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- Maximum Inc. (retailer) has a loyalty program that rewards its customers one point per $1 spent. Points are redeemable for $0.20 off future purchases. A customer purchases products (cost of $280) for cash at the usual selling price of $400 and earns 400 points redeemable for $80 off future purchases of goods or services. The retailer expects redemption of 360 points or 90% of points earned. a.) How should the transaction price be allocated among the performance obligation(s)?Note: Round each allocated transaction price in the table below to the nearest dollar. b. Prepare Maximum’s journal entry to record the $400 sale to the customer where the customer earned 400 loyalty points.GoodBuy sells gift cards redeemable for GoodBuy products either in store or online. During 2018, GoodBuysold $1,000,000 of gift cards, and $840,000 of the gift cards were redeemed for products. As of December 31,2018, $30,000 of the remaining gift cards had passed the date at which GoodBuy concludes that the cards willnever be redeemed. How much gift card revenue should GoodBuy recognize in 2018?Lamps Unlimited, a wholesaler, sold several crates of lighting for $3,100 on account, to a customer with credit terms of 2/20, n/60. If the customer pays within the discount period, the journal entry to record the receipt of payment would include:
- Backyard World buys plastic pools from a supplier with an invoice amount of $13,500. The terms of the sale are 5/10, n/30. If the retailer sends a partial payment of $8,300 on the discount date, what is the net amount still due?In packages of its products, CUTE COMPANY includes coupons that may be presented at retail stores to obtain discounts on other CUTE COMPANY products. Retailers are reimbursed for the face amount of coupons redeemed plus 10% of that amount for handling costs. CUTE COMPANY honors requests for coupon redemption by retailers up to 3 months after the consumer expiration date. CUTE COMPANY estimates that 60% of all coupons issued will ultimately be redeemed. Information relating to coupons issued by CUTE COMPANY during 2021 is as follows: Consumer expiration date - December 31, 2021; Total payments to retailers as of December 31, 2021 - ₱165,000; Liability for unredeemed coupons as of December 31, 2021 - ₱99,000. What is the total face amount of coupons issued by CUTE COMPANY Inc. in 2021? A. ₱ 264,000 B. ₱ 400,000 C. ₱ 600,000 D. ₱ 440,000Isabel Company is a manufacturer of deodorant and sells its product through local retailers. The deodorant costs P64 to the retailer. Retailers sell the product to its customers and for each product purchased by the customer, a coupon of P20 discount is given and may be used on future purchase of the same product. Retailers are reimbursed for the discount by the manufacturer when customers redeem their coupons. During the current year, the entity sold 10,000 deodorants to local retailers at P64, each or P640,000. The entity expected. that 80% of the coupons issued will be redeemed. At year end, the entity paid the retailers P50,000 as reimbursement. Required: 1. Compute the stand-alone selling price of the rebate coupons. 2. Allocate the transaction price between the products sold and the rebate coupons. 3. Prepare journal entries for the current year.
- Cullumber Music Shop gives its customers coupons redeemable for a poster plus a Bo Diddley CD. One coupon is issued for each dollar of sales. On the surrender of 100 coupons and $6.00 cash, the poster and CD are given to the customer. It is estimated that 80 of the coupons will be presented for redemption. Sales for the first period were $770,000, and the coupons redeemed totaled 425,000. Sales for the second period were $870,000, and the coupons redeemed totaled 740,000. Cullumber Music Shop bought 20,000 posters at $2.50/poster and 20,000 CDs at $7.50/CD. Prepare the following entries for the two periods, assuming all the coupons expected to be redeemed from the first period were redeemed by the end of the second period. (a) To record coupons redeemed. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit…A. R. Black, Ltd. has received an invoice for $500 subject to trade discounts 10%, 20%. A cash discount with terms 4/15, n/30 is offered. If A.R. Black pays the bill within the discount period, find the amount paid.Suppose a certain car audio manufacturer receives an order of a certain brand of satellite radios listing for $8,500 with trade discounts of 25/14/8. What is the single equivalent discount?
- Sunrise Flowers sells flowers to a customer on credit for $130 on October 18, with a cost of sale to Sunrise of $50. What entry to recognize this sale is required if Sunrise Flowers uses a periodic inventory system?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.…XYZ Inc offers a gift set to customers who send in $1.07 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 $2.55 each using cash to meet the promotion's demand. During the year, the company sold 1,031,460 of its standard products for $4.03 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 33.35% of the coupons to be sent in eventually, and, during the year, 247,550 coupons were redeemed. If the company followed IFRS using the revenue approach, how much promotion expense would be recorded for the year for the redeemed coupons? O a. $122,125 O b. $119,072 $116,018 O d. $125,178…