Maurice Tutor

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    Argosy University/ Phoniex University/
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Category > Accounting Posted 25 Sep 2017 My Price 5.00

Yummy Cereal Company

Premium Obligation - Yummy Cereal Company is offering one toy shovel set for 15 box tops of its cereal. Year-to date sales have been off, and it is hoped that this offer will stimulate demand. Each shovel set costs the company $3. The following data are available for the last three months of 2007:

Month

Boxes of Cereal Sold

Shovel Sets Purchased by the Company

Box Tops Redeemed by Customers

October

21,000

880

12,000

November

24,000

1,083

16,005

December

33,000

1,697

20,745

It is estimated that only 70% of the box tops will be redeemed. The cereal sells for $2.80 per box.

Required

1. Prepare journal entries for each month to record sales, shovel set purchases, redemptions, and closing entries, assuming that the books are closed at the end of each month.

2. Assuming Yummy prepares monthly financial statements, indicate how the premiums and the estimated liability would be disclosed on Yummy’s ending balance sheets for October, November, and December.

Answers

Maurice Tutor
(5)
Status NEW Posted 25 Sep 2017 11:09 AM My Price 5.00

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