2022 Boxes of coffee sold 800,000 Number of planners purchased at P50 each 20,000 Coupons redeemed 160,000 What is the estimated premium liability on Dec. 31, 2022?
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ABC Company includes one coupon in each box of coffee it sells. A planner is offered as a premium to customers who send in 10 coupons and a remittance of P10. Distribution cost of premium is P5. Experience indicates that only 30% of the coupons will be redeemed.
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- QUESTION 1 The trial balance of The Parker Exclusive Mens Clubs at 31th May 2020 is as follows GHSAccumulated fund (1/06/2019)23364000Massage Palour inventory at beginning (1/06/2019)4455000Massage Palour Purchases8382000Building (Cost)21153000Equipment (Cost)2640000Furniture and fittings (Cost)1650000Subscriptions1980000Affiliation Fees247500Savings Account5610000Venue of the "Weekend in Paradise Trip" 115500Executive Mens Club Entrance fees198000Massuer's Wages and Salaries825000Accumulated Depreciation Building 8461200Equipment 660000Furniture and Fittings 165000Salaries792000Rent 316800"Weekend in Paradise Trip" expenses198000Administrative expenses574200Interest on Savings account313500Sale of "Weekend in Paradise Trip" tickets2508000Bank account (Current)4125000Donation for "Weekend in Paradise Trip"610500Revenue from Massage Palour12540000Life membership fees610500Utilities326700102821400Additional Information1. Massage Palour inventory (31st May 2020)8910002. Subscription paid…ABC Limited purchased 6 computers on the 30 December 2022 for $600,000. Initial Allowance is 25% and annual allowance is 20%. What is the capital allowance claimable for 2022? a. $0 b. $120,000 c. $270,000 d. $150,000Bought delivery van P850,000 terms 20% down and the balance payable in oneyear. Required: 1. Record the transaction in the general journal.
- Topic: Premium Liability Problem 2-1 Miracle Company manufactures a product that is packaged and sold. A plate is offered to customers sending in three wrappers accompanied by a remittance of P10. Data with respect to the premium offer are summarized below. 2020 2021 Sales 3,600,000 4,200,000 Purchase of premium, P50 per plate 390,000 580,000 Number of plates distributed as premiums 5,000 9,000 Estimated number of plates to be distributed in subsequent period 2,000 3,000 Distribution cost P20 per plate Solve for the following amounts The Premium Premium Expense Premium Liability13.Papa, Inc. has a life insurance policy with its president as insured. Papa is the beneficiary of said policy. The annual premium is $ 5,000. As of December 31, 2020, the redeemable value of the policy cash (cash surrender value) is $ 18,200 (final balance). The insurance expense recognized in the Statement of Income and Expenses for the period ended December 31, 2020 was $ 4,000. What was the cash surrender value of this policy on January 1, 2020 (opening balance)? Select one: a. $ 11,200. b. $ 14,200. c. $ 17,200. d. $ 9,200.Life-Positive’s Account Balances 2021 ($) 2022 ($) accounts payable 24,600.00 21,250.00Accounts receivable 15,700.00 12,340.00Cash 23,450.00 28,600.00Cost of goods sold 19,700.00 23,000.00Depreciation 3,090.00 4,590.00Dividends 5,800.00 10,800.00Interest 2,340.00 2,890.00Inventory 7,050.00 8,640.00Long-term debt 28,000.00 30,000.00Net fixed assets 41,500.00 48,000.00Other expenses 2,400.00 2,800.00Sales 58,000.00 62,500.00Short-term Notes Payable 2,890.00 2,340.00Shares outstanding 85,000.00 90,000.00 tax rate is 32% 4. Calculate the cash flow from assets, cash flow to creditors,and cash flow to stockholders…
- HANGANG Park has life insurance policies on its officers’ lives. Annual premiums amount to P50,000. At the end of 2020, cash surrender value of the policies totaled P182,000. Dividends received by HANGANG from the insurance company amounted to P5,000 in 2020. The insurance expense recognized by HANGANG Park in 2020 was P35,000.What was the amount of cash surrender value of these policies on January 1, 2020? a. P172,000 b. P162,000 c. P142,000 d. P102,0002020 2019 Receivable from Construction contract Costs incurred each year. Construction in progress Partial billings on contract Collection each year P252,000 P240,000 460,800 292,800 873,600 240,000 720,000 2,167,000 8. The gross profit recognize from the long term construction contract is: 2019 2020 a. P52,800 P52,800 P547,200 b. P40,800 P240,000 C. d. P40,800 P307,200 P120,00014. ABM company purchased a two-year fire insurance coverage policy on June 1, 20XX with a cost of ₱200,000. At its December 31, 20XX, how much should be recorded as an expense? A. ₱100,000 B. ₱50,000 C. ₱200,000 D. ₱0
- I have choosen Kellogg's (2020): NYSE_K_2020.PDF (annualreports.com) Explain the impact of following business decisions on financial statements (on five accounts – Assets/ Liabilities/ Equity/ Revenue and Expense) using double-entry book-keeping system: Purchase of a new asset during the year for $100,000, the age of which is estimated at 5 years, post which it can be sold for $10,000. Buying 1000 units of Raw-material at $150 per unit, and selling 750 units of finished goods for $670 per unit. Buying patents for $20000 which is going to give a benefit for 20 years.11 NANGUTANG started constructing a building for its own use on January 1, 2020. NANGUTANG provided the following information related to the construction: Outstanding loans of the Company at January 1, 2020: Interest Rate Amount of loan Interest Cost 5% P10,000,000 P 500,000 10% 20,000,000 2,000,000 Total P30,000,000 P2,500,000 Construction expenditures: July 1, 2020 7,000,000 November 31,2020 3,000,000 December 31, 2020 1,000,000 The amount of borrowing cost that should be charged to profit or loss for the period is? Group of answer choices 340,142 312,375 2,208,450 2,187,625B. At December 31, 2020, Hersheys Company had 1,000 gift certificates outstanding, which had been sold tocustomers during 2020 for P720. Laser operates on a gross margin of 60%. 2. How much revenue pertaining to the gift certificates should be deferred at December 31, 2020?