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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

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter9: Current Liabilities And Contingent Obligations
Section: Chapter Questions
Problem 19E
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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
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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