During 2018, Deluxe Leather Goods issued 800,000 coupons which entitles the customer to a $5.00 cash...
During 2018, Deluxe Leather Goods issued 800,000 coupons which entitles the customer to a $5.00 cash refund when the coupon is submitted at the time of any future purchase. Deluxe estimates that 70% of the coupons will be redeemed. 350,000 coupons had been processed during 2018. At December 31, 2018, Deluxe should report a liability for unredeemed coupons of:
a) $560,000.
b) $1,050,000.
c) $1,225,000.
d)$1,750,000.
Homework Answers
Out of 800,000 coupons, 70% are estimated to be redeemed.
800,000 X 70% = 560,000
350,000 coupons are processed. Remaining coupons 210,000 (ie. 560,000 - 350,000) is the liability for the current year.
Value of each coupon is $5
Liability for unredeemed coupons = 210,000 X $5 = $1,050,000
Option b.
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During 2018, Deluxe Leather Goods issued 800,000 coupons which
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Please explain clearly and show each step for how to do this problem please!! Thank you...
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1. Carla Stamp Company records stamp service
revenue and provides for the cost of redemptions in the year stamps
are sold to licensees. Carla’s past experience indicates that only
80% of the stamps sold to licensees will be redeemed. Carla’s
liability for stamp redemptions was $14,258,200 at December 31,
2019. Additional information for 2020 is as follows.
Stamp service revenue from stamps sold to licensees
$9,643,300
Cost of redemptions (stamps sold prior to 1/1/20)...
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problem please!! Thank you so much !
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containers at $1, cash, per container. From these sales, 800,000
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and the remaining labels were never redeemed.
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