3. What is the premium expense for 2021?a. 2,400,000b. 2,000,000с. 2,120,000d. 1,920,0004. What is the premium liability on December 31, 2021?а. 320,000b. 400,000c. 120,000d. 520,000 Problem 2-16 (IAA)Love Company included one coupon in each package of cerealsold. A towel was offered as a premium to customers whosend in 10 coupons.20202021Packages of cereal soldNumber of towels purchased at P40 per towel 30,000Number of towels distributed as premiumNumber of towels to be distributed aspremium next period800,00060,00050,000500,00020,0005,0003,000

As per expense recognition principle and accrual concept of accounting, all expenses that belongs to…

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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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(3-4.) The following terms of payment for an annuity are as follows: Periodic payment = 20,000 Payment interval = 1 month Interest rate = 18% compounded monthly Terms = 15 years
24-A RO 40000 Interest-bearing note payable is signed on December 26 2020. If the note is a 120-day note what is the maturity date for this short-term liability? a. March 26 b. March 25 c. April 26 d. April 25
Problem 10-56 Part a (Algo) a. What is the maximum amount of $179 expense AMP may deduct for 2023 ? Maximum §179 expense deductible
Question 4 of 19 View Policies < Current Attempt in Progress The following information is related to the pension plan of Wildhorse, Inc. for 2021. Actual return on plan assets Amortization of net gain Amortization of prior service cost due to increase in benefits Expected return on plan assets Interest on projected benefit obligation Service cost Pension expense for 2021 is $3075000. O $2691000. O $2604000. O $3024000. $490000 210000 390000 541000 815000 2150000
7. Present Value of a Perpetuity Determine the present value of each of the following perpetuities. Part Annual CF Interest Rate A $34,000 B $90,000 C $6,000 D $60,000 8% 10% 6% 5%
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QUESTION 25 How long must a capital asset be held to qualify for long term treatment? O A. Six months O B. One year and one day OC. One year O D. Same trade date one year from purchase QUESTION 20 The following taxes are deductible as itemized deductions with the exception of: O A. Local personal property taxes O B. Foreign real property taxes OC. Social security taxes O D. State income taxes
For 36-40: Albert borrowed P180 000 to be repaid with equal quarterly payments for 2 2 years with an interest rate of 9% compounded quarterly. As a collateral, he offered his used car with an appraised value of P250 000 which the lender accepted. Given the first five rows of the amortization table of the loan, answer the questions that follow. Regular Payment Interest Component of Principal Component of Payment Period Loan Balance Payment 180 000.00 163 748.22 147 130.78 20 301.78 4 050.00 16 251.78 20 301.78 3 684.33 16 617.44 16 991.34 17 373.64 130 139.44 112 765.79 3 310.44 20 301.78 20 301.78 2 928.14 112344
14. What is the present value of $250,000 received in 250 days at 12% p.a. simple interest? Select one: a. $250,000.00 b. $231,012.66 c. $201,905.00 d. $213,012.66
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2020 commmon size liabilities accounts payable $41,498.00 notes payable $18,064.00 2021 common size common based year 14.67% $46,484.00 6.38% $17,635.00 14.52% 5.50% 1.1201

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3. What is the premium expense for 2021? a. 2,400,000 b. 2,000,000 c. 2,120,000 d. 1,920,000 4. What is the premium liability on December 31, 2021? a. 320,000 b. 400,000 c. 120,000 d. 520,000