What amount mill report as estimated liability for coupons, Accounting Basics

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What amount mill report as estimated liability for coupons

In December 2011, Mill Co. begain including one coupon in each package of candy that it sells and offering a tory in exchange for 50 cents and five coupons. The toys cost Mill 80 cents each. Eventually 60% of the coupons will be redeemed. During December, Mill sold 110,000 packages of candy and no coupons were redeemed,. In its December 31, 2011 balance sheet, what amount should Mill report as estimated liability for coupons?

a. $3,960

b. $10,560

c. $19,800

d. $52,800

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Accounting Basics: What amount mill report as estimated liability for coupons

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Recent Questions Asked Accounting Basics

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Accounting Basics: What amount mill report as estimated liability for coupons

Reference No:- TGS060768

Recent Questions Asked Accounting Basics

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