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- JINN Corporation started a promotional program. A towel is offered as a premium to customers who send in 10 box tops of facial soap returned and remittance of ₱25. The distribution cost is ₱10 per towel. The entity estimated that only 60% of the box tops reaching the market will be redeemed. The entity provided the following information: 2020 2021 Facial soap sales, ₱50 per unit ₱ 2,500,000 ₱ 2,875,000 Towel purchases, ₱90 per unit ₱ 337,500 ₱ 360,000 Number of box tops returned 22,500 38,550 Requirements: 1. Compute for the premiums (as an asset) amount for the year ended:A. December 31, 2020B. December 31, 2021 2. Compute for the premiums expense for the year ended:A. December 31, 2020B. December 31, 2021 3. Compute for the premium liability for the year ended:A. December 31, 2020B. December 31, 2021 4. How much net cash did the entity receive (give) with regards to the premium transactions for the year given below? (if net cash…Topsy Corporation started a promotional program. A towel is offered as a premium to customers who send in 10 box tops of facial soap returned and a remittance of ₱20. Distribution cost is ₱5 per towel. The entityestimated that only 60% of the box tops reaching the market will be redeemed. The entity provided the following information: 2019 2020 Facial Soap sales, P45 per unit 2,400,000 php 2,785,000 php Towel purchases, P70 per unit 320,500 php 355,000 php Number of box tops returned 20,500 php 34,850 php REQUIRED:Compute for the premiums expense for the year ended December 31, 2019 and 2020.Topsy Corporation started a promotional program. A towel is offered as a premium to customers who send in 10 box tops of facial soap returned and a remittance of ₱20. Distribution cost is ₱5 per towel. The entityestimated that only 60% of the box tops reaching the market will be redeemed. The entity provided the following information: 2019 2020 Facial Soap sales, P45 per unit 2,400,000 php 2,785,000 php Towel purchases, P70 per unit 320,500 php 355,000 php Number of box tops returned 20,500 php 34,850 php REQUIRED: Compute for the premium liability for the year ended December 31, 2019 and 2020.
- Topsy Corporation started a promotional program. A towel is offered as a premium to customers who send in 10 box tops of facial soap returned and a remittance of ₱20. Distribution cost is ₱5 per towel. The entityestimated that only 60% of the box tops reaching the market will be redeemed. The entity provided the following information: 2019 2020 Facial Soap sales, P45 per unit 2,400,000 php 2,785,000 php Towel purchases, P70 per unit 320,500 php 355,000 php Number of box tops returned 20,500 php 34,850 php REQUIRED: How much net cash did the entity receive (give) with regards to the premium transactions for the year 2019 and 2020?Please show your solution in good accounting form. Thank you! JINN Corporation started a promotional program. A towel is offered as a premium to customers who send in 10 box tops of facial soap returned and remittance of ₱25. The distribution cost is ₱10 per towel. The entity estimated that only 60% of the box tops reaching the market will be redeemed. The entity provided the following information: 2020 2021 Facial soap sales, ₱50 per unit ₱ 2,500,000 ₱ 2,875,000 Towel purchases, ₱90 per unit ₱ 337,500 ₱ 360,000 Number of box tops returned 22,500 38,550 Requirements: 1. Compute for the premiums (as an asset) amount for the year ended:A. December 31, 2020B. December 31, 2021 2. Compute for the premiums expense for the year ended:A. December 31, 2020B. December 31, 2021 3. Compute for the premium liability for the year ended:A. December 31, 2020B. December 31, 2021 4. How much net cash did the entity receive (give) with regards to the…Please show the solution in good accounting form. Thank you! Dominic Corporation started a promotional program. A towel is offered as a premium to customers who send in 10 box tops of facial soap returned and remittance of ₱25. The distribution cost is ₱10 per towel. The entity estimated that only 60% of the box tops reaching the market will be redeemed. The entity provided the following information: 2020 2021 Facial soap sales, ₱50 per unit ₱ 2,500,000 ₱ 2,875,000 Towel purchases, ₱90 per unit ₱ 337,500 ₱ 360,000 Number of box tops returned 22,500 38,550 Requirements: 1. Compute for the premiums (as an asset) amount for the year ended:A. December 31, 2020B. December 31, 2021 2. Compute for the premiums expense for the year ended:A. December 31, 2020B. December 31, 2021 3. Compute for the premium liability for the year ended:A. December 31, 2020B. December 31, 2021 4. How much net cash did the entity receive (give) with regards to the…
