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: Please provide solution this financial accounting question
A: To calculate Windsor Corporation's true cash balance, use the following formula for the adjusted…
Q: Please provide answer this financial accounting question
A: To determine the pension expense for 2022, we use the following formula: Pension Expense…
Q: General Accounting Question Solution
A: Step 1: cost Of Goods Manufactured: Key Concepts:The fee of products manufactured represents the…
Q: General accounting question
A: Step 1: Definition of Cash Paid for SalariesCash paid for salaries refers to the actual cash…
Q: General accounting question
A: E(Ri)=Rf+βi⋅(E(Rm)−Rf)Where:E(Ri): Expected return on the stockRf: Risk-free rateβi: Beta of…
Q: Needham pharmaceutical has a profit margin
A: Key Concept :DuPont formulaThe DuPont formula is a financial formula that shows how return on equity…
Q: General Account
A: Concept of Current AssetsCurrent assets are the resources or assets that a company expects to…
Q: Please give me true answer this general accounting question
A: Step 1: Define Wage AccrualWage accrual refers to the process of recording wages earned by employees…
Q: None
A: 1. Net salesFormula:Net sales = Sales - Sales discounts - Sales returnsNet sales = 145,000 - 10,000…
Q: Provide answer general Accounting question
A: Step 1: Define Earnings Per ShareThe metrics that help determine the earnings per share include net…
Q: kindly help me with this General accounting question
A: Step 1: DefinitionEquivalent Units for Materials: A measure that translates partially completed…
Q: Explain the concept of interim financial reporting. What are the requirements for companies that…
A: Definition of Interim Financial ReportingInterim financial reporting refers to the preparation and…
Q: Accounting question
A: Step 1: Define Balance SheetA balance sheet is one of the financial statements in a business. It…
Q: The contribution margin ratio is calculated as how? a) Gross margin divided by sales b) Operating…
A: Explanation of Contribution Margin Ratio:The Contribution Margin Ratio is the percentage of sales…
Q: provide correct answer General accounting question
A: Step 1: Define Required ReturnThe required return for preferred stock is the rate of return that…
Q: Discuss the accounting treatment for derivatives. How are derivatives recognized and measured on the…
A: 2. Measurement of DerivativesThe measurement of derivatives involves two key aspects: initial…
Q: What is the profit margin?? General accounting
A: Step 1: Definition of Profit MarginProfit Margin is a profitability ratio that measures the…
Q: Do fast answer of this accounting questions
A: Step 1: Definition of Cost of Merchandise PurchasedThe cost of merchandise purchased refers to the…
Q: (16) Financial Accounting: Product Y has fixed costs of 3,460,000 and variable costs per unit of 250…
A: Explanation of Break-Even Point:The break-even point is the level of output at which total revenues…
Q: Answer. General Account.
A: To determine equity, we use the accounting equation: Assets=Liabilities+Equity Rearranging to solve…
Q: I am waiting for answer
A: Explanation of Common Stock Outstanding: Common stock outstanding represents the total number of…
Q: ??
A: Explanation of Cost of Goods Manufactured: Cost of goods manufactured represents the total cost of…
Q: What is jorge's gain or loss realized on the machine?
A: Calculation of the Book Value of the machine at the time of SaleBook Value = Purchase Price of…
Q: Dove, Inc. produces a product that has a variable cost of $6.00 per unit. The company's fixed costs…
A: Explanation of Contribution Margin per Unit:The contribution margin per unit is the amount…
Q: [26] Quality costs exclude? (A) Marketing costs (B) Appraisal costs (C) Prevention costs (D) Failure…
A: Concept of Quality CostsQuality costs refer to the total cost associated with preventing, detecting,…
Q: The standard cost of Wonder Walkers includes 3 units of direct materials at $9.00 per unit. During…
A: Explanation of Total Materials Variance:Total Materials Variance measures the overall difference…
Q: general account
A: Step 1: Introduction to inventory valuationInventory valuation is referred to as that method which…
Q: What is the amount of the shareholders equity?
