How much sales revenue is recognized

Assignment Help Accounting Basics
Reference no: EM132805961

Problem 1: DISCALCED BAREFOOTED NAKASAKASAKA Supermarket, Inc. awards customers loyalty points for their purchases. A customer is entitled to one point for every ?400 purchase. The points accumulated may be redeemed for awards in the form of appliances, electronics, groceries and other household items. DISCALCED estimates the stand-alone selling price of each point at ?4.00. During the period, DISCALCED made total sales of ?40M to cardholders. How much sales revenue is recognized?

Option 1: 40,000,000

Option 2: 0

Option 3:  39,600,000

Option 4:  400,000

Reference no: EM132805961

Questions Cloud

What is total variance in the actual cost and static budget : The framing division worked 7,500 direct labor hours during the year at a total cost of $93,750. What is total variance in the actual cost and static budget
How much sales revenue is recognized for discalced barefoote : How much sales revenue is recognized? DISCALCED estimates the stand-alone selling price of each point at ?4.00. During the period, DISCALCED made total sales
What amount should rill report as royalty revenue : June 1, 20x3 - November 30, 20x3 325,000 December 1, 20x3 - December 31, 20x3 70,000 What amount should Rill report as royalty revenue for 20x3?
MOD004453 Leadership and Change Assignment : MOD004453 Leadership and Change Assignment Help and Solution, Anglia Ruskin University - Assessment Writing Service
How much sales revenue is recognized : How much sales revenue is recognized? DISCALCED BAREFOOTED NAKASAKASAKA Supermarket, Inc. awards customers loyalty points for their purchases.
What revenue otakamiro should recognize in financial year : 50% when tendering for support contracts. Under PFRS 15, the revenue Otakamiro should recognize in its financial year ended 31 December 20X7 is
Find balance of deferred gross profit account at december : Find balance of the deferred gross profit account at December 31, 2014 should be. The Pulahan, Inc. began operating at the start of the calendar year 2014
Prepare journal entries for the lawsuit for the years : Prepare journal entries for this lawsuit for the years ending December 31, 2017, and December 31, 2018, under (1) U.S. GAAP and (2) IFRS.
Prepare the journal entry to record tamas company issuance : Prepare the journal entry to record Tamas Company's issuance of 5,200 shares of $100 par value, 7% cumulative preferred stock for $102 cash per share.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much cash was provided by operating activities

A company had net income of $298,194. Depreciation expense is $29,125. During the year, Accounts Receivable and Inventory increased by $17,460 and $38,322.

  How might you apply direct labor costs under job order

Under the 2 methods of Process Costing, why is the FIFO method considered superior to the Weighted Average method?

  ACC421 Intermediate Financial Accounting Assignment

ACC421 Intermediate Financial Accounting Assignment Help and Solution, University of Phoenix, USA. Compute the present value of lease vs purchase

  Which may not be included in the inventories of a government

Which may not be included in the inventories of a government entity? rice and other welfare goods held for distribution. / equipment costing ?15,000

  Find an article in the ku library

Find an article in the KU library that discusses the use of sampling in auditing. Based on the article and readings in your textbook which side of this debate

  Compute the expected percentage increase

Compute the expected percentage increase in net income for 2017.

  John adams wants to accumulate 100000 to be used for his

john adams wants to accumulate 100000 to be used for his daughters college education. he would like to have the amount

  Determine the proper total inventory value for each items

Departures from Acquisition Cost Determine the proper total inventory value for each of the following items in Packer Company's ending inventory.

  What price do you need

If you want to earn a 9.1 % return on your investment, what price do you need if you expect to sell the share immediately after it pays the dividend

  Gull corp is considering selling its old popcorn machine

gull corp. is considering selling its old popcorn machine and replacing it with a newer one. the old machine originally

  Manufacturing statements and cost behavior tampa foundry

manufacturing statements and cost behavior tampa foundry began operations during the current year manufacturing various

  Calculating the sales required to achieve the target profit

What are the three approaches to calculating the sales required to achieve the target profit? Give the formula for each one

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd