WENDOLYN Company manufactures noodles. To promote the sale of GWENDOLYN's products, premium is offered to customers who send in three wrappers and remittance of Php 25. The eight-out per premium is Php5. 2020 2021 Sales Premiums purchased at Php 80 each Number of premiums distributed Number of premiums to be distributed next period 4,000,000 400,000 5,000,000 416,000 5,500 4,000 200 500
Q: Las Piñas Company includes one coupon in each package of cereal it sells. A towel is offered as a…
A: 2018…
Q: Marichu Company manufactures a special product. To promote the sale of the product, a premium is…
A: Here calculation of Premium expenses which are incurred in the financial year of 2022. For…
Q: ABC Merchandising buys merchandise costing P35,000 and returns P10,000 cost of the merchandise. If…
A: Term 2/10, N30 means that if the buyer pays the dues within 10 days then the buyer is eligible for a…
Q: The Happy Cereal Company includes a premium in each box of its cereal. For four premiums plus $2.00,…
A: Number of wiggles expected to be claimed = (No. of boxes sold / 4) x 60% = (500,000/ 4 premiums…
Q: Pick n Pay retail shop shipped 22 000 litres of orange juice at N$50 000 and paid N$42 000 to ship…
A: The costs associated with the transportation or movement of goods or products from one place to…
Q: In an effort to increase sales, DARIO Company inaugurated a sales promotional campaign on June 30,…
A: Liabilities means the obligations and dues which needs to be paid off by the business. Premium…
Q: Pine Company offers a coffee mug as a premium for every ten P2.50 candy bar wrappers presented by…
A: Future claim expenditures, including claim handling expenses, plus any other expenses, are simply…
Q: Problem 2: JIN Corporation started a promotional program. A towel is offered as a premium to…
A: Cash remittance P25 Cost of the towel P90 Distribution cost P10
Q: WET Company includes one coupon in each package of cereal it sells. A towel is offered as a premium…
A: Particulars Number of towels distributed in 2020 50000 Add: Number of towels to be distributed…
Q: The Western Canada Luggage Company its customers a gift set if the customer purchases 2 suitcases.…
A: A journal entry is a type of accounting entry that is being used to represent a financial…
Q: Yummy Candy Company offers a coffee mug as a premium for every ten 50-centavo candy bar wrappers…
A: Liabilities - It is kind of financial obligation of the company over a particular period of time.
Q: Buyer A bought 20 pcs of product Z from Seller B with the following information: Selling price,…
A: Inventory- Inventory refers to the physical stock of items owned by a company at any given time.
Q: B Company offered a cash rebate of P20 on each P150 package of ballpen sold during the current year.…
A: Rebate expense = No of sold items x Rebate per product x % in mail rebate form
Q: Crystal Company operates a customer loyalty programme. It grants programme members 10 loyalty points…
A: 10 loyalty points for every 1000 amount of groceries Fair value of each loyalty point is P5
Q: Hard Company placed orders to DIFFICULT for the year 2021 that will result to the following amount…
A: The second Quarter period is from April to June, Following information related to this period: Sales…
Q: Topsy Corporation started a promotional program. A towel is offered as a premium to customers who…
A: Facial Soap sales, P45 per unit 2,400,000 php 2,785,000 php Towel purchases, P70 per unit…
Q: Topsy Corporation started a promotional program. A towel is offered as a premium to customers who…
A: Facial Soap sales, P45 per unit 2,400,000 php 2,785,000 php Towel purchases, P70 per unit…
Q: presented by customers together with P10.00. Each mug costs P90 and in adition, it costs P20 to mail…
A:
Q: Sycamore Candy offers an MP3 download (seven-single medley) as a premium for every 5 candy bar…
A: Journal Entries are primary record maintained by an entity for the occurrence or non-occurrence of…
Q: Cascade Company manufactures a single laundry soap. A towel is offered as a premium to customers who…
A: 2021…
Q: Case Cereal frequently distributes coupons to promote new products. On October 2, 2021, Case mailed…
A: The liabilities that arise as a result of happening or non-happening of an uncertain future event…
Q: CT Computer ordered 20 units of laptop computers and received an invoice dated 25 January 2009 for…
A: The term trade discount refers to the discount by which the retailer reduces the retail price of a…
Q: Nicolas Appliance Center has purchased electric fans for Php 800 each The electric fans are marked…
A: The markup is the difference between the selling price and cost price of a product. Markup…
Q: Problem 2: JIN Corporation started a promotional program. A towel is offered as a premium to…
A: Sometimes the company provides the premium or gift to their customers. This will be recognized as a…
Q: Cascade Company manufactures a single laundry soap. A towel is offered as a premium to customers who…
A: "Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
Q: b. Al Huda enterprises supplies small water coolants to various government and private sector…
A: Under IFRS 15, volume discounts/rebates is a type of variable consideration. Wholesalers are to…
Q: Equate Inc. sells products with a cost of $25,000 during the year to customer for $55,000. It is…
A: It is pertinent to note that variable consideration need to be included in the transaction price.…
