User Account

All Pages

What accounts and dollar amounts would be reported

Assignment Help Accounting Basics
Reference no: EM132011587

Question - Beginning January 2015, Tennis Everyone gives its customers coupons redeemable for a strings plus a dampener.

One coupon is issued for each dollar of sales. On the surrender of 100 coupons and $5.00 cash, the strings and dampener are given to the customer. It is estimated that 80% of the coupons will be presented for redemption. Sales for the first quarter ending March 31, 2015, were $700,000 and the coupons redeemed totaled 420,000. Tennis Everyone bought 20,000 strings at $6.00 each and 20,000 dampeners at $2.00 each. (These items are accounted for together in an account titled "Premium Inventory".)

Required: What accounts and dollar amounts would be reported on the Income Statement (not "Sales") and Balance Sheet (not "Cash") at March 31, 2015?

Reference no: EM132011587

Questions Cloud

Laboratory reference frame : A charged particle with charge q is accelerated from rest by a uniform time independent electric field E. (a) Derive an equation of motion for the velocity
Calculate the induced current in the closed loop : Calculate the induced current in the closed loop thus formed when its resistance is 12 ohm.
How much of the joint cost should be assigned to Unit B : A company purchases a 10,020 square foot commercial building for $325,000, How much of the joint cost should be assigned to Unit B
Find the amount the spring is compressed : a. Find the amount the spring is compressed. b. Find the amount of energy converted to thermal.
What accounts and dollar amounts would be reported : What accounts and dollar amounts would be reported on the Income Statement (not "Sales") and Balance Sheet (not "Cash") at March 31, 2015
Medium is the apparent speed of light higher : Light goes from medium a to medium b, the incidence angle is 30 and the refraction angle is 40. In which medium is the apparent speed of light higher?
How is interference different from light diffraction : Describe what are called constructive and destructive interferences and what are the conditions for constructive and destructive interferences.
How long does it take the box to stop : The box experiences a friction force of 30 N as it slows to a stop. How long does it take the box to stop?
Explain the tax consequences of forming the corporation : Bob and Betty have a partnership that owns 18 clothing stores located in various states in the US. Explain the tax consequences of forming the corporation

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