What is Barlo's premium expense for 2016
Q: In an effort to increase sales, Relay Company inaugurated a sales promotional campaign on June 30,…
A: The liabilities are the amount that company owes to its creditors and due to be paid.
Q: a) Prepare the Journal entries to record the sales in December, January and February 20X1. b)…
A: Total Sales of Bottle = $210,560 Total Purchase of bottle = Total Sales of Bottle/Retails price per…
Q: Magical Memories sells Florida theme park vacation packages to various customers throughout the…
A: Commission amount = Total sales x commission rate = $15000 x 5% = $750
Q: What is the average accounts payable for APP?
A: Accounting: Accounting is the art of recording, classifying and summarizing in a significant…
Q: (TCO D) Edwards Co. includes one coupon in each bag of dogfood it sells. In return for four coupons,…
A:
Q: Marin Shed Solutions sells its largest shed for $1,100 plus HST of 13 %. On May 10, 2024, it sold 26…
A: When a sale happens, HST is payable on the sale revnue. In this case the HST rate is 13%. HST…
Q: Determine the best order size of shirts.
A:
Q: In packages of its products, Taurus Company includes coupons that may be presented at retail stores…
A: Face amount of coupon issued = P7500, 000 Amount to be paid to retailers = (Face amount of coupons…
Q: Assuming FB Seller has decided to use the portfolio approach, on the basis that it reasonably…
A: Revenue recognition is a basic accounting principle that specifies when and how revenue should be…
Q: Chipolo sells a coin-sized tracking tag that attaches to keys, wallets, and other personal items.…
A: Last in first out (LIFO) is a system used for inventory accounting that first reports the most newly…
Q: In packages of its products, CUTE COMPANY includes coupons that may be presented at retail stores to…
A: Coupons are an effective way of business promotion and retaining customers. Coupons facilitate new…
Q: equired: & 2. Prepare Supply Club's journal entry to record July and August sales. During August,…
A: Deferred Revenue Entries -Deferred revenue entries are needed in the journal to reflect the loyalty…
Q: To increase sales, Pharoah Inc., a public company following IFRS, implemented a customer loyalty…
A:
Q: ABC Company included one coupon in each box of cereal sold. A bowl was offered as a premium to…
A: Boxes of cereal sold in 2020 = 3,000,000 Number of coupons issued @ one coupon in each box =…
Q: In packages of its products, Kristine Company includes coupons that may be presented at retail…
A: Liabilities are classified as: Current liabilities Non-Current liabilities Current Liabilities-…
Q: In an attempt to increase sales, Kingbird, Inc. began a special promotion on September 1, 2021. A…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: n packages of its products, Do not cheat Company includes coupons that may be presented at retail…
A: A handling fee is an amount charged to a customer on top of their order subtotal and shipping fees.…
Q: Complete the cash receipts and cash payments journal for the month of March 2020. Totals not…
A: Packages are sold at marked up at cost plus 20% Computation of cash received on March 3rd Cash…
Q: Headland Company sells goods to Sage Company during 2017. It offers Sage the following rebates based…
A: Revenue = Gross sales price - Rebate
Q: An entity, a grocery retailer, operates a customer loyalty program. The entity grants program…
A: revenue during 2022 Particulars Amount Sales from stand alone selling price 7000000 Add:…
Q: A chain of appliance stores, APP Corporation, purchases inventory with a net price of $700,000 each…
A: Accounts payable are those supplier accounts from whom business has made credit purchases but amount…
Q: Chipolo sells a coin-sized tracking tag that attaches to keys, wallets, and other personal items.…
A: There are various types of inventory methods.
Q: 2. In packages of its products, Monty Inc. includes coupons that may be presented at retail stores…
A: Total Face Amount of coupons issued = $834,500Reimbursement value = Face value of coupon + 10% of FV…
Q: To keep up with sales trends, Sunland Inc., a public company following IFRS, implemented a customer…
A: A loyalty programme seems to be a marketing tactic that encourages people to keep shopping for or…
Q: On 2009, Jhet Enterprises sold 485,000 boxes of cereals under a promotional program. Each box…
A: solution : given : boxes of cereals sold =485000 coupons = 1 coupon…
Q: Prepare Flint’s December 31, 2017, adjusting entry
A:
Q: None
A: Journalizing is the process of recording all the relevant financial information in the form of…
Q: Chipolo sells a coin-sized tracking tag that attaches to keys, wallets, and other personal items.…
A: FIFO refers to first-in, first-out, indicating that the earliest stock unit is first registered as…
Q: The XYZ Company sold goods worth $10,000 on credit. The terms of the sale are 2/10, net 30.…
A: In this scenario, the XYZ Company made a credit sale of goods amounting to $10,000. The terms of the…
Q: Charlet Company sells office chairs to its customers. On May 2, Rutherford Corporation purchased 16…
A: Term 7/21 means if payment made within 21 days then 7% cash discount will received.Term n/50 means…
Q: A specialty shop procures several antique clocks for $5,000 apiece and offers them to customers for…
A: Markup is the amount of profit added to the product in order to calculate selling price per unit.
Q: Sunbridge Stores prints a coupon on the bottom of all its May sales receipts for $3 off the…
A: Companies offer sales coupons to increase their future sales. The coupon comes with cash discount on…
Q: In an effort to increase sales, ABC Company inaugurated a sales promotional campaign on June 30,…
A: Calculation of unredeemed premium: Unredeemed no. of Premium = 4,000
Q: 5.1 On July 18, 2013, Philly Factory sold 20 units of goods to Dave Furniture for 8.000.000…
A: Here in this case, we are required to make general entry for the sale and payment. Seller generally…
Q: Escargot Inc. is a 5-star restaurant in Cincinnati. The restaurant sells 500 gift cards during…
A: Revenue Recognition means the recording of revenues of an entity in its books. It is an accrual…
Q: A musical group plans to sell T-shirts bearing their logo at an upcoming concert. They find a…
A: Formula: Logo charges = ( Number of T shirts ordered x Per T shirt charge ) + Set up charge
Q: Rahul
A: Step 1: Step 2: Step 3: Step 4:
Q: Supply Club, Incorporated, sells a variety of paper products, office supplies, and other products…
A: Journal entries are made to record the transactions as the first process in the books of accounts…
Q: DeAndre is CEO of GameGo, an online video-game clearinghouse. GameGo receives used videogames from…
A: Principal – the party that controls the goods or services before they are transferred to customers.…
Q: Rotomola Inc. sells 50 tablet devices for € 200 each (total: € 10,000). Customers can return…
A: To record the journal entries for the sale of 50 tablet devices by Rotomola Inc., we need to…
Q: estimated that 10% of the sales amount received from customers would relate to the gift set to be…
A: The company is selling their main products along with a coupon code. A Customer needs to send a…
Q: Blossom Inc. is a publicly traded snack food company focused on snacks and candies from around the…
A: Blossom would be able to recognize $2,146,560 in revenue through subscriptions in October…
Q: Irving Music Shop gives its customers coupons redeemable for a poster plus a Dixie Chicks CD. One…
A:
Trending now
This is a popular solution!
Step by step
Solved in 4 steps with 2 images
- In packages of its products, Yolo Company includes coupons that may be presented at retail stores to obtain discounts on other Yolo Company products. Retailers are reimbursed for the face amount of coupons plus 20% of that amount for handling costs.Yolo honors requests for coupon redemption by retailers up to three months after the consumer expiration date. Yolo estimatesthat 80% of all coupons issued will ultimately be redeemed. Information relating to coupons issued by Yolo during 2019 is asfollows:Consumer expiration date December 31, 2019Total face amount of coupons issued P7,500,000Total payments to retailers as of December 31, 2019 P5,400,000What amount should Yolo report as a liability for unredeemed coupons at December 31, 2019?MunabhaiBrown crop sells TV products. In order to attract more consumers, Brown corp offers 1 unit of bag which can be exchanged for 10 coupons. Each bag is accompanied by 1 coupon sheet. The company estimates that customers will redeem 80% of the outstanding coupons. During 19x5 Brown Corp. has achieved sales of 600,000 TVs at a selling price of 500,000/unit and purchased 100,000 units of bags as inventory at a cost of $62,500/unit. During the offer period, 165,000 coupons were exchanged for bags by customers. Prepare:1. Journal of recording purchases of bags2. Sales recording journal3. Journal of coupon redemption by customer4. The adjusting entry to recognize the liability at 31 December 19x5
- Supply Club, Incorporated, sells a variety of paper products, office supplies, and other products used by businesses and individual consumers. During July 2024, it started a loyalty program through which qualifying customers can accumulate points and redeem those points for discounts on future purchases. Redemption of a loyalty point reduces the price of one dollar of future purchases by 20% (equal to 20 cents). Customers earn one loyalty point for each dollar of goods purchased, but do not earn additional loyalty points for purchases that are made by redeeming loyalty points. Based on past experience, Supply Club estimates a 60% probability that any point issued will be redeemed for the discount. During July 2024, the company redeemed 11,400 points and sold additional product of $142,500, so it recorded of revenue of $153,900. The aggregate stand-alone selling price of the purchased products is $153,900. Seventy percent of sales were cash sales, and the remainder were credit sales.…SodaPro sells flavored water products to customers. SodaPro offers a promotion whereby current customers can receive $10 off their next purchase of a pallet of water, which retails for $ 3 0 0. This $1 0 promotion can only be redeemed once for each customer order. A convenience store places an order on 1/1/X 1 for two pallets of water and requests that the promotion be applied to its purchase. SodaPro delivers the product on 1/3/X1. Research and document the appropriate accounting by SodaPro for this transaction.Caleb’s Body Shop is a gym that sells annual memberships for $1,200. Each membership sold includes 12 coupons for $1 off at the gym’s juice bar—the coupons are similar to gift cards. (When a gym membership is sold, therefore, the gym is obligated to provide two different services.) However, past experience shows that only 50% of the coupons are actually redeemed. State which accounts should be debited and credited, for how much, and explain why. Give the journal entry to record the sale of one membership