Q: Miracle Company manufactures a product that is packaged and sold. Each sale is accompanied by 3…
A: Miracle Company's Each sale is accompanied by 3 coupons A plate is offered with 2 coupons with…
Q: Maningkamot ko permi makapasar sports wear regularly buys sweaters from BSA Company and its allowed…
A: Cost of the purchase = List price - Trade discount + Freight charges where, Trade discount = List…
Q: MAKE THE NECCESSARY JOURNAL ENTRIES.... BALIM Company is a merchandising company and tradindg…
A:
Q: Xoiswa Company manufactures a product that is packaged and sold. A plate is offered to customers…
A: Solution A journal is a company's official book in which all business transactions are recorded in…
Q: (Premium Entries) To stimulate the sales of its Alladin breakfast cereal, Loptien Company places 1…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: Given: The 456 Company purchased office supplies from A-One Supplies worth P80,000 on April 04,…
A: In the given question, A-one Supplies has offered a trade discount of 5% and 2%: It implies that…
Q: 1.)The suppliers sells a set of stainless steel tray's to jane's cookies shop. The list is price is…
A: As per the honor code, We’ll answer the first question since the exact one wasn’t specified. Please…
Q: Problem 2: JIN Corporation started a promotional program. A towel is offered as a premium to…
A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: . LALA Department store grants loyalty awards to its customers wherein for every P 100 purchase…
A: Hi student Since there are multiple questions, we will answer only first question. Customer loyalty…
Q: Serpent Home Depot carries wide variety of promotional techniques to attract customers. Kitchen and…
A: Solution Warranty Expense is the cost that a business Expects to or has already incurred for the…
Q: LAXUS DREYAR Co. inaugurated a sales promotional campaign on September 1, 2020 in its desire to…
A: In this Question, we will have to provide for contingent liability related to to Premium claims…
Q: Hulu company includes one coupon in each box of laundry soap it sells. A towel is offered as a…
A: Estimated liability is defined as the obligation which could be estimated reasonably. In short, it…
Q: Basil Company should reported unearned premium income at the end of December 31, 2022 of?
A:
Q: JIN Corporation started a promotional program. A towel is offered as a premium to customers who se…
A: Business transaction analysis. The following are the four stages of business transaction analysis:…
Q: Problem 2: JIN Corporation started a promotional program. A towel is offered as a premium to…
A: Cash outflow - P25 Cost of the towel P 90 Distribution expenses - P 10
Q: A furniture store is selling a dining room set for a cash price of $979 plus HST. They also have an…
A: Note: As per the Policy,We’ll answer the first question since the exact one wasn’t specified. Please…
Q: On July 1, 2021, Sansrival Company started a sales promotional campaign. In each box of cereal sold,…
A: Liability are the claims or obligations which arises due to past, present and future events. These…
Q: A salesman gets P10,000 commission on a sale of a item. This amount raised his average commission by…
A: Average It is the sum of all values divided by the number of values. For example, there are three…
Q: Topsy Corporation started a promotional program. A towel is offered as a premium to customers who…
A: Towel purchases, P70 per unit Number of box tops returned 20,500 php 34,850 php No fo…
Q: Miracle Company manufactures a product that is packaged and sold. A plate is offered to customers…
A: Here the problem which are related with the premium offer in the sales which are offered to the…
Q: Please show your solution in good accounting form. Thank you! JINN Corporation started a…
A: . A towel is offered as a premium to customers who send in 10 box tops of facial soap returned and…
Q: Yummy Candy Company offers a coffee mug as a premium for every ten 50-centavo candy bar wrappers…
A: a) Premium Expense for 2004 = (3,800,000+2,600,000)/10 x (P 0.90+P 0.60- P1.00) = P 320,000 Premium…
Q: SweetCandy offers an MP3 download (seven-single medley) as a premium for every five candy bar…
A: Sales revenue: It is the revenue earned by a business on selling the goods or providing services to…
Step by step
Solved in 3 steps
- Energetic Company includes one coupon in each box of laundry soap it sells for P500 each. A towel costing P100 and with a selling price of P120 is offered as a premium to customers who send in 10 coupons and a remittance of P20. The following are the information available (see image below).Energetic’s experience indicates that only 30% of the coupons will be redeemed. (Do not round off during computation)How much is the Total Revenue to be recognized in 2021?Marichu Company manufactures a special product. To promote the sale of the product, a premium is offered to customers who send in three wrappers and a remittance of P25. The distribution cost per premium is P5. 5,000 and 7,000 premiums were purchased in 2021 and 2022 respectively. Data for the premiums are: 2021 2022 Sales P20,000,000 P25,000,000 Premiums purchased P400,000 P560,000 Number of premiums distributed 4,000 5,500 Number of premiums to be distributed next period 300 500 The premium expense for 2022 should beXoiswa 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: 2018 2019 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 next period 2,000 3,000 Distribution cost P20 per plate What is the premium expense for 2019?
