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What estimated liability for outstanding premiums

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Marine City Company sells bags of coffee. Each bag includes one coupon; five coupons (plus $3.00) are redeemable for a personalized coffee mug. In 2023, Marine City purchased 9,000 mugs at $4.20 each and sold 60,000 bags of coffee that year at $6.00 per bag. Marine City estimated that 50% of the coupons would be redeemed. Actual coupons redeemed were 8,000 in 2023 and 13,000 in 2024.

Problem 1: The estimated liability for outstanding premiums on the 12/31/23 balance sheet is:

Select one:

a. $18,480
b. $7,200
c. $4,400
d. $5,280

Reference no: EM132765771

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