Security Apple Banana Crisp Total Cost $33,600 175,000 59,400 Fair Value $31,000 174,000 68,500 $268,000 $273,500 December 31, 2025, fair value adjustment balance-Dr. $5,400
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- II. solution. Mardou Company Martin Company P50,000,00 Compary Assets Current Assets P50,000 P25,0000 P25,0000 P12,500,000 Imvenbory Curent Labilites Equity P18,0000 PS5,00000 PI5,0000 P50000 PA5,000 PIO,0000 PT 200,000 Sales PIO,0000 Costs P8.9000 Cumpery Marin Compary Merou Compan Curent Rabio Quik Ratb Paifabilty Retum on TotalAssets Retum on RutyTopic: Premium Liability Problem 2-20 William Company operates a customer loyalty program. The entity grants loyalty points for goods purchased. The loyalty points can be used by the customers in exchange for goods of the entity. The points have no expiry date. During 2020, the entity issued 100,000 award credits and expects that 80% of these award credits shall be redeemed. The total stand-alone selling price of the award credits granted is reliably measured at P2,000,000. In 2020, the entity sold goods to customers for a total consideration of P8,000,000 based on stand-alone selling price. The award credits redeemed and the total award credits expected to be redeemed each year are as follows Redeemed Expected to be redeemed 2020 30,000 80% 2021 15,000 90% Solve for the following: The revenue from points for 2020 The revenue from points for 2021hapter 15, 16, and 17 Saved education.com%252F#/activity/q Help Save & E Isaac Incorporated began operations in January 2024. For some property sales, Isaac recognizes income in the period of sale for financial payments. reporting purposes. However, for income tax purposes, Isaac recognizes income when it collects cash from the buyer's installment In 2024, Isaac had $712 million in sales of this type. Scheduled collections for these sales are as follows: 2024 $ 68 million 2025 148 million 233.53 2026 147 million 2027 170 million pped 179 million eBook eferences 2028 $ 712 million Assume that Isaac has a 25% income tax rate and that there were no other differences in income for financial statement and tax purposes. Ignoring operating expenses, what deferred tax liability would Isaac report in its year-end 2024 balance sheet? Note: Round your answer to the nearest whole million. MC Graw Type here to search Multiple Choice # 2 3 W E R 4. S Z Alt C 85 00 9:25 PM High winds soon ^ la 4»)…
- selected intoomation The Following is Foom Meney Company's Cooperative balance Sheets At decombeo 31 2020 Rs.155,000 2019 es 260,000 fuaniture Accumulate d depseceation (74,400) 421y 400) The income state ment Yeports deptecti expense For the yegsnituse costng Jusniture costing seld Fos its the 170om the sale of Rs 36 000 Rs 105,000 book cash of Also was Value, furniture. Yee cuied Conpute3 Your business makes cash sales of $100 000 worth of goods (plus GST of 10%) and collected up front. What current liability does the sale create? cash a none b unearned revenue of $10000 GST payable of $10000 d sales revenue of $110000d ing Enabled: Chapter 7 Required Homewor... i Albany International Corporation, originally the Albany Felt Company, is an industrial-goods company based in Rochester, New Hampshire. On June 30, Year 1, Albany International sold merchandise to its good customer ABC Inc. and accepted a noninterest- bearing note in exchange. The note requires payment of $35,000 on March 31, Year 2. The fair value of the merchandise exchanged is $33,950. Albany International views the financing component of this contract as significant. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required: 1. Please prepare journal entries for Albany International to record the sale of merchandise (please omit any entry that might be required for the cost of the goods sold), any December 31, Year 1 interest accrual, and the March 31, Year 2 collection. 2. What is the effective interest rate on the note? Prepare journal entries to record the sale of merchandise (omit any entry…
