Compute for the premium liability for the year ended:A. December 31, 2020B. December 31, 2021 Problem 2:JIN Corporation started a promotional program. A towel is offered as a premium to customers who send in 10box tops of facial soap returned and a remittance of P25. Distribution cost is P10 per towel. The entityestimated that only 60% of the box tops reaching the market will be redeemed. The entity provided thefollowing information:20202021Facial soap sales, P50 per unitTowel purchases, P90 per unitNumber of box tops returned2,500,0002,875,000337,500360,00022,50038,550

Given Information: Remittance of P25 Distribution cost = P10 per towel Data for 2020 : Facial soaps…

Answered: ram. A towel is offered as a prer tance…

Business

Accounting

ram. A towel is offered as a prer tance of P25. Distribution cost is ching the market will be redeem

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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