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?
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In June, Northan Retailers sold refundable merchandise coupons. Northan received $10 for each coupon...
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