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need financial statements for this question... At the bottom of all its February sales receipts, Seifert Stores Inc. printed $2-off coupons. The coupons may be
need financial statements for this question...
At the bottom of all its February sales receipts, Seifert Stores Inc. printed $2-off coupons. The coupons may be redeemed March 1-April 30. The liability for the $2-off coupons is recorded at the end of February, Seifert Stores Inc. accepts only cash, MasterCard, or VISA. During February, Seifert Stores completed the following selected transactions: Feb. 6. Sold merchandise to Marci Andrews with a list price of $175 that cost Seifert Stores Inc. $80. Marci prese she clipped out of the local newspaper. Marci used her VISA card for the purchase. 18. Sold merchandise to Chris Johnson with a list price of $50 that cost Seifert Stores $24. The bottom of Ch includes the $2-off coupon. Chris paid cash for his purchase. Assume that Seifert Stores sold $25,000,000 of merchandise in February, which generated 12,500,000 printed sales receipts. The merchandise sold cost $16,500,000. Siefert Stores estimates that 15% of the $2-off coupons printed in February will be redeemed before they expire April 30. Assume that Seifert Stores Inc, sold $40,000,000 of merchandise in March and that 1,400,000 of the $2 ff coupons were redeemed. The cost of the merchandise sold was $23,600,000. Enter account decreases, cash outflows, and the income statement effects that reduce gross profit or net income as negative amounts. a. Illustrate the effects of the March sales on the accounts and financial statements of Seifert Stores inc Step by Step Solution
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