- A towel is offered as a premium to customers who send in 10box tops of facial soap returned and a remittance of ₱25. Distribution cost is ₱10 per towel. The entityestimated that only 60% of the box tops reaching the market will be redeemed. The entity provided thefollowing information: 2020 2021Facial soap sales, ₱50 per unit ₱ 2,500,000 ₱ 2,875,000Towel purchases, ₱90 per unit ₱ 337,500 ₱ 360,000Number of box tops returned 22,500 38,550Requirements:4. Compute for the premiums (as an asset) amount for the year ended:A. December 31, 2020B. December 31, 2021Rose Mixer Bhd. is a manufacturer of baking mixer. In January, Rose Mixer Bhd. agreesto sell baking mixers on credit to a customer, Ana Electrical Sdn Bhd. The baking mixerssold are:20 units of baking mixer Model A @ RM1,000 per unit40 units of baking mixer Model B @ RM600 per unitRose Mixer Bhd. gives a credit of 30 days to Ana Electrical Sdn. Bhd. for the debtsettlement.Required:a) Interpret are the goods sold current assets to Rose Mixer Bhd? b) Interpret are the assets sold considered items of trade receivables to Rose MixerBhd in accordance to MFRS 9 Financial Instruments?PT Bumi ordered 20 sets of tables and chairs to PT CBA. Price set per unit of Rp 5,000,000 with 10% VAT. If you use the accrual method of revenue recognition then the following is true:a. PT Bumi records the following journals:(D) Accounts Receivable Rp. 110,000,000(K) Sales Rp 100,000,000(K) VAT Out Rp 10,000,000b. PT CBA records the following journals:(D) Accounts Receivable Rp. 110,000,000(K) Sales Rp 100,000,000(K) VAT Out Rp 10,000,000c. PT Bumi records the following journals:(D) Cash Rp. 110,000,000(K) Sales Rp 100,000,000(K) VAT Out Rp 10,000,000d. PT CBA records the following journals:(D) Cash Rp. 110,000,000(K) Sales…
- 22. SecuriPrint Ltd produces pre-printed cheques for customers to use in automated account payable departments. The cheques include personalised customer details. A new customer has ordered a batch of 3,000 cheques. The following data illustrate SecuriPrint’s cost for a typical batch of 1,000 cheques:£Variable materials 72.00Variable wages 24.00Machine set up (fixed per batch *) 7.20Design and artwork (fixed per batch *) 36.00139.20* The design and machine set up costs are fixed per batch regardless of the batch size.SecuriPrint absorbs production overhead at a rate of 10% of variable wages cost. A further 5% is added to the total production cost of each batch to allow for selling, distribution and administration overhead.SecuriPrint requires a profit margin of 40% of sales value.The selling price for a batch of 3,000 cheques should be:Tau Limited is a manufacturing business that sales high quality kitchen electronic products. Tau Limited has just entered into 25 lucrative contracts with customers in the SADC region. Each of the contacts includes the sale of one product for P3,000. To manufacture each of these products it cost Tau P2 000 a product. In the contacts, one of the terms is that cash is received upfront and control of the product transfers on delivery. Furthermore, customers can return the product within 30 days to receive a full refund. Tau still has an option of selling the returned products for profit. Tau Limited has been in business for many years and from his experience he can estimate returns for this product quite accurately. Tau has estimated that that 23 products will not be returned. Required: How should the above transaction be accounted for?17. Jolo Corporation wants to revise the sales commission payment scheme. Currently, the 4 sales person receive a monthly salary of P5,000 each and a P5 for every unit sold. The new payment scheme will require the company to pay each sales person a monthly salary of P10,000 and an additional P3 for every unit sold. What is the number of units sold wherein the company will be indifferent between the two payment scheme? OA. 10,000 units OB. 8,571 units O C. 2,500 units OD. None of the above
