Miracle Company manufacturers a product that is packagedand sold. A plate is offered to customers sending in threewrappers accompanied by a remittance of P10.Data with respect to the premium offer are summarized below.20212022SalesPurchase of premium, P50 per plateNumber of plates distributed as premiumsEstimated number of plates to bedistributed in subsequent periodDistribution cost P20 per plate3,600,000390,0005,0004,200,000580,0009,0002,0003,000Required:Prepare journal entries that would be made in 2021 and 2022to record sales, premium purchases and redemptions, andyear-end adjustments.

The distribution cost per plate is P20 and there is a remittance of P10 per plate. we will pass the…

Answered: Company manufacturers a product that is…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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A purchase invoice shows 10 items priced at $120 less trade discount 20%. A cash discount of 2½% is allowed if settlement is made within the allowed credit period. How much will be paid if the cash discount applies? A $1,170 B $1,200 C $936 D $960
Sheffield Corp. includes one coupon in each bag of dog food it sells. In return for eight coupons, customers receive a leash. The leashes cost Sheffield $5 each. Sheffield estimates that 40 percent of the coupons will be redeemed. Data for 2020 and 2021 are as follows: 2020 2021 Bags of dog food sold 520000 620000 Leashes purchased 19000 21000 Coupons redeemed 130000 130000 The premium liability at December 31, 2020 is O S73750. O $48750. O $63750. O $85750.
On 1st July 2020 Bashir purchase a machine for RO 15,000. The terms of purchase was 20% cash and the balance to be paid in monthly instalments of RO 500. What amount of the loan will be disclosed under Long term liabilities in the balance sheet on 31 Dec 2020? a. RO 3,000 b. RO 5,000 c. RO 7,000 d. RO 6,000
Given credit terms of 2/25, n/30 on a sale of $1,500, in how many days must the invoice be paid to take advantage of the discount? 30 C) 15 D) 25
MOA sells gift cards that are redeemable only at its stores. The company's policy is to record the redemption amount as realized. MOA sold P1,800,000 worth of gift certificates in 2019 and redeemed P1,560,000 worth of gift certificates. The value of outstanding gift certificates as of January 1, 2019 is P520,000. The company's gross profit margin is 40%. What is the obligation for outstanding gift cards at the end of the fiscal year on December 31, 2019?
AMCO Limited sells video recorders for cash and on instalment sales. Details of video recorders sold on instalment sales: Cost price R750 Cash selling price R1 000 Deposit, 20% Balance payable in 36 instalments of R35 each commencing 1 month after sale. The company utilizes an interest suspense account and earns interest on the sum of the digits method. On 1 March 2019, the company sold 5 video recorders on instalment sales. REQUIRED Journal entries (including cash transactions) to record all the transactions relating to those 5 video recorders for the year ended 31 December 2019. (All calculations to the nearest Rand). 中

Compute for the bank's income if a client will purchase USD375,000 @ P50.76 = $1 based on P50.30 benchmark or based rate. a. P172,500 b. P17,500 c. P1,725 d. P17,250
A purchase invoice shows 10 items priced at $120 less trade discount 20%. A cash discount of 2%2% is allowed if settlement is made within the allowed credit period. How much will be paid if the cash discount applies? A $1,170 B $1,200 C $936 D $960
E2
D. An entity placed a coupon redeemable for a premium in each package of cereal sold. Each premium cost P20 and five coupons must be presented by a customer to receive a premium. The entity estimated that only 60% of the coupons issued would be redeemable. For the year ended December 31, 2021, the following information is available: Packages of cereal sold 160,000 Premium purchased 12,000 Coupons redeemed 40,000 5. What is the premium expense for 2021? 6. What is the estimated premium liability on December 31, 2021?
Question: A debenture of $100 each is issued at $90 per debenture. How much is the discount? A. $0 B. full C . $10 D. $90

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