User Account

All Pages

Provide the necessary journal entries

Assignment Help Accounting Basics
Reference no: EM133019090

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?

Reference no: EM133019090

Questions Cloud

What is jenks inc deferred tax liability on december : The deferred tax liability at the beginning of 2017 is $700,000, What is Jenks Inc's deferred tax liability on December 2017
What is the stock worth today : Then, beginning in year four, the dividend will begin growing at a constant rate of 4%. With a required return of 10%, what is the stock worth today
Estimate the value of wind data equity : The CSMAR estimate Wind Data has sales of $40 million and after-tax income of $4 million this year. Estimate the value of Wind Data equity
What are some of the ethical questions that you will ask : What are some of the ethical questions that you will ask to yourself in light of the fundamental principles of professional code of conduct for accountants
Provide the necessary journal entries : In fiscal 2019, the store made sales of $1 million and awarded 60,000 points that have a fair value of $60,000. Provide the necessary journal entries
How many months will this take : Cooling Tools, Inc. is currently producing 1,415 of small refrigerators per month. How many months will this take
Critically examines the role of social work : Critically examines the role of social work in diverse practice settings that promote the safety, wellbeing, and protection of all children in the context
What are basic components of cost-volume-profit analysis : What are the basic components of cost-volume-profit (CVP) analysis. Why is it important to determine a company's break-even point
What is the current price of bond m and bond n : The required return on both these bonds is 8 percent compounded semiannually. What is the current price of Bond M and Bond N

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd