MARYJANE, IN., a grocery business, operates a customer loyalty program. MARYJANE grantsits program members points when they spend a specified amount of purchases. The points haveno expiry date, and they can use the points for further purchases. During 2021, the customersearned 80,000 points, but management expects that 75% of these points will be redeemed. Thestand-alone selling price of each loyalty point is estimated at Php 20. The sales during 2021amounted to Php 6,800,000 on stand-alone selling price.On December 31, 2021, 28,800 points have been redeemed. In 2022, the management revisedits expectations and now expects 85% of the points to be redeemed. In 2022, the 12,000 pointswere redeemed.a. 1,367,481b. 1,200,000c. 1,020,000d. 1,295,238What amount of the transaction priceshould be allocated to the groceries?

As per the given info in the problem , the customers…

Answered: Is program memb no expiry date, ane…

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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DSWD purchased goods for distribution on account with list price amounting to P100,000. The supplier granted trade discounts of 20% and 10%, with credit terms of 5/10, n/30. Payment was made 15 days after the date of purchase. Compute the cost of purchased goods for distribution
Calculate the tax base for Machine A on 29 February 2016: Cost: R5 000 000, purchased on 1 March 2014Wear and tear allowance: Year 1: 40% ; Year 2 to Year 4: 20% a. R3 000 000 b. R2 000 000 c. R2 500 000 d. R4 000 000
ifthe F.Cost ( 300 000 )$. Selling price ( 12000)$. to unit and the v. cost ( 7000 )$. to unit B.E.P.( v)
emaining Time: 1 hour, 38 minutes, 03 seconds. * Question Completion Status: QUESTION 5 XYZ company provided the following information: Sales Accounts payable Selling expenses Administrative expenses Other revenues $134,500 15,500 37,000 13,000 27,000 95.000 24,000 22.000 Cost of goods sold Cash Other expenses Required: Calculate the following (SHOW YOUR CALCULATIONS) 1. Gross profit For the toolbar. press ALT+F10 (P) or ALT+FN+F10 (Mac). Paragraph 2. Net income/ loss (note: specify whether the company had net inçome or set los) EEA v10pt V Arial BIUS Click Save and Submit to save and submit. Click SaveAll Aners t se el s 米 esc
X Remaining Time: 1 hour, 40 minutes, 40 seconds. Question Completion Status: The following financial statement information for Peal Company as for the year 2021: Required: Fill the missing amounts. (Hint: There are 6 missing amounts). Note: Write only the final amount. Do not show your calculation. Peal Company Income Statement For the year ended 2021 Net Sales $12,000 -1- Cost of goods sold Gross profit 6,500 Operating expenses -2- Selling expenses General and administrative expense S Total operating expenses eme from 1.800 4,000 2.500 Peal Company Statement of Owner's equity For 2021 $3,000 Capital, Beginning balance Add: Investment 10,000 Net income 2,000 Less: Drawings -3- Capital, Ending balance 5,000 A
ourses / BUSS 104-1-20202 / MAKEUP TEST SCHEDULED FOR Thur 16-05-2021 from 11:00 to 12: Noon) Sales are 140000 OMR, variable cost = 110000 OMR calculate contribution Select one: O a. 70000 OMR O b. 69000 OMR c. None of them O d. 65000 OMR Clear my choice age 3=237750&page%=7# Next page
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.
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Is program memb no expiry date, ane earned 80,000 poi stand-alone selling