Fuller Food Company distributes to consumers coupons which may be presented on

Fuller food company distributes to consumers coupons

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134. Fuller Food Company distributes to consumers coupons which may be presented (on or before a stated expiration date) to grocers for discounts on certain products of Fuller. 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 2010 Fuller issued two separate series of coupons as follows: Consumer Amount Disbursed Issued On Total Value Expiration Date as of 12/31/10 1/1/10 $375,000 6/30/10 $177,000 7/1/10 540,000 12/31/10 225,000 The only journal entries to date recorded debits to coupon expense and credits to cash of $536,000. The December 31, 2010 balance sheet should include a liability for unredeemed coupons of a. $0. b. $45,000. c. $93,000. d. $270,000. 135. Presented below is information available for Morton Company. Current Assets Cash $ 4,000 Short-term investments 75,000 Accounts receivable 61,000 Inventories 110,000 Prepaid expenses 30,000 Total current assets $280,000 Total current liabilities are $120,000. The acid-test ratio for Morton is Delivered to you by tbsresources.wix.com/tbsresources
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Test Bank for Intermediate Accounting, Thirteenth Edition 13 - 30 Multiple Choice AnswersComputationalItem 90. b 97. d 104. a 111. a 118. b 125. d 132. a 91. d 98. b 105. d 112. d 119. d 126. b 133. d 92. a 99. d 106. d 113. a 120. a 127. d 134. b 93. d 100. b 107. c 114. b 121. b 128. d 135. c 94. b 101. b 108. c 115. d 122. d 129. d 95. c 102. c 109. c 116. d 123. d 130. b 96. b 103. a 110. d 117. c 124. b 131. d Delivered to you by tbsresources.wix.com/tbsresources
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Current Liabilities and Contingencies 13 - 31 MULTIPLE CHOICECPA Adapted 136. Which of the following is generally associated with payables classified as accounts payable? Periodic Payment Secured of Interest by Collateral 137. On January 1, 2010, Beyer Co. leased a building to Heins Corp. for a ten-year term at an annual rental of $80,000. At inception of the lease, Beyer received $320,000 covering the first two years' rent of $160,000 and a security deposit of $160,000. This deposit will not be returned to Heins upon expiration of the lease but will be applied to payment of rent for the last two years of the lease. What portion of the $320,000 should be shown as a current and long-term liability, respectively, in Beyer's December 31, 2010 balance sheet? Current Liability Long-term Liability
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