Question:89 Sunland Company includes one coupon in each bag of dog food it sells. In return for eight coupons, customers receive a leash. The leashes cost Sunland $4 each. Sunland estimates that 40 percent of the coupons will be redeemed. Data for 2017 and 2018 are as follows: 2017 Bags of dog food sold, 520000 Leashes purchased, 18000 Coupons redeemed, 110000 2018 Bags of dog food sold, 610000 Leashes purchased 22000, Coupons redeemed 150000. The premium liability at December 31, 2017 is?A. $47,000.00 B. $37,000.00 C. $59,000.00 D. $49,000.00 Top Sound International designs and sells high-end stereo equipment for auto and home use. Engineers notified management in December 2015 of a circuit flaw in an amplifier that poses a potential fire hazard. Further investigation indicates that a product recall is probable, estimated to cost the company $2.8 million. The fiscal year ends on December 31.What liability, if any, should Top Sound report in its 2015 balance sheet? Montauk Oil Co. reports these account balances on December 31, 2017. Accounts Payable $ 1,14,000 Land $2,04,000 Notes Payable $ 2,64,000 Equipment $ 1,64,000 Cash $ 84,000 Accounts Receivable $ 1,04,000 Buildings $ 2,44,000 $ 3,44,000 $ 74,000 Capital Stock Retained Earnings On January 2, 2018, Montauk Oil collected $54,000 of its accounts receivable and paid $24,000 of its accounts payable. On January 3, 2018, total liabilities are
Question:89 Sunland Company includes one coupon in each bag of dog food it sells. In return for eight coupons, customers receive a leash. The leashes cost Sunland $4 each. Sunland estimates that 40 percent of the coupons will be redeemed. Data for 2017 and 2018 are as follows: 2017 Bags of dog food sold, 520000 Leashes purchased, 18000 Coupons redeemed, 110000 2018 Bags of dog food sold, 610000 Leashes purchased 22000, Coupons redeemed 150000. The premium liability at December 31, 2017 is?A. $47,000.00 B. $37,000.00 C. $59,000.00 D. $49,000.00 Top Sound International designs and sells high-end stereo equipment for auto and home use. Engineers notified management in December 2015 of a circuit flaw in an amplifier that poses a potential fire hazard. Further investigation indicates that a product recall is probable, estimated to cost the company $2.8 million. The fiscal year ends on December 31.What liability, if any, should Top Sound report in its 2015 balance sheet? Montauk Oil Co. reports these account balances on December 31, 2017. Accounts Payable $ 1,14,000 Land $2,04,000 Notes Payable $ 2,64,000 Equipment $ 1,64,000 Cash $ 84,000 Accounts Receivable $ 1,04,000 Buildings $ 2,44,000 $ 3,44,000 $ 74,000 Capital Stock Retained Earnings On January 2, 2018, Montauk Oil collected $54,000 of its accounts receivable and paid $24,000 of its accounts payable. On January 3, 2018, total liabilities are
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Question:89
Sunland Company includes one coupon in each bag of dog food it sells.
In return for eight coupons, customers receive a leash. The leashes cost
Sunland $4 each. Sunland estimates that 40 percent of the coupons will
be redeemed. Data for 2017 and 2018 are as follows: 2017 Bags of dog
food sold, 520000 Leashes purchased, 18000 Coupons redeemed,
110000 2018 Bags of dog food sold, 610000 Leashes purchased
22000, Coupons redeemed 150000. The premium liability at December
31, 2017 is?A. $47,000.00 B. $37,000.00 C. $59,000.00 D. $49,000.00
Top Sound International designs and sells high-end stereo equipment
for auto and home use. Engineers notified management in December
2015 of a circuit flaw in an amplifier that poses a potential fire hazard.
Further investigation indicates that a product recall is probable,
estimated to cost the company $2.8 million. The fiscal year ends on
December 31.What liability, if any, should Top Sound report in its 2015
balance sheet?
Montauk Oil Co. reports these account balances on December 31,
2017.
Accounts Payable
$ 1,14,000
Land
$2,04,000
Notes Payable
$ 2,64,000
Equipment
$ 1,64,000
Cash
$ 84,000
Accounts Receivable
$ 1,04,000
Buildings
$ 2,44,000
$ 3,44,000
$ 74,000
Capital Stock
Retained Earnings
On January 2, 2018, Montauk Oil collected $54,000 of its accounts
receivable and paid $24,000 of its accounts payable.
On January 3, 2018, total liabilities are
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