 1: Define Fixed CostThe term fixed cost is an expense that does not fluctuate as the quantity…
Q: Question 5 of 5 Sandhill Company Balance Sheet For the Year Ended 2025 Current assets Cash $237.500…
A: If you have any clarifications (i.e., expand the explanation) or want different, expanded, or…
Q: Need answer please not use ai please don't
A: Step 1: Determine the Total Value of the FirmSince ABC is an all-equity firm, its entire value comes…
Q: Solve this accounting question not use chatgpt
A: Step 1: Calculate Fixed-Rate MortgageFixed-Rate mortgage refers to the loan in which the interest…
Q: PT. PERMATASARI is a metal and wood cutting company, which sells its products to companies that…
A: Cost of Goods Sold (COGS) statement for PT. Permatasari for 2022, we can follow these…
Q: None
A: Solution By StepsStep 1: Define the total costs for each service department (accounting and…
Q: None
A: Step 1: Define Profit MarginProfit margin is another term for return on sales. This is one of the…
Q: Bramble Corp. had the following transactions during 2017: -Sales of $8820 on account. -Collected…
A: Explanation of Sales on Account:Sales on Account, also known as credit sales, refer to revenue…
Accounting during the year, l&m need help
Step by step
Solved in 2 steps
- A Company sold 80,000 sold reversible shirts under a new sales promotional program during the year. Each shirt carried one coupon which entitled the customer to a P50 cash rebate. The entity estimated that 70% of the coupons will be redeemed even though only 35,000 coupons had been processed during the current year. what amount should be reported as rebate liability for unredeemed coupons at year-end? a. 1,225,000 b. 1,750,000 c. 0 d. 1,050,000A Company sold 80,000 sold reversible shirts under a new sales promotional program during the year. Each shirt carried one coupon which entitled the customer to a P50 cash rebate. The entity estimated that 70% of the coupons will be redeemed even though only 35,000 coupons had been processed during the current year. What amount of rebate expense should be reported for the current year? a. 2,800,000 b. 2,250,000 c. 1,750,000 d. 4,000,000What amount should be reported as premium expense for the current year?
- Please show your solution in good accounting form In 2021, SUGA Company sold 485,000 boxes of cereals under a new sales promotional program. Each box contains one coupon, which entitles the customer to a premium that costs the company ₱75. Five coupons plus a remittance of ₱20 must be presented by the customer to receive a premium. SUGA estimated that 85% of the coupons will be redeemed. Actual premiums redeemed were 5,000 units. Additional information disclosed that ₱10 per premium is incurred for storage and distribution. a. Compute for the liability for the unredeemed coupons. b. Compute for the premium expense for the year.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. 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.
- The AAA Branch of SSS Company provided the following information related to its operations for the last quarter of 2020: The store sold 15,000 units at P78.00 each, after having purchased the units from various suppliers for P45.15. AAA Branch's salespeople are paid a 5% commission based on gross sales pesos. AAA sales manager oversees the placement of local advertising contracts, which totaled P154,000 for the year. Local property taxes amounted to P18,600. The sales manager's P25,000 monthly salary is set by AAA's store manager. In contrast, the store manager's P50,000 monthly salary is determined by SSS Company's vice president. AAA incurred last quarter an P16,800 of other noncontrollable costs along with P10,000 of income tax expense. ! Nontraceable (common) company overhead totaled P58,000 during the period. sss Company's corporate headquarter is located in New York and the company uses responsibility accounting to evaluate performance. Required: Prepare a segmented income…In an effort to increase sales, Relay Company inaugurated a sales promotional campaign on June 30, 2021. The entity placed a coupon redeemable for a premium in each package of cereal sold. Each premium cost P20 and five coupons must be presented by a customer to receive a premium. The entity estimated that only 60% of the coupons issued would be redeemed. For the six months ended December 31, 2021, the following information is available: Packages of cereal sold 160,000 Premium purchased 12,000 Coupons redeemed 40,000 What is the estimated liability for premiums on December 31, 2021? O P160,000 O P288,000 O P224,000 P384,000The Ri Jung Hyuk Company sold 1,500,000 boxes of cake mix during the year under a new sales promotion program. Each box contains one coupon that, submitted with P40.00 entitles the customer to a baking pan. The Ri Jung Hyuk pays P50.00 per pan. The entity treated the premiums as selling expense. The company estimates that 80% of the coupons will be redeemed even though only 900,000 coupons had been processed during the year. What amount should Ri Jung Hyuk report as a liability for unredeemed coupons at year end?
- 2. Sony Company is a regional media reseller. As a promotion, it offered P50 cash rebate on specific CDs. Customers must mail in a proof of purchase seal from the package plus the cash register receipt to receive the rebate. Experience suggests that 80% of the rebates will be claimed. Twenty thousand of the CDs were sold in the current year. Total rebates to customers in the current year amounted to P500,000. Required: Prepare appropriate journal entries for the current year to recognize the cash rebate program.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.