User Account

All Pages

What amount would TrumpTastic record as rebate expense

Assignment Help Accounting Basics
Reference no: EM133042108

Question - As a promotion to increase sales of its new dystopian children's story book characters line, TrumpTastic, Inc. is offering a $10 rebate to customers who purchase 4 story book characters, each at $30, and send in the SKU codes from those purchases. TrumpTastic expects 60% of their sales to be from the story book line and that 50% of those will redeem the rebate. TrumpTastic estimates $10,800,000 in sales in 2021.

Required -

(a) What amount would TrumpTastic record as rebate expense in 2021?

(b) What would be the balance in the rebate liability account at 12-31-2021?

Reference no: EM133042108

Questions Cloud

Describe a research question for diversity and inclusion : Describe a research question for diversity and inclusion that you would be interested in investigating that involves a hiring process and an exit interview.
Explain toyota introduction of lean management : Explain Toyota's introduction of lean management and healthcare's progress on adopting lean models
Contrast two organization anti-fraud efforts : How would you handle an investigation with either of these companies? What would you need to prepare for an appeal?
How workplace violence and harassment are defined : Go-line and quote your source and explain how workplace violence and harassment are defined.
What amount would TrumpTastic record as rebate expense : TrumpTastic, Inc. is offering a $10 rebate to customers who purchase 4 story book characters, each at $30, What amount TrumpTastic record as rebate expense
What is the net income or loss to be reported : Under IFRS 15, what is the net income/(loss) to be reported by the company for the years ended December 31, 2017 and 2018
How a flexible benefit program might increase : You are the CEO of a small plumbing supply company in Olean, New York.
Calculate the deferred tax asset-liability balances : The company recorded meals and entertainment expenses of $24,000 related to "wining and dining" clients. Calculate the deferred tax asset-liability balances
Talent and changing social expectations : State and local laws, the war for talent and changing social expectations will lead more employers to implement or enhance paid-parental-leave programs and cons

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