Solved: If the bowls cost palmer company 3 each how much liability, Accounting Basics

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If the bowls cost palmer company 3 each how much liability

Question - Palmer Frosted Flakes Company offers its customers a pottery cereal bowl if they send in 3 boxtops from Palmer Frosted Flakes boxes and $1. The company estimates that 60% of the boxtops will be redeemed. In 2014, the company sold 675,000 boxes of Frosted Flakes and customers redeemed 330,000 boxtops receiving 110,000 bowls. If the bowls cost Palmer Company $3 each, how much liability for outstanding premiums should be recorded at the end of 2014?

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Accounting Basics: If the bowls cost palmer company 3 each how much liability

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Accounting Basics: If the bowls cost palmer company 3 each how much liability

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