- Palmer Frosted Flakes Company offers its customers a pottery cereal bowl if they send in 3 boxtops from Palmer Frosted Flakesboxes and P2. The company estimates that 60% of the boxtops will be redeemed. In 2020, the company sold 675,000 boxesof Frosted Flakes and customers redeemed 330,000 boxtops receiving 110,000 bowls. If the bowls cost Palmer Company P6each, how much liability for outstanding premiums should be recorded at the end of 2020?a. P540,000 c. P150,000b. P100,000 d. P276,000Please show your solution in good accounting form In 2021, SUGA Company sold 485,000 boxes of cereals under a new sales promotional program. Each box contains one coupon, which entitles the customer to a premium that costs the company ₱75. Five coupons plus a remittance of ₱20 must be presented by the customer to receive a premium. SUGA estimated that 85% of the coupons will be redeemed. Actual premiums redeemed were 5,000 units. Additional information disclosed that ₱10 per premium is incurred for storage and distribution. a. Compute for the liability for the unredeemed coupons. b. Compute for the premium expense for the year.To increase sales, DD Company inaugurated a promotional campaign on June 30, 2020. DD placed a couponfor a premium in each box of cake sold at P400. A coffee mug costing P60 is offered as premium to customers who sendin 5 coupons and a remittance of P20. The distribution cost per premium is P10. DD Company estimated that only80% of the coupons issued will be redeemed. For the six months ended December 31, 2020, the following data isavailable in terms of units:Boxes of cake sold 20,000Premiums purchased 3,000Coupons redeemed 10,000What is the estimated liability for premiums on December 31, 2020?a. P180,000 b. P150,000 c. P160,000 d. P60,000
- Beautiful Company started a new promotional program in 2021. For every 10 bottle caps returned to Beautiful, customers receive a basketball. The company estimates that only 60% of the bottles reaching the market will be redeemed. The basketball costs P100 and can be sold separately at P150. Additional information is as follows (see image below).1. How much is the Unearned Revenue for Unredeemed Premiums at December 31, 2021? 2. How much is the Total Revenue to be recognized in 2021?Phoenix Company, places a coupon in each box of its product. Customers may send in ten coupons and P3.00, and the company will send them a romantic pillow. Sufficient pillows were purchased at P5.40 a piece. During 2019, 1,260,000 boxes were sold. It was estimated that a total of 5% of the coupons will be redeemed. In 2019, 18,000 coupons were redeemed. How much is the premium expense for the year 2019?Phoenix Company, places a coupon in each box of its product. Customers may send in ten coupons and P3.00, and the company will send them a romantic pillow. Sufficient pillows were purchased at P5.40 a piece. During 2019, 1,260,000 boxes were sold. It was estimated that a total of 5% of the coupons will be redeemed. In 2019, 18,000 coupons were redeemed. How much is the liability for premiums outstanding as of December 31, 2019? 43,200 24,300 15,120 45,200 10,800
- 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, 2021Manual Company sells goods to Nolan Company during 2020. It offers Nolan the following rebates based on total sales to Nolan. If total sales to Nolan are 10,000 units, it will grant a rebate of 2%. If it sells up to 20,000 units, it will grant a rebate of 4%. If it sells up to 30,000 units, it will grant a rebate of 6%. In the first quarter of the year, Manual sells 11,000 units to Nolan at a sales price of $110,000. Manual, based on past experience, has sold over 40,000 units to Nolan, and these sales normally take place in the third quarter of the year. What amount of revenue should Manual report for the sale of the 11,000 units in the first quarter of the year?Carla Vista Company sells goods to Pearl Company during 2020. It offers Pearl the following rebates based on total sales to Pearl. If total sales to Pearl are 11,200 units, it will grant a rebate of 2%. If it sells up to 19,600 units, it will grant a rebate of 4%. It if sells up to 29,200 units, it will grant a rebate of 6%. In the first quarter of the year, Carla Vista sells 9,000 units to Pearl at a sales price of $90,000. Based on past experience, Carla Vista has sold over 40,000 units to Pearl, and these sales normally take place in the third quarter of the year.
