Business, 30.07.2020 04:01 PlzNoToxicBan
Fuller Food Company distributes coupons which may be presented (on or before a stated expiration date) to grocers. The grocers are reimbursed when they send the coupons to Fuller. In Fuller's experience, 50% of such coupons are redeemed, and generally one month elapses between the date a grocer receives a coupon from a consumer and the date Fuller receives it. During 2012 Fuller issued two separate series of coupons as follows:
Issue On Total Value Consumer Expiration Date Amount Disbursed as of 12/31/12
1/1/12 $720,000 6/30/13 $300,000
7/1/12 500,000 12/31/12 190,000
1. The December 31, 2012 balance sheet should indicate a liability for unredeemed coupons of:
a. $730,000
b. $60,000
c. $124,000
d. $120,000
e. $365,000
2. Case Corporation issues $100,000, 10%, five-year bonds at 94. The total interest expense over the life of the bonds is:
a. $56,000
b. $44,000
c. $50,000
d. $54,000
e. $46,000
Answers: 3
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Fuller Food Company distributes coupons which may be presented (on or before a stated expiration dat...
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