1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Zolol [24]
3 years ago
6

During 2021, Terps Company issued 800,000 coupons which entitles the customer to a $5.00 cash refund when the coupon is submitte

d at the time of any future purchase. The company estimates that 70% of the coupons will be redeemed. 350,000 coupons had been processed during 2021. The company recognizes coupon expense in the period coupons are issued. At December 31, 2021, the company should report a liability for unredeemed coupons of:
Business
1 answer:
11Alexandr11 [23.1K]3 years ago
5 0

Answer:

$1,050,000

Explanation:

Calculation to determine what the company should report as a liability for unredeemed coupons

Liability for unredeemed coupons =($800,000 x 0.70 ) - $350,000 ) x $5.00

Liability for unredeemed coupons=($560,000-$350,000)×$5.00

Liability for unredeemed coupons=$210,000x $5.00

Liability for unredeemed coupons=$1,050,000

Therefore At December 31, 2021, the company should report a liability for unredeemed coupons of:$1,050,000

You might be interested in
Ma Barker Company has a job-order costing system and uses a predetermined overhead rate based on direct labor-hours to apply man
Sophie [7]

Answer:

Job 334 total cost:    $  8,400

Unit cost: 8,400 / 200 = $  42

Explanation:

Total cost: Material + Labor + Overhead

Material: 5,000

Labor:     2,400

<u></u>

<u>Overhead:</u>

\frac{Cost\: Of \:Manufacturing \:Overhead}{Cost \:Driver}= Overhead \:Rate

We distribute the expected cost over the expected base:

expected cost: 100,000

cost driver: 40,000 labor hours

cost per hour: 100,000 / 40,000 = <u>2.5 predetermined overhead</u>

Now we multiply this rate by the hours of the job to know Applied Overhead:

job labor hours x overhead rate:

Job #334 had 2,400 labor cost / $6 rate per hour = 400 hours

400 x 2.5 = 1,000

Total cost: 5,000 + 2,400 + 1,000 = 8,400

7 0
3 years ago
For Gundy Company, units to be produced are 5,280 in quarter 1 and 6,400 in quarter 2. It takes 2.0 hours to make a finished uni
Lorico [155]

Answer:

Total cost= $350,400

Explanation:

Giving the following information:

For Gundy Company, units to be produced are 5,280 in quarter 1 and 6,400 in quarter 2. It takes 2.0 hours to make a finished unit, and the expected hourly wage rate is $15 per hour.

Quarter 1:

Direct labor cost= 5,280*2= 10,560 hours

Quarter 2:

Direct labor cost= 6,400*2= 12,800 hours

Total cost= (10,560 + 12,800)*15= $350,400

7 0
3 years ago
In which area should you encourage 10x thinking?
Katena32 [7]

Answer:

The question is too short. Add more details in order to get answer.

Explanation:

5 0
3 years ago
Which of the following items could be painted in a dark color to be on trend in 2020?
adell [148]
I think black toilets would be cool and a 2020 trend and if not hopefully in 2021
5 0
3 years ago
Yesenia, the new university course scheduling manager, is struggling with adjustments to the fall schedule. she is trying to det
just olya [345]

Yesenia is struggling with the marketing function of supply chain management as it is responsible for the flow of which the falls in the services and goods. It is also responsible in the movement in which it flows. It could be described above as the flow of movement with the schedule and the students are not arranged, making her to struggle with the problem.

6 0
3 years ago
Read 2 more answers
Other questions:
  • Jamie received a bonus of $3,000. She decided to deposit the money in a savings account that earns 3.5% compounded daily for 180
    8·1 answer
  • According to ian wolfman, "brands that thrive will be those, like pizza hut, that can efficiently build sustainable relationship
    8·1 answer
  • Why would a company choose to outsource? what are the advantages and disadvantages to outsourcing?
    5·2 answers
  • Donald Gilmore has $100,000 invested in a 2-stock portfolio. $72,500 is invested in Stock X and the remainder is invested in Sto
    15·1 answer
  • Felinas Inc. produces floor mats for cars and trucks. The owner, Kenneth Felinas, asked you to assist him in estimating his main
    12·1 answer
  • Assume that a technological breakthrough lowers the cost of manufacturing automobiles. As a result of this event, we could reaso
    14·1 answer
  • FAS 13 sets forth four criteria for determining whether or not a lease must be classified as a capital lease. How many of these
    13·1 answer
  • An actual agency that arises by deduction or inferences from other facts and circumstances, including the words and conduct of t
    15·1 answer
  • Caleb is a bus driver who takes passengers through scenic mountains and points out the various rock formations along the way. Ca
    6·1 answer
  • Giant Industries has a $674,232 gross operating income, operating expenses of $329,129, and other expenses totaling $38,719. Wha
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!