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Question - A clothing store maintains a loyalty program for its customers, and follows IFRS. For every purchase, members receive points that do not expire. In fiscal 2019, the store made sales of $1 million and awarded 60,000 points that have a fair value of $60,000. The company estimates that approximately 75% of these points will be redeemed by members. Members redeemed 10,000 points in fiscal 2020. Provide the necessary journal entries for fiscal 2019 and 2020?
While David is proposing adjustments to the financial statements in order to reflect the return, Would he be able to handle the situation ethically
Problem - Long term Investment - Prepare journal entries for the transactions occurred in 2017 (i.e., transactions on 1/1, 9/5 and 12/31)
Yvette Bradbury is an account representative at Commerce Savings Bank, earning $45,600 annually, What is her taxable income
Cost of installment sales $680,000, cash collection on 2019 sale $350,000, and cash collection on 2020 sale $450,000. What are not entries in 2020?
Och, Inc., is considering a project that will result in initial after tax cash savings of $1.72 million. What is the maximum initial cost the company
What do you advise the master about the types of securities to be issued the types of market in which such kind of fund can be procured
a project will require an initial investment of 750000 and will return 200000 each year for five years. if taxes are
Shareholders of a limited liability company have a limited risk. How could the company's creditors recover the debts if the company is going to be closed down?
The firm uses the effective interest method of amortizing discounts and premiums. Calculate interest expense for December
Drums, bins, boxes, and other containers that are used in the petroleum industry are sold by Holden Inc. One of the company's products is a heavy-duty, environmentally friendly, corro- sion-resistant metal drum, called the STR drum, used to store ..
On average, 65% of the sales on account are collected in the month of sale, Calculate the expected cash collections for March
Assume Broadcourt Electronics purchased the entire issue in a private placement of the bonds. Using the data in requirement 2, prepare the journal entry to record the purchase by Broadcourt.
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