- d. 660,000 96,000 Problem 2-12 (AICPA Adapted) Blake Company mails coupons to consumers which may be presented at a stated expiration date at retail food stores to obtain discounts on certain Blake products. Retailers are reimbursed for the face value of coupons redeemed, plus 10% of coupon face value as compensation for handling costs. The entity honors requests for coupon redemption by retailers received up to three months after the consumer expiration date. Based on experience, 60% of the coupons issued ultimately are redeemed. The entity provided the following following information with respect to two separate series of coupons issued during 2020: Series A Series B June 30, 2020 December 31, 2020 1,000,000 Consumer expiration date Total face value of coupons issued Total payments to retailers on December 31, 2020 2,000,000 605,000 405,000 What amount should be reported as liability for unredeemed coupons on December 31, 2020? 970,000 b. 915,000 795,000 d. a. с. 62View Policies Current Attempt in Progress Sheridan Company accepted a national credit card for a $4500 purchase. The cost of the goods sold is $2400. The credit card company charges a 3% fee. What is the impact of this transaction on net operating income? O Increase by $2037 O Increase by $4365 O Increase by $1965 O Increase by $2100 Save for Later Attempts: 0 of 1 used Submit AnswerView Policies Current Attempt in Progress During 2017, Teal Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs to Teal for a lump sum of $6,080, because it is discontinuing manufacturing operations and wishes to dispose of its entire stock. Three types of chairs are included in the carload. The three types and the estimated selling price for each are listed below. Estimated Selling Туре No. of Chairs Price Each Lounge chairs 60 $45 Armchairs 40 40 Straight chairs 140 25 During 2017, Teal sells 20 lounge chairs, 20 armchairs, and 20 straight chairs. What is the amount of gross profit realized during 2017? What is the amount of inventory of unsold straight chairs on December 31, 2017? (Round cost per chair to 2 decimal places, e.g. 78.25 and final answer to 0 decimal places, e.g. 5,845.) Gross profit realized during 2017 2$ Amount of inventory of unsold straight chairs 24 Save for Later Attempts: 0 of 1 used Submit Answer
- OkyOTcw/a/MjUwNDEyNDM20TEx/details Particulars Credit (RM) 48,400 Debit (RM) Capital Drawings Trade receivables Trade payables Sales Purchases Sales returns Purchases retums Wages and salaries Discounts allowed Discounts received Provision for doubtful debts Insurance Inventory as at 1 September 2018 Utilities 3,500 9,000 12,500 40,400 31,000 300 250 5,600 120 200 300 700 2,400 950 350 10,000 3,000 20,000 Rates Premises Fixtures and fittings Motor van Cash in hand Cash at bank TOTAL 330 14,800 102.050 102.050 Additional information as at 31 August 2019: i. Inventory as at 31 August 2019 amounted RM3,300 ii. An entity from whom there is accounts receivables of RM200 was unable to settle his debt and this amount is to be written off as bad debts. iii. The provision for doubtful debts is 1% of the outstanding trade receivables. iv. The owner took RM100 worth of goods from the business for his own use Required: a) Statement of Profit or Loss and Others Comprehensive Income for the year…PROBLEM 3 On June 1, 20x9, CAP CÓ paid P800,000 for the net assets of SHER CO. the carrying values for SHER's assets and liabilities on June 1, 20x9 follow: Cash 150,000 Accounts Receivable 180,000 Capitalized Software Costs Goodwill 320,000 100,000 130,000 Liabilities On June 1, SHER's accounts receivable had a fair value of P40,000, lesser than its carrying amount. Additionally, SHER's in process research and development was estimated to have a fair value of P200,000. All other items were stated at their fair values. On the June 1, combined balance sheet, how much is reported for goodwill?Problem 2-20 (IFRS) William Company operates a customer loyalty program.The entity grants loyalty points for goods purchased. The loyalty points can be used by the customers in exchange for goods of the entity. The points have no expiry date. During 2020,the entity issued 100,000 award credits and expects that 80% of these award credits shall be redeemed. The total stand-alone selling price of the award credits granted is reliably measured at P2,000,000. In 2020, the entity sold goods to customers for a total consideration of P8,000,000 based on stand-alone selling price. The award credits redeemed and the total award credits expected to be redeemed each year are as follows: Redeemed Expected to be redeemed 2020 30,000 80% 2021 15,000 1. What is the revenue from points for 2020? a. 1,600,000 b 1,500,000 C. 600,000 d 480,000 2. What is the revenue from points for 2021? a.240,000 B.200,000 C. 120,000 d 0