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Calculate liability that yummy rice report at december

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Question- Yummy Rice Cereal offers an all-star bowl in exchange for three return box tops. Yummy Rice estimates that 30% will be redeemed. The bowls cost Yummy Rice $1 each. In 2013, 5,000,000 boxes of cereal were sold. By year-end 900,000 box tops had been redeemed.

Required: Calculate the liability that Yummy Rice should report at December 31, 2013.

Reference no: EM13844582

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