What is the rebate expense and liability

Assignment Help Accounting Basics

Reference no: EM13160474

A company offers a cash rebate of $1 on each $4 package of light bulbs sold during 2010. Historically, 10% of customers mail in the rebate form. During 2010, 4,000,000 packages of light bulbs are sold, and 140,000 $1 rebates are mailed to customers. What is the rebate expense and liability, respectively, shown on the 2010 financial statements dated December 31?

Reference no: EM13160474

Questions Cloud

Opening and staffing additional shifts-break even point : A. Calculate the break-even point(s) B. If Cesar's Bottlers can sell all the units it can produce, shoud it operate ar one, two, or three shifts? Support your answer.

Medieval europe and traditional china : Why do you think this is so? What possible differences existed between Medieval Europe and Traditional China?

Javascript alert box with a blue background : Create a javascript alert box with a blue background and a bold font. Please do use any buttons for this alert. Write a function and an alert should pop up after that function is executed.

What is the ph at the equivalence point : What is the pH at the equivalence point when 40.00 mL 0.100 propionic acid, CH3CH2COOH, Ka = 1.3 x 10-5, is titrated with 0.1000 M NaOH?

What is the rebate expense and liability : During 2010, 4,000,000 packages of light bulbs are sold, and 140,000 $1 rebates are mailed to customers. What is the rebate expense and liability, respectively, shown on the 2010 financial statements dated December 31?

Find the indicated partial pressures : A gas mixture with a total pressure of 750mmHg contains each of the following gases at the indicated partial pressures:CO2 , 133mmHg ; Ar,215mmHg and O2,177mmHg

Calculate the equilibrium pressure of hcl : In the reaction below, 4.86 atm each of H2 and Cl2 were placed into a 1.00 L flask and allowed to react: H2(g) + Cl2(g) 2 HCl(g) Given that Kc = 89.9, calculate the equilibrium pressure of HCl.

Prepare the correcting entries : A 4-for-1 stock split involving the issue of 400,000 shares of $5 par value common stock for 100,000 shares of $20 par value common stock was recorded as a debit to Retained Earnings $2,000,000 and a credit to Common Stock $2,000,000. Prepare the ..

Relationship between step and impulse : What is the relationship between step and impulse responses for RC and RL circuits? Use simple circuits with R = 1 Ohm, L = 1 H and C = 1 F

User Account

All Pages