Identifying and Recording Customer Option for Additional Merchandise Pets Inc. launches a new advertising promotion where, for each purchase over $30, it offers a coupon for a 35% discount on a future purchase. There is a limit of one coupon per customer. Pets Inc. estimates that 28% of customers receiving the coupon will redeem the coupon on an average purchase of $24. Sales on the first day of the one-week promotional period totaled $240,000 resulting in 2,400 coupons distributed. Assume all sales were cash sales. Cost of sales is 45% of the selling price. a. Determine how many performance obligations are included in a sales transaction during the advertising promotion program. Assume that coupons readily available to the public online or in company fliers have a maximum discount of 20%. Two performance obligations b. Record the journal entry to record revenue in the first day of the promotion period using the relative percentages to allocate standalone selling prices. •Note: Carry all decimals in calculations; round the final answer to the nearest dollar. Performance Obligations Merchandise Customer option-merchandise credit Cash Account Name $ Deferred Revenue-Merchandise Credit Sales Revenue To record the sale of merchandise. $ To record the cost of sale of merchandise. To receognize revenue. Deferred Revenue-Merchandise Credit Sales Revenue To record the sale of merchandise. Transaction Price as Stated 240,000 To record the cost of sale of merchandise. くくくくく くくく $ 0✔ 240,000 $ くくくく Debit 240,000 8,400 0 0 0 c. Only 25% of the coupons were redeemed during the redemption period on qualifying purchases of $13,800. Record the entry for the redemption of the coupons, ignoring the cost entries. Account Name Debit Credit Debit 0 0 0 0 0 OO Standalone Selling Price 0 240,000 $ 2,240 x 242,240 $ d. If the coupons, instead, offered 20% on future purchases (otherwise, same facts as before), how would the answers change to parts a and b, if at all? Account Name Credit 0 Credit 0✔ 0 x 0x 0x 0 x 0x 0x 0x Total Allocated Transaction Price (rounded) 0x 0 x 179,856 * 179,856 * 359,712 0 x 0x

Required information Skip to question   [The following information applies to the questions displayed below.]Shadee Corp. expects to sell 650 sun visors in May and 420 in June. Each visor sells for $17. Shadee’s beginning and ending finished goods inventories for May are 85 and 55 units, respectively. Ending finished goods inventory for June will be 55 units.   Each visor requires a total of $4.00 in direct materials that includes an adjustable closure that the company purchases from a supplier at a cost of $1.50 each. Shadee wants to have 27 closures on hand on May 1, 21 closures on May 31, and 23 closures on June 30 and variable manufacturing overhead is $1.25 per unit produced. Suppose that each visor takes 0.50 direct labor hours to produce and Shadee pays its workers $7 per hour.         Required:1. Determine Shadee’s budgeted manufacturing cost per visor. (Note: Assume that fixed overhead per unit is $1.50.) (Round your answer to 2 decimal places.)

Thnks sir help

Help my question

Accounts Payable A chain of appliance stores, APP Corporation, purchases inventory with a net price of $700,000 each day. The company purchases the inventory under the credit terms of 1/15, net 40. APP always takes the discount but takes the full 15 days to pay its bills. What is the average accounts payable for APP? Round your answer to the nearest dollar. $

3. February, a retail shop purchased golf clubs for $497 per set. The original markup was 35% based on cost. In April, the shop took a 23% markdown by having a special sale. After two weeks, the sale was over and the clubs were marked up 10%. In June, the shop offered a storewide sale of 16% off all merchandise, and in September, a final 11% markdown was taken on the clubs. What was the final selling price of the golf clubs? 4 The original price of shoes is $121.12. If the sale price is $113.05, how much is the markdown? Round off answer to the nearest centavo.

Sales promotions At the bottom of all its February sales receipts, Seifert Stores Inc. printed $2-off coupons. The coupons may be redeemed March 1-April 30. Seifert Stores Inc. accepts only cash, MasterCard, or VISA. During February, Seifert Stores completed the following selected transactions: Feb. 6. Sold merchandise to Marci Andrews with a list price of $175 that cost Seifert Stores Inc. $80. Marci presented a $5-off coupon, which she clipped out of the local newspaper. Marci used her VISA card for the purchase. 18. Sold merchandise to Chris Johnson with a list price of $50 that cost Seifert Stores $24. The bottom of Chris Johnson's cash receipt includes the $2-off coupon. Chris paid cash for his purchase. Assume that Seifert Stores Inc. sold $40,000,000 of merchandise in March and that 1,400,000 of the $2-off coupons were redeemed. The cost of the merchandise sold was $23,600,000. a. Journalize on March 31, the March sales for Seifert Stores Inc. If an amount box does not require…

Cat Supplies offers terms of 1/15, net 40. The discount is taken by 69 percent of customers. What is the company's average collection period? 22.75 days 27.50 days O 16.04 days 21.52 days 25.13 days

Sagar   Dot's upload image please

In June 2017, a single commercial customer orders 60 M612 storage units, priced at $ 9,600 each (with a cost per unit of $ 6,600). Pearl provides customers ordering more than 20 M612 units during a 12-month period a 4% volume discount on their entire order. On July 19, 2017, Pearl delivered all 60 M612 units. Pearl received payments for the units on August 5, 2017. Prepare the journal entries for Pearl on July 19, 2017 and August 5, 2017. Assume the company records sales transaction net. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)