General Product Inc. distributed 100 million coupons in 2018. The coupons are redeemable for 30 cents each. General anticipates that 70% of the coupons will be redeemed. The coupons expire on December 31, 2019. There were 45 million coupons redeemed in 2018 and 30 million redeemed in 2019. What was General's coupon liability as of December 31, 2018?
(A) $7.5 million.
(B) $21.0 million.
(C) $16.5 million.
(D) $13.5 million.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “General Product Inc. distributed 100 million coupons in 2018. The coupons are redeemable for 30 cents each. General anticipates that 70% of ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
In 2021, the controller of Sytec Corporation discovered that $62,000 of inventory purchases were incorrectly charged to advertising expense in 2020.
Answers (1)
When performing a consolidation, if the balance sheet does not balance? the debit and credit totals of the adjusting/eliminating columns of the consolidation working paper should be checked to confirm that they balance, and if so, then there is no
Answers (1)
Daley Co. owns a mineral deposit with an estimated 600,000 tons of available ore. It was purchased for $300,000 and has no salvage value. During the current period, Daley mined and sold 40,000 tons of ore.
Answers (1)
A company has a $36 million portfolio with a beta of 1.2. The futures price for a contract on the S&P index is 900. Futures contracts on $250 times the index can be traded. What trade is necessary to achieve the following.
Answers (1)
It is acceptable to close the store, let the employees walk to their cars, and return to the store to finish paperwork if you lock the front door securely behind you
Answers (1)
New Questions in Business
A new opportunity arises for Quixote Metal Supply just before the holidays. A Request for Proposals (RFP) is distributed by the government seeking metal suppliers to fill a vacancy in the supply chain to build x-ray machines for airports across the
Answers (1)
A two-dimensional table of data sometimes is called a. question 22 options: a. relation. b. group. c. set. d. declaration.
Answers (1)
Real GDP per capita Multiple Choice 1. can grow either more slowly or more rapidly than real GDP. 2. cannot grow more slowly than real GDP. 3. cannot grow more rapidly than real GDP. 4. necessarily grows more rapidly than real GDP.
Answers (1)
Flex Co. just paid total dividends of $525,000 and reported additions to retained earnings of $1,575,000. The company has 495,000 shares of stock outstanding and a benchmark PE of 15.1 times. What stock price would you consider appropriate? a.$52.
Answers (1)
Which of the following would be subtracted from net income when determining cash flows from operating activities under the indirect method? An increase in accounts payable. Depreciation expense. A decrease in prepaid insurance.
Answers (1)