Vista newspapers sold 4,000 of annual subscriptions at P125 each on September 1. How much unearned revenue will exist as of December 31? O PO. P333,333. O P166,667. O P500,000
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- The Eglington Newspaper sold 4,000 of annual subscriptions at $125 each on September 1. How much unearned revenue will exist as of December 31? Select one: $333,333. $166,667. $500,000. $0.Bon Nebo Co. sold 25,000 annual subscriptions of Magazine 20XX for $85 during Decem-ber 20Y8. These new subscribers will receive monthly issues, beginning in January 20Y9. In addition, the business had taxable income of $840,000 during the first calendar quarter of 20Y9. The federal tax rate is 40%. A quarterly tax payment will be made on April 12, 20Y9. Prepare the Current Liabilities section of the balance sheet for Bon Nebo Co. on March 31, 20Y9.At December 31, 2021, Suo’s Boutique had 2,000 gift certificates outstanding, which had been sold to customers during 2021 for P50 each. Sue’s operates on a gross margin of 60% of its sales. What amount of revenue pertaining to the 2,000 outstanding gift certificates should be deferred at December 31, 2021? a. P0 b. P40,000. c. P60,000. d. P100,000.
- Lily Corp. Corp. sells on term 2/20, net 40. Total credit sale for the year are P180,000. 40% pays on the 20th day and take discounts while the rest pay on the due date. What is the average amount of accounts receivable? (Use 360-day year) a. 16,000 b. 36,667 c. 26,667 d. 12,000Charming Paper Company sells to the 12 accounts listed here. Account ReceivableBalance Outstanding Average Age ofthe AccountOver the Last Year A $ 60,800 22 B 168,000 43 C 78,300 19 D 24,300 55 E 58,900 42 F 238,000 39 G 30,400 16 H 374,000 72 I 41,400 32 J 96,500 58 K 292,000 17 L 67,700 37 Capital Financial Corporation will lend 90 percent against account balances that have averaged 30 days or less, 80 percent for account balances between 31 and 40 days, and 70 percent for account balances between 41 and 45 days. Customers that take over 45 days to pay their bills are not considered acceptable accounts for a loan. The current prime rate is 15.5 percent, and Capital charges 4.5 percent over prime to Charming as its annual loan rate. a. Determine the maximum loan for which Charming Paper Company could qualify. b. Determine how much one month’s…Bon Nebo Co. sold 11,500 annual subscriptions of Bjorn for $60 during December 20Y5. These new subscribers will receive monthly issues, beginning in January 20Y6. In addition, the business had taxable income of $436,000 during the first calendar quarter of 20Y6. The federal tax rate is 40%. A quarterly tax payment will be made on April 12, 20Y6. Prepare the “Current liabilities” section of the balance sheet for Bon Nebo Co. on March 31, 20Y6. Bon Nebo Co.Current Liabilities Section of Balance SheetMarch 31, 20Y6 Line Item Description Amount Current liabilities: Advances on magazine subscriptions $Advances on magazine subscriptions Federal income taxes payable Federal income taxes payable Total current liabilities $Total current liabilities
- Bon Nebo Co. sold 30,000 annual subscriptions of Bjorn for $105 during December 20Y5. These new subscribers will receive monthly issues, beginning in January 20Y6. In addition, the business had taxable income of $970,000 during the first calendar quarter of 20Y6. The federal tax rate is 40%. A quarterly tax payment will be made on April 12, 20Y6. Prepare the “Current liabilities” section of the balance sheet for Bon Nebo Co. on March 31, 20Y6. Current liabilities: Advances on magazine subscriptions Federal income taxes payable Total current liabilitiesBulldogs Inc. sells on term 3/20, net 40. Total sale for the year are P1,200,000 on which 40% is cash sales. 30% pays on the 20th day and take discounts while the remaining customers always pay on time. What is the average amount of accounts receivable? (Use 360-day year)NEKO Inc. sells on term 3/20, net 40. Total sale for the year are P1,200,000 on which 40% is cash sales. 30% pays on the 20th day and take discounts while the remaining customers always pay on time. What is the average amount of accounts receivable? (Use 360-day year)
- Bon Nebo Co. sold 19,000 annual subscriptions of Bjorn for $51 during December 20Y5. These new subscribers will receive monthly issues, beginning in January 20Y6. In addition, the business had taxable income of $612,000 during the first calendar quarter of 20Y6. The federal tax rate is 40%. A quarterly tax payment will be made on April 12, 20Y6. Prepare the “Current liabilities” section of the balance sheet for Bon Nebo Co. on March 31, 20Y6.Bon Nebo Co. sold 13,000 annual subscriptions of Bjorn for $63 during December 20Y5. These new subscribers will receive monthly issues, beginning in January 20Y6. In addition, the business had taxable income of $516,000 during the first calendar quarter of 20Y6. The federal tax rate is 40%. A quarterly tax payment will be made on April 12, 20Y6. Prepare the “Current liabilities” section of the balance sheet for Bon Nebo Co. on March 31, 20Y6. Bon Nebo Co.Current Liabilities Section of Balance SheetMarch 31, 20Y6 Current liabilities: Advances on magazine subscriptions __________ Federal income taxes payable __________ Total current liabilities _____________
