Business, 12.03.2020 00:15, gorbyalexis
In June, Northan Retailers sold refundable merchandise coupons. Northan received $10 for each coupon redeemable from July 1 to December 31 for merchandise with a retail price of $11. At June 30, how should Northan report these coupon transactions?what is going on? I don't understand this transaction…. Please dumb it down for me..AND this one please:Dunn Trading Stamp Co. records stamp service revenue and provides for the cost of redemptions in the year stamps are sold to licensees. Dunn's past experience indicates that only 80% of the stamps sold to licensees will be redeemed. Dunn's liability for stamp redemptions was $6,000,000 at December 31, Year 1. Additional information for Year 2 is as follows:Stamp service revenue from stamps sold to licensees$ 4,000,000Cost of redemptions (stamps sold prior to 1/1/Year 2)2,750,000If all the stamps sold in Year 2 were presented for redemption in Year 3, the redemption cost would be $2,250,000. What amount should Dunn report as a liability for stamp redemptions at December 31, Year 2?
Answers: 3
Business, 21.06.2019 20:50, Unkn0wn3815
Which of the following statements is not correct? 1) trade allows for specialization. 2) trade has the potential to benefit all nations. 3) trade allows nations to consume outside of their production possibilities curves. 4) absolute advantage is the driving force of specialization.
Answers: 3
Business, 22.06.2019 07:10, firdausmohammed80
mark, a civil engineer, entered into a contract with david. as per the contract, mark agreed to design and build a house for david for a specified fee. mark provided david with an estimation of the total cost and the contract was mutually agreed upon. however, during construction, when mark increased the price due to a miscalculation on his part, david refused to pay the amount. this scenario is an example of a mistake.
Answers: 1
Business, 22.06.2019 10:30, volleyballfun24
Trecek corporation incurs research and development costs of $625,000 in 2017, 30 percent of which relate to development activities subsequent to ias 38 criteria having been met that indicate an intangible asset has been created. the newly developed product is brought to market in january 2018 and is expected to generate sales revenue for 10 years. assume that a u. s.–based company is issuing securities to foreign investors who require financial statements prepared in accordance with ifrs. thus, adjustments to convert from u. s. gaap to ifrs must be made. ignore income taxes. required: (a) prepare journal entries for research and development costs for the years ending december 31, 2017, and december 31, 2018, under (1) u. s. gaap and (2) ifrs. (c) prepare the entry(ies) that trecek would make on the december 31, 2017, and december 31, 2018, conversion worksheets to convert u. s. gaap balances to ifrs.
Answers: 1
In June, Northan Retailers sold refundable merchandise coupons. Northan received $10 for each coupon...
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