Sales Less: Cancellation Sales, net of cancellations Year of expiration for subscriptions: 2020 240,000 2021 310,000 2022 250,000 2023 Total 800,000 2020 840,000 (40,000) 800,000 260,000 400,000 280,000 940,000 2021 1,000,000 (60,000) 940,000
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APT Entertainment Company sells one and two-year memberships to the video-of-the-month service. Subscriptions are prepaid and credited to sales. An examination of sales data found the following (see image below).
On December 31, 2021, what amount should be reported as unearned subscription revenue?
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- At Dec. 31, 2019. H&M Co. had gift certificates outstanding, which had been sold to customers during 2019 for P 100 each H& M operates on a gross margin of 60% of its sales. What amount of revenue pertaining to the 10,000 outstanding gift certificates should be deferred at Dec. 31, 2019. * A.N one B.400,000 C.600,000 D.1,000,000. TITO Co. requires advance payments with special orders for an equipment constructed to customer specifications. These advances are nonrefundable. Information for2020 is as follows: Customer advances-balance 1/1/20x0 P124,000 Advances received with orders in 20x0 300,000 Advances applied to orders shipped in 20x0 50,000 Advances applicable to orders canceled in 20x0 30,000 In Tito's December 31, 2020, balance sheet, what amount should be reported as a current liability for advances from customer? a. 0 b. 88,000 c. 74,000 d. 148,000B. 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?
- 46. During 2021, Tartarus Company signed a noncancellable contract to purchase 500 sacks of rice at P900 per sack with delivery to be made in 2022. On December 31, 2021, the price of rice had fallen to P850 per sack. On May 9, 2022, Tartarus Company accepts delivery of rice when the price is P880 per sack. In December 31, 2021 income statement, what amount of loss on purchase commitment should be recognized?7. Debbie Company reported collections from customers of P6,000,000 for the year ended December 31, 2020. Additional information follows: 12/31/2019 12/31/2020 Accounts receivable P1,000,000 P3,000,000 Allowance for doubtful accounts ( 100,000) (150,000) Debbie wrote off uncollectible accounts totaling P500,000 during 2020. Under accrual basis, Debbie would report 2020 sales of Group of answer choices P4,500,000 P8,000,000 P8,550,000 P8,500,000E12. WEIS Construction Company uses the percentage-of-completion method of accounting. In 2020, WEIS began work under contract #E2-D2, which provided for a contract price of $2,187,000. Other details follow: 2020 2021 Costs incurred during the year $658,560 $1,408,000 Estimated costs to complete, as of December 31 909,440 –0– Billings during the year 421,000 2,187,000 Collections during the year 348,000 1,527,000 (a) What portion of the total contract price would be recognized as revenue in 2020? In 2021? Revenue recognized in 2020 $ Revenue recognized in 2021 $ (b) using the information above, but assuming the company uses the completed-contract method of accounting, what portion of the total contract price would be recognized? Revenue recognized in 2020 $ Revenue recognized in 2021 $
- E12. WEIS Construction Company uses the percentage-of-completion method of accounting. In 2020, WEIS began work under contract #E2-D2, which provided for a contract price of $2,187,000. Other details follow: 2020 2021 Costs incurred during the year $658,560 $1,408,000 Estimated costs to complete, as of December 31 909,440 –0– Billings during the year 421,000 2,187,000 Collections during the year 348,000 1,527,000 (a) What portion of the total contract price would be recognized as revenue in 2020? In 2021? Revenue recognized in 2020 $ 918,540 Revenue recognized in 2021 $ 1,268,460 (b) using the information above, but assuming the company uses the completed-contract method of accounting, what portion of the total contract price would be recognized? Revenue recognized in 2020 $ 0 Revenue recognized in 2021 $ 2,187,000 (c)Prepare a complete set of journal entries for 2020 (using the…On Jan 1,2020, Kim Co. supplies amounted to P2,500. During the year, thecompany purchased P1,200 worth of supplies. Because of some defects, theyreturned P300 to the suppliers. At year end, the supplies amounted to P1,800.What is the amount of supplies expense?On October 1, 2020, Win Company consigned 240 posters to JAA Inc. with original cost of P1,000 each. Win policy in setting its selling price is 160% mark-up on cost. Freight on shipment was paid by JAA Company for P12,000. Any costs incurred by the consignee in relation to the consigned goods are all reimbursable. On December 17, JAA Inc. submitted an account sales and remitted P230,400 after deducting 12% commissions, selling expense of P10,000 and any reimbursable cost. Assume further that 50% of the remaining posters were returned to Win incurring freight of P5,000. Half of the returned goods were lost during the shipment. How much is the total loss and/or expenses accounted by Win in relation to the consignment other than the Cost of Goods Sold? Determine the cost of ending inventory
- On October 1, 2020, Win Company consigned 240 posters to JAA Inc. with original cost of P1,000 each. Win policy in setting its selling price is 160% mark-up on cost. Freight on shipment was paid by JAA Company for P12,000. Any costs incurred by the consignee in relation to the consigned goods are all reimbursable. On December 17, JAA Inc. submitted an account sales and remitted P230,400 after deducting 12% commissions, selling expense of P10,000 and any reimbursable cost. How much is the net income?E10-6A Advance Payment for Goods The Chicago Daily Times Corporation (CDT) publishes a daily newspaper. A 52-week subscription sells for $221. Assume that CDT sells 100 subscriptions on January 1. None of the subscriptions are cancelled as of March 31. Prepare a journal entry to record the receipt of the subscriptions on January 1. Prepare a journal entry to record one week of earned revenue on March 25.Tender company accepted from a customer a P4,000,000, 90-day,12% note dated August 32, 2020. On September 30, 2020, the entity discounted without recourse the note at 15%. However, the proceeds were not received until October 1, 2020. 1. What amount was received from the note receivable discounting? a. 4,017,000 b. 4,120,000 c. 4,103,000 d. 3,965,500 2. What amount should be reported as loss on note receivable discounting? a. 17,000 b. 23,000 c. 40,000 d. 0