Sapaden Candy Company offers a coffee mug as a premium for every ten 50-centavo candy bar wrapperspresented by customers together with P10.00. Each mug costs P90 and in addition, it costs P20 to mail eachmug. The results of the premium plan for the years 2020 and 2021 are as follows (purchases and sales are forcash):Coffee mugs purchasedCandy bars soldWrappers redeemed2020 wrappers expected to be redeemed in 20212021 wrappers expected to be redeemed in 20222020960,0007,500,0003,800,0002,600,0002021800,0009.000,0005,600,0003,600,00013. Compute for the premium expense in 2020.14. Compute the liabilities for premium as of December 31, 2021.

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presented by customers together with P10.00. Each mug costs P90 and in adition, it costs P20 to mail each mug. The results of the premium plan for the years 2020 and 2021 are as follows (purchases and sales are for cash): 2020 960.000 2021 800,000 Coffee mugs purchased Candy bars sold Wrappers redeemed 2020 wrappers expected to be redeemed in 2021 2021 wrappers expected to be redeemed in 2022 7.500,000 3.800.000 2,600.000 9.000,000 5,600,000 3.600,000 13. Compute for the premium expense in 2020. 14. Compute the liabilities for premium as of December 31, 2021.

presented by customers together with P10.00. Each mug costs P90 and in adition, it costs P20 to mail each mug. The results of the premium plan for the years 2020 and 2021 are as follows (purchases and sales are for cash): 2020 960.000 2021 800,000 Coffee mugs purchased Candy bars sold Wrappers redeemed 2020 wrappers expected to be redeemed in 2021 2021 wrappers expected to be redeemed in 2022 7.500,000 3.800.000 2,600.000 9.000,000 5,600,000 3.600,000 13. Compute for the premium expense in 2020. 14. Compute the liabilities for premium as of December 31, 2021.

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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