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

  Prepare all corresponding current year journal entries

Assume units purchased on credit and Assume units sold on credit. Prepare all corresponding current year journal entries under the perpetual method

  What is an ethical issue in this case

MAA250 - Ethics for Financial Professionals Assignment - Case Study Analysis, Deakin University, Australia. What is an ethical issue in this case

  Prepare streep journal entry to record expenditure

Prepare Streep's journal entry to record the $7,0000 expenditure, and the December 31 adjusting entry

  Price and constant growth rate of stock

Philly Corp's stock recently paid a dividend of $2 per share (Do = $2), and the stock is in equilibrium. The company has a constant growth rate of 5% and a beta of 1.5. The required rate of return on the market is 15%

  What amount should be reported as loss from discontinued

What amount should be reported as loss from discontinued operation in 2018? The division reported an operating loss of P200,000 for year ended December 31,2018.

  How the items that arise from foreign currency transactions

How the items that arise from foreign currency transactions are translated into Australian dollars when initially recognised in the accounting records.

  What figure should appear in the statement of cash flows

What figure should appear in the statement of cash flows for net cash from investing activities

  Compute the present value of the following cash flows

calculate the present value of the following cash flows rounding to the nearest dollara. a single cash inflow of

  Make in general journal format entry to record issuance

On September 1, 2020 Tessie Company sold at 104 (plus accrued interest) 3,000. Prepare in general journal format the entry to record the issuance of the bonds.

  What are the major uses of cash other than operation and

what are the major uses of cash. other than operation and how have these varied over the three-year period presented?no

  Are normal profits being earned in the given example

What is a normal profit? What is an economic profit? Explain your answer using examples. Are normal profits being earned in this example? Are economic profits present for this firm in this example? Explain your answers.

  Equity method investment representing

Note 2. The investment in Quest Co. stock is an equity method investment representing 30% of the outstanding shares of Quest Co.

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