Fancie Cosmetics offers its customers a travellers gift set as a premium in exchange for $ 20 if the customer purchases one of the top brand cosmetic makeup kits. The company purchased for cash 2,000 gift sets at $ 25 each. It estimates that 60% of customers will participate in the promotion and that 10% of the amount received from customers relates to the awarded premiums. In 2020, the company sold 3,000 makeup kits at a sales price of $ 80 resulting in sales revenue of $ 240,000. By the end of the year, 1,500 customers took advantage of the promotion.   Instructions Prepare the appropriate journal entries assuming that Facie follows ASPE and uses the expense approach. Prepare the appropriate journal entries assuming that Fancie follows IFRS and uses the revenue approach. For this part of the question, assume the selling price includes the offer for the premium.

Creative Computing sells a tablet computer called the Protab. The $785 sales price of a Protab Package includes the following: One Protab computer. • A 6-month limited warranty. This warranty guarantees that Creative will cover any costs that arise due to repairs or replacements associated with defective products for up to six months. ● • A coupon to purchase a Creative Probook e-book reader for $425, a price that represents a 50% discount from the regular Probook price of $850. It is expected that 20% of the discount coupons will be utilized. • A coupon to purchase a one-year extended warranty for $55. Customers can buy the extended warranty for $55 at other times as well. Creative estimates that 45% of customers will purchase an extended warranty. Creative does not sell the Protab without the limited warranty, option to purchase a Probook, and the option to purchase an extended warranty, but estimates that if it did so, a Protab alone would sell for $765. All Protah salos r ●

Macrovision sells a variety of satellite TV packages. The popular $600 Basic Package includes a hardware component (consisting of a satellite dish and receiver) along with a twelve-month subscription to 130 TV channels. Macrovision sells the hardware component without a subscription for $180, and sells a twelve-month subscription to the same 130 channels without hardware for $540/year. Let’s account for the sale of one Basic Package for $600 on January 1, 2018. Required: 1. Identify the performance obligations in the Basic Package contract, and determine when revenue for each should be recognized. 2. For the single Basic Package sold on January 1, 2018, allocate the $600 transaction price to the performance obligations in the contract, and prepare a journal entry to record the sale (ignoring any entry to record the reduction in inventory and the corresponding cost of goods sold). 3. Prepare any journal entry necessary to record revenue related to the same contract on January 31,…

Assume Costco wants to compete with large manufacturers of golf bags. Costco begins selling a new model of golf bag in its stores for $150. The bag comes with a coupon that customers may mail in to receive a free box of one dozen Kirkland (Costco's brand) golf balls. Each dozen golf balls cost Costco $9.50 to produce and $1.50 to mail to the customer. Kirkland estimates that 40% of the customers who buy a golf bag will mail in the coupon for the free golf balls. During the first quarter of 2020 Costco sold 12,000 golf bags. During that time, 1,000 customers mailed in their coupons and Costco sent them their golf balls. What is the rebate expense and liability, respectively, shown on Costco's financial statements at the end of the first quarter of 2020?

Boost inc sells vitamin supplements to customers with an unconditional sales return if they are not satisfied. The sales return extends 90 days. On May 12, 2023, High Country Integrated health purchases $4,000 of products with a cost of $2,000. Based on the company's prior experience, estimated returns are 20%. The journal entry to record the expected sales return and cost of goods sold includes a

Toyota is offering free credit on a new $10,000 car. You pay $1,000 down and then $200 a month for the next 50 months. Nissan Motors next door does not offer free credit but will give you $9000 cash. If the rate of interest is 0.63% a month, which company is offering the better deal?   Select one: a. Nissan 9556 Cash b. Nissan- 9000 Cash c. Toyota- 9000 cash d. Toyota- 9556 Cash

A competitor of Bradley's Furniture is selling the same 5-piece living room set. The competitor offers customers the following payment option: $500 down payment, then $20 per month for 24 months. What is the total cost of the set? F G $544 $580 $980 H J $2,420

You sell $5 million dollars' worth of delivery trucks to Walmart on account and offer them a 2% discount if they pay within 15 days, with the invoice due after 45 days (2/15, n/45). Unfortunately, Walmart returns all of the trucks after one week because they discover that the model you sold them is not approved for use in California. Which of the following is part of the correct journal entry to make at the time that Walmart returns the trucks? DEBIT to Sales Returns of $5 million CREDIT to Sales Discount of $100,000 CREDIT to Accounts Receivable of $4.9 million CREDIT to Sales Revenue of $5 million

SoccerHawk Merchandise Inc. enters into a 6-month contract to sell soccer balls to City Soccer. The contract contains the following price scale: Sales Volume Price per Soccer Ball First 300 soccer balls sold $22 Next 200 soccer balls sold 19 Next 250 soccer balls sold 17 Additional soccer balls sold 15       On the date the contract is signed, SoccerHawk estimates based on past experience that there is a 20% chance it will sell 450 soccer balls, a 45% chance it will sell 600 soccer balls, and a 35% chance it will sell 800 soccer balls. The company sells the following soccer balls during the 6-month contract:   Number of Soccer Balls   Month 1 155   Month 2 60   Month 3 125   Month 4 75   Month 5 85   Month 6 60   Total sales 560 balls   Required: 1.   2.   3. Prepare the journal entries for SoccerHawk assuming that City Soccer pays the amount due at the end of each month based on the sales to date. ***** The transaction price is…