- XYZ Inc offers a gift set to customers who send in $1.11 plus three coupon codes obtained from the purchase of the company's standard products. That is, a customer purchases three standard products which come with a coupon each, sends everything in along with the cheque for the amount above, and receives the gift set in the mail a few weeks later. During the year, the company acquired an adequate number of gift sets for $2.63 each using cash to meet the promotion's demand. During the year, the company sold 1,062,960 of its standard products for $4.15 each. The company estimated that 10% of the sales amount received from customers would relate to the gift set to be awarded. The company would expect 34.31% of the coupons to be sent in eventually, and, during the year, 255,110 coupons were redeemed. If the company followed IFRS using the revenue approach, how much unearned revenue would be shown as a liability at the end of the year for the coupons yet to be redeemed? a. $139,185 b.…During 1998, Day Company sold 500,000 boxes of cake mix under a new sales promotional program. Each box contains one coupon, which entitle the customer to a baking pan upon remittance of P4.00. Day pays P5.00 per pan and P0.50 for handling and shipping. Day estimates that 80% of the coupons will be redeemed, even though only 300,000 coupons had been processed during 1998. What amount should Day report as a liability for unredeemed coupons at December 31, 1998? P100,000 P150,000 P300,000 P500,000Chipolo sells a coin-sized tracking tag that attaches to keys, wallets, and other personal items. Chipolo began January with an inventory of 200 tags purchased from its supplier in November last year at a cost of $12 per tag, plus 100 tags purchased in December last year at a cost of $15 per tag. Chipolo sells the tags at a price of $30 per tag, on account with terms n/30, FOB destination. Chipolo uses a perpetual inventory system to account for the following transactions. Jan. 8 Chipolo gave 250 tags to a courier company (FedEx) to deliver to customers. Jan. 9 FedEx confirmed that all 250 tags were delivered today to customers. Jan. 11 Chipolo ordered 350 tags from its supplier. The supplier was out of stock but promised to send them to Chipolo as soon as possible. Chipolo agreed to a cost of $21 per tag, n/30. Jan. 17 Chipolo received cash payment from customers for 125 of the tags delivered 8 days earlier. Jan. 21 The 350 tags ordered on January 11…
- ABC Company participates in a customer loyalty program operated by YG Corporation where it grants 1 point for every P200 spent on its oil products. Accumulated points by customers from ABC may be used to settle part or in full any merchandise purchased from YG. ABC pays YG P1 for each point redeemed. In 2021, total sales of the ABC amounted to P10,000,000. Only 45% of the 100% expected total points granted were redeemed by the customers from YG Corporation which was used to fully settle the purchase of goods during the year.How much is the expense to be recognized by ABC in 2021?Magtatagumpay Company inaugurated a promotional campaign on January 2, 2029 to promote the salability of their product, Ghost Cereals. Magtatagumpay placed a coupon redeemable for a premium in each package of cereal sold at P200. Each premium, a limited edition water bottle cooling device, costs P25 and 10 coupons must be presented by a customer to receive a premium. Magtatagumpay estimated that only 70% of the coupons issued would be redeemed. For the 6 months ended July 31, 2019, the following transactions occurred: Packages of cereal sold 120,000 Premium purchased 30,000 Coupons redeemed 54,000 How much should be reported as premium expense for coupons on the fiscal year ended July 31, 2029?Supply Club, Incorporated, sells a variety of paper products, office supplies, and other products used by businesses and individual consumers. During July 2024, it started a loyalty program through which qualifying customers can accumulate points and redeem those points for discounts on future purchases. Redemption of a loyalty point reduces the price of one dollar of future purchases by 20% (equal to 20 cents). Customers earn one loyalty point for each dollar of goods purchased, but do not earn additional loyalty points for purchases that are made by redeeming loyalty points. Based on past experience, Supply Club estimates a 60% probability that any point issued will be redeemed for the discount. During July 2024, the company redeemed 11,200 points and sold additional product of $140,000, so it recorded of revenue of $151, 200. The aggregate stand-alone selling price of the purchased products is $151,200. Eighty percent of sales were cash sales, and the remainder were credit sales.…
