31PROBLEMSProblem 2-1 (IAA)Miracle Company manufacturers a product that is packagedand sold. A plate is offered to customers sending in threewrappers accompanied by a remittance of P10.ofmData with respect to the premium offer are summarized below.202020213,600,000390,0005,0004,200,000580,0009,000SalesPurchase of premium, P50 per plateNumber of plates distributed as premiumsEstimated number of plates to bedistributed in subsequent periodDistribution cost P20 per plate2,0003,000Required:Prepare journal entries that would be made in 2020 and 2021to record sales, premium purchases and redemptions, andyear-end adjustments.

Journal entry:-Way of recording any transaction of a company with debit and credit side. It works on…

Problem 2-1 (IAA) Miracle Company manufacturers a product that is packaged and sold. A plate is offered to customers sending in three wrappers accompanied by a remittance of P10. Data with respect to the premium offer are summarized below. 2020 2021 Sales Purchase of premium, P50 per plate Number of plates distributed as premiums Estimated number of plates to be distributed in subsequent period Distribution cost P20 per plate 3,600,000 390,000 5,000 4,200,000 580,000 9,000 2,000 3,000

Problem 2-1 (IAA) Miracle Company manufacturers a product that is packaged and sold. A plate is offered to customers sending in three wrappers accompanied by a remittance of P10. Data with respect to the premium offer are summarized below. 2020 2021 Sales Purchase of premium, P50 per plate Number of plates distributed as premiums Estimated number of plates to be distributed in subsequent period Distribution cost P20 per plate 3,600,000 390,000 5,000 4,200,000 580,000 9,000 2,000 3,000

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 1 a. Kpogo Ltd has the following products in inventory at the end of 2019: Units Cost per unit GH¢ XYZ (completed) 540 22 ABC (part complete) 280 26 Each product normally sells at GH¢34 per unit. Due to the difficult trading conditions, Kpogo Ltd intends to offer a discount of 15% per unit and expects to incur GH¢4 per unit in selling costs. GH¢10 per unit is expected to be incurred to complete each unit of ABC. Required: In accordance with IAS 2 Inventories, at what amount should inventory be stated in the financial statements of Kpogo Ltd as at 31 December 2019? b. According to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, an entity must select and apply its accounting policies consistently from one period to the next and among various items in the financial statements. However, an entity may change its accounting policies under certain conditions. Required: Identify the circumstances under which it may be appropriate to change accounting policy in…
10-A retailer paid VAT input RO 2,000 to the wholesaler and collected VAT output from the customer RO 2,100. Which one of the following is VAT payment is payable to the government for the retailer? O a. None of the options O b. RO 2,100 O c. RO 2,000 O d. RO 100
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Question 50 Choose the correct answer from the choices.
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Problem 2-16 (IAA) Love Company included one coupon in each package of cereal sold. A towel was offered as a premium to customers who send in 10 coupons. 2020 2021 Packages of cereal sold Number of towels purchased at P40 per towel 30,000 Number of towels distributed as premium Number of towels to be distributed as premium next period 800,000 60,000 50,000 500,000 20,000 5,000 3,000
REQUIREMENT NUMBER 4&5
v2.cengagenow.com Purchase-Related Transactions A retailer is considering the purchase of 1,000 units of a specific item from either of two suppliers. Their offers are as follows: Supplier One: $34.80 a unit, 1/10, n/30, no charge for freight. Supplier Two: $35.00 a unit, 2/10, n/30, plus freight of $200. Price of Supplier One: $ X Price of Supplier Two: X Which of the two offers, Supplier One or Supplier Two, yields the lower price? Supplier One Feedback Check My Work Calculate the total price for each offer, keeping in mind that the discount is deducted from the total price and the freight is added.
The adjusting entry of unearned service revenue will decrease the liabilities True False
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Question 1 Superfan retails one type of premium computer fans which it sells for $72.6 (GST Inclusive) per unit. The following events took place during the month of September 2021: September 8 Superfan purchased 100 fans at $38.5 (GST Inclusive) per unit in cash. September 15 SuperFan purchased 160 fans at $37.4 (GST Inclusive) per unit on credit. September 20 Superfan sold 330 fans to FansAreUs on credit. September 23 FansAreUs returned 30 fans sold on 20 September which were damaged and written off by SuperFan. September 30 Stocktake revealed 28 fans on hand. Additional information: 1. Superfan had 100 fans valued at $3,100 on hand on 1 September 2021. It uses the moving average cost flow assumption and the perpetual inventory method to account for its inventory movement. 2. The opening balance for the allowance for doubtful debts account was $250 credit on 1 September 2021. SuperFan assumes 2% of all monthly net credit sales to be irrecoverable. Required: Record September 2021…
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