2.Knicks Company requires nonrefundable advance payments with special orders from customers for machinery constructed to their specifications. Information for 2023 follows: Customers advances, 12/31/22 P 500,000 Advances received with orders in 2023 840,000 Advances applied to orders shipped in 2023 600,000 Advances applicable to orders canceled in 2023 190,000 How much is the ending balance of advances on December 31, 2023?

2.Knicks Company requires nonrefundable advance payments with special orders from customers for machinery constructed to their specifications. Information for 2023 follows: Customers advances, 12/31/22 P 500,000 Advances received with orders in 2023 840,000 Advances applied to orders shipped in 2023 600,000 Advances applicable to orders canceled in 2023 190,000 How much is the ending balance of advances on December 31, 2023?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Help me answer this 2 problem

2.Knicks Company requires nonrefundable advance
payments with special orders from customers for
machinery constructed to their specifications.
Information for 2023 follows:
Customers advances,
12/31/22
P
500,000
Advances received with orders in
2023
840,000
Advances applied to orders shipped in
2023
600,000
Advances applicable to orders canceled in
2023
190,000
How much is the ending balance of advances on
December 31, 2023?

Orlando Company has a contract with its CEO to
pay him a bonus during each of the years 2021-
2024. The profit before deductions for bonus and
income taxes were P14,500,000 in 2021; P18,000,000
in 2022; P22,500,000 in 2023; and P25,000,000 in 2024.
The bonus of 25% is deductible for tax purposes in
each year. The tax rate is 20%.
Compute the amount of the bonus for 2021 if the
bonus is based on profit bonus and taxes.

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