A: Step 1: Calculation of total assetsTotal assets = Current assets + Fixed assetsTotal assets = $5,900…
Q: Problem:87
A:
Q: Kindly help me with accounting questions
A: Step 1: Definition of Inventory Holding CostsInventory holding costs refer to the costs associated…
Q: General accounting
A: Step 1: Define Receivables TurnoverThe receivables turnover is an efficiency ratio that measures how…
Q: Please provide this question solution general accounting
A: Step 1: Analysis of the information providedNet income = $480,000Dividend paid to common…
Q: One of Anfa Company's activity cost pools is inspecting, with an estimated overhead (OH) of…
A: Step 1:Calculate the total inspections as follows:Total inspections = throw rugs + area rugs…
Q: Correct Answer
A: Target costing determines the cost based on the market price and desired profit margin, aiming to…
Q: Financial accounting question
A: Step 1: DefinitionDiscount Terms (3/15, net 60):This means a 3% discount is available if payment is…
Q: Problem related accounting
A: Given:Fixed Costs = $52,000Target Pre-Tax Income = $88,000Contribution Margin Ratio = 35% or 0.35…
Q: What is the net opreting income for the month under variable costing??
A: Step 1: Definition of Variable CostingVariable Costing Method is an accounting approach where only…
Q: Q-15 The learning curve concept suggests: (a) Costs increase with production (b) Fixed costs vary…
A: The learning curve concept is a foundational principle in business and economics that describes how…
Q: The Mason Company has a process cost system. All materials are added when the process is first…
A: Concept of Process Cost System: A process cost system is a costing method used by companies…
Q: expert help me of this Financial accounting question
A: Step 1: DefinitionEquity Multiplier: Measures how much of a company's assets are financed by…
Q: The return on equity???
A: Step 1: Write the formula for ROEStep 2: Express the debt-to-equity ratioStep 3: Rearrange the…
Q: What is the actual total direct materials cost for the current period???
A: Step 1: Calculation of direct material cost varianceDirect material cost variance is sum of direct…
Q: Please provide solution this general accounting question
A: Detailed explanation:Given: Sale Price of fixed asset sold $ 180,000Book value of fixed assets sold…
Q: Explain the concept of interim financial reporting?
A: Explanation of Interim Financial Reporting: This refers to financial statements or reports covering…
Q: That issue interim financial statements ?
A: Definition of Interim Financial Reporting:Interim financial reporting refers to the preparation and…
Q: Can you please solve this general accounting question?
A: Step 1: Define Payroll AccountingPayroll accounting involves recording employee compensation,…
Q: 5 POINTS
A: In economics, the value of the next best option that you pass up when making a choice is known as…
Q: Financial accounting
A: Explanation of Price-Earnings (P/E) Ratio:The Price-Earnings Ratio (P/E Ratio) is a financial metric…
Q: What is the annual ordering cost ?
A: Explanation of Annual Ordering Cost:The Annual Ordering Cost refers to the total expense incurred by…
Q: Get general accounting answer
A: Step 1:a. The standard direct labor rate per hour is calculated as follows: Standard direct labor…
I want to this question answer general Accounting


Step by step
Solved in 2 steps

- I want to this question answer general AccountingI want the correct answer is accountingLibscomb 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?
- 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.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
- During February, the last month of the fiscal year, Be My Valentine Ltd. sells $20,600 of gift cards. From experience, management estimates that 8% of the gift cards sold will not be redeemed by customers. In March, $4,600 of these cards is redeemed for merchandise with a cost of $3,100. In April, further $11,500 of these cards is redeemed for merchandise with a cost of $3,800. The company uses a perpetual inventory system. Also in February, Be My Valentine had $1,000 of unused gift cards that were over one year old and were not expected to be used. The amount was in line with the company's normal breakage and all other gift cards of the same age had been used. Your answer is partially correct. Prepare journal entries to record the transactions for February, March, and April. (Enter debit entries first followed by credit entries 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…During February, the last month of the fiscal year, Be My Valentine Ltd. sells $20,200 of gift cards. From experience, management estimates that 8% of the gift cards sold will not be redeemed by customers. In March, $4,600 of these cards is redeemed for merchandise with a cost of $2,500. In April, further $11,500 of these cards is redeemed for merchandise with a cost of $3,800. The company uses a perpetual inventory system. Also in February, Be My Valentine had $1,000 of unused gift cards that were over one year old and were not expected to be used. The amount was in line with the company's normal breakage and all other gift cards of the same age had been used. Your answer is correct. Prepare journal entries to record the transactions for February, March, and April. (Enter debit entries first followed by credit entries. 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…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?