Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. please i need help for advanced in financial accou

Please i need help for Advanced in Financial Accounting. Thank you. Q. 2)...

50.1K

Verified Solution

Question

Accounting

Please i need help for Advanced in Financial Accounting. Thank you.

Q. 2) 10 marks A local car repair shop gives its customers two loyalty points for every dollar spent in their shop. Customers are allowed to redeem these points in blocks of 1,000 for a free oil change that would normally cost the repair shop $40. During December, 2022 its total sales were $135,000. Only 45% of the customers redeem their loyalty points. You are required to calculate the amount of liability that need to be provided by the repair shop and also provide necessary journal entry.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

In a RLC circuit of 60 ohm resistor, a 0.1 H inductor, and a 30 microfarad capacitor....

Physics
Q

Use Laplace transforms to solve the following initial value problem : y'' - 3y' +2y = 1...

Advance Math
Q

Problem 2 7 P Figure 2 shows the phylogenetic relationship between a potentially recombinant variant...

Biology
Q

Two long wires carrying same currents are placed perpendicular to each other The magnetic force...

Physics
Q

A particle of mass m and charge q is tied to a string of length...

Physics
Q

60 A disc is set into pure rolling Let us taken three points on the...

Physics
Q

R in a uniform magnetic field B a wire in shape of a semic rcle...

Physics
Q

maximum and minimum values using Lagrange multipliers.Of all points (x, y, z) that x +...

Calculus
Q

Question 1 of 10 Prepare an income statement for the year ending December 31, 2025....

Accounting
Q

Statement of Cash Flows-Indirect Method The comparative balance sheet of Harris Industries Inc. at December...

Accounting
Q

Luke Corporation produces a variety of products, each within their own division. Last year, the...

Accounting
Q

Entries for Materials Cost Flows in a Process Cost System The Hershey Company (HSY) manufactures...

Accounting