The 2022 bonus is based on profit after bonus but before taxes. Compute the amount of the bonus for 2022.
Q: S1 If fringe benefit is given to non-rank and file employees, fringe benefit is generall subject to…
A: Fringe benefits are the additional benefits and compensation, that is being provided to employee by…
Q: Sheridan Corp. incurred the following costs during 2023 in connection with its research and…
A: IAS 38 Intangible assets provides guidelines regarding accounting of intangible assets. An…
Q: Note 5: Cash and Investments (partial) Available-for-sale investments as of December 31, 2016, and…
A: “As the question has more than 3 sub-parts, the first 3 subparts are answered. If you want the…
Q: ABC Company's salaried employees are paid biweekly (1.e., once every two weeks). Advances made to…
A: As per the matching concept, all the expenses that are related to the concerned period should be…
Q: For each account listed, identify the category in which it would appear on a classified balance…
A: Balance sheet means where all assets , liabilities and equity are shown in proper format
Q: BBB Leasing purchased a machine for $280,000 and leased it to Jack Tupp Auto Repair on January 2021.…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: ple and Mack had the lollowing clause in their partnership agreement: The partners allowed salaries…
A: Partnership means where two or more person comes together to do some common business activity and…
Q: Following: m has enquired about how to treat the income of Oliver ervices to AGL Umited. The client…
A: (a). Factor should be considered: Weekly worked time The specific length of time Certain seasonal…
Q: 2 A hedge fund manager requires 10% minimum return for all their investments. An opportunity…
A: The maximum amount fund manager should be willing to pay for this investment is the present value of…
Q: From the following information, what is the balance of the bank reconciliation for Everest Ltd for…
A: Ideally there are two type of cash balances being used in business. One is cash balance as per books…
Q: Answer and explain thanks
A: The concept of money's time worth reveals that any sum of money is worth more currently as compared…
Q: A stock is expected to pay a dividend next year of $1.8. The dividend amount is expected to grow at…
A: Data given: D1=$1.8 Growth rate=6.0% Required rate of return=8.5% Required: Dividend yield on the…
Q: 1) In January 2020, Simon Corporation began selling a new line of products that carry a two-year…
A: Formula: Warranty expense for 2021 = Warranty Liability at the end of 2021 + Actual Warranty…
Q: Prepare production and direct labour budgets. 13P10.54B (LO 2, 3) Raddington Inc. makes and sells…
A: A budget is a forecast of revenue and expenses for a certain future period of time that is generally…
Q: a. Your portfolio is invested 28 percent each in A and C and 44 percent in B. What is the expected…
A: The portfolio return is similar to projecting the potential profit or loss on all of the investments…
Q: please answer immediately thanks
A: Inventory valuation refers to determine the value of cost of goods sold and closing inventory…
Q: Calculate direct materials and direct labour variances. E12.31 (LO 2, 3) Jay Levitt Company budgeted…
A: Actual price per unit = $31,2006,500 kg = $4.8 per kg Standard quantity for actual output = 2,750…
Q: Blossom Limited organized late in 2022 and set up a single account for all intangible assets. The…
A: Intangible assets are non-physical assets that have no physical substance but have value to a…
Q: 8. The following petty cash transactions of Green Golf Equipment occurred in May: May 1 Established…
A: Petty cash: Petty cash fund is established to pay small expenses like office supplies, postage etc.…
Q: Calculate the standard cost per unit. E12.19 (LO 1) Muhsin Company has gathered the following…
A: Introduction: Variance analysis is a quantitative assessment of the difference between actual and…
Q: Instructions: Maya Travel was organized on September 1, 2020. Assume that the accounts are closed…
A:
Q: Requirements: a. Give the entries to record the foregoing transactions using memorandum entry…
A: Delinquent on Shares Subscription When a person or organisation that has contracted to buy shares of…
Q: Exercise 8-7. REVERSAL COST METHOD FOR BY-PRODUCTS RC Inc. manufactures one main product and two…
A: All amounts are in (P).
Q: Prepare quarterly production budgets. E10.19 (LO 2) Excel Wayans Company produces and sells…
A: Budget is prediction of future income or expenditure based on estimated data. Production budget…
Q: Problem 2: FINANCE LEASE CASE 1: On January 1, 2020, EEE Corp. leased a warehouse for 5 years at an…
A:
Q: Q2 PS3. Department II of Charity Manufacturing Company presents the following production data for…
A:
Q: 1. What is the correct net sales for the year? 2. What is the correct cost of sales for the year? 3.…
A: You have asked four sub-parts of the question but as our protocol is to solve first three sub-parts…
Q: Calculate missing amounts in responsibility reports for three profit centres, and prepare a…
A: 1. Calculation of missing amounts: Given information Operating data Women's Shoes Men's Shoes…
Q: Exercise 8-8. JOINT COST ALLOCATION & BYPRODUCT ALLOCATION – MARKET VALUE МЕТHOD The BAR Company…
A:
Q: 5. Which of the following transactions will cause an increase in assets and an increase in…
A: Assets and liabilities increasing at the same time indicates that there is a purchase of asset on…
Q: The balance sheet for Zachary Corporation follows. Current assets $246,000 Long- term assets (net)…
A: Working capital=Current assets-Current liabilities Current ratio=Current assetsCurrent liabilities…
Q: 1. The Philippine Airlines has provided the following information regarding ticket sales and…
A: Accrual method is that when the expense or income has occurred means the expense or income has been…
Q: What are the risks in the following internal control standard if it is not followed: L. Documented…
A: A strong internal control prevent or minimize the risk. A poor internal control will create the…
Q: The management of Zigby Manufacturing prepared the following balance sheet for March 31. ZIGBY…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: Assume Store.com began July with 10 units of inventory that cost a total of $180. During July,…
A: Weighted Average Method :— It is one of the method of inventory valuation in which it is assumed…
Q: Bridgeport Company's reported 2023 net income of $118,200 was based on sales of $578,000, cost of…
A: The cash flows transactions from operating activities are the day to day transactions of the…
Q: The following is the post-closing trial balance for the Whitlow Manufacturing Corporation as of…
A: A trial balance is the financial report of an organization that represents the ending balances of…
Q: Based on the following financial information, answer the following questions as they relate to the…
A: Cash flow statement :— It is one of the financial statements that shows change in cash and cash…
Step by step
Solved in 2 steps
- 1. Sebastian Company includes one coupon in each box of hotcake mix it sells. A spoon isoffered as a premium to customers who presents 10 coupons and a cash remittance ofP10.00.Cost of distributing the premium is P5.00. Experience indicates that only 30% of thecoupons will be redeemed 2020 2021Boxes of hotcake mix sold 2,000,000 2,500,000Number of spoons purchased at P50 each 50,000 80,000Coupons redeemed 400,000 700,000Required:a. Compute for the premium expense for the year 2020b. Compute the estimated premium liability on December 31, 2020c. Compute for the premium expense for the year 2021d. Compute for the estimated premium liability on December 31, 2021(To record the sales) (To record premiums redeemed) (To record a liability for premiums) ||During 2020, Day Company sold 500,000 boxes of cake mix under a new sales promotional program. Each box contained one coupon, which entitled the customer to a baking pan upon remittance of P40. The entity paid P50 per pan and P5 for handling and shipping. The entity estimated that 80% of the coupons will be redeemed, even though only P300,000 coupons had been processed during 2020. 1. What amount should be reported as premium expense for P2020? 2. What amount should be reported as liability for unredeemed coupons on December 31, 2020?
- Please show your solution in good accounting form In 2021, SUGA Company sold 485,000 boxes of cereals under a new sales promotional program. Each box contains one coupon, which entitles the customer to a premium that costs the company ₱75. Five coupons plus a remittance of ₱20 must be presented by the customer to receive a premium. SUGA estimated that 85% of the coupons will be redeemed. Actual premiums redeemed were 5,000 units. Additional information disclosed that ₱10 per premium is incurred for storage and distribution. a. Compute for the liability for the unredeemed coupons. b. Compute for the premium expense for the year.During 2020, Gray Company sold 500,000 boxes of cake mix under a new sales promotional program. Each box contained one coupon, which entitled the customer to a baking pan upon remittance of P40. The entity paid P50 per pan and P5 for handling and shipping. The entity estimated that 80% of the coupons will be redeemed, even though only 300,000 coupons had been processed during 2020. 2a. What amount should be reported as premium expense for 2020? a. P 2,000,000 b. P 4,500,000 c. P 6,000,000 d. P 7,500,000 2b. What amount should be reported as liability for unredeemed coupons on December 31, 2020? a. 1,000,000 b. 1,500,000 c. 3,000,000 d. 5,000,000During 2020, STU Company sold 500,000 boxes of brownies mix under a new sales promotional program. Each box contains one coupon, which when submitted with P40 entitles the customer a roll of baking sheet paper . ABC pays P50 per pan and P5 for handling and shipping. ABC estimates that 80% of the coupon will be redeemed, even though only 300,000 coupons have been processed during the year. What amount should ABC report as liability for unredeemed coupons as of December 31, 2020?
- No Doubt Company includes one coupon in each box of soap powder that it packs, and 10 coupons are redeemable for a premium (a kitchen utensil). In 2025, No Doubt Company purchased 8,800 premiums at 80 cents each and sold 110,000 boxes of soap powder at $3.30 per box; 44,000 coupons were presented for redemption in 2025. It is estimated that 60% of the coupons will eventually be presented for redemption. Prepare all the entries that would be made relative to sales of soap powder and to the premium plan in 2025. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation (To record purchase of premiums) (To record the sales) (To record premiums redeemed) (To record a liability for premiums) Debit [] CreditIn December 2021, Belarmino Company began including one coupon in each package of candy that is sells and offering a toy in exchange of P5 and five coupons. The toys cost P8 each. Eventually, 60% of the coupons will be redeemed. During December, Belarmino Company sold 110,000 packages of candy and no coupons were redeemed. Belarmino Company should report an estimated liability for coupons of Group of answer choices 105,600 198,000 39,600 528,000What amount should be reported as premium expense for the current year?
- 38. During the current year, Responsibility Company inserted in each package sold a coupon offering P300 off the purchase price of a particular brand of product when the coupon is presented to retailers. The retailers are reimbursed for the face amount of coupons plus 10% for handling. Previous experience indicates that 30% of coupons will be redeemed. During the current year, Responsibility issued coupons with face amount of P10,000,000 and total payments to retailers amounted to P2,000,000. What is the amount of coupon liability at the end of the year?During 2020, Maine Company Sold 50,000 boxes of hotcakes under a new sales promotional program. Each box contains one coupon, which when submitted with P 16, entitles the customer to a banking pan. Maine Co. pay P 20 per pan and P 2 handling and shipping. Maine estimates that 80% of the coupons will be redeemed, even though only 30,000 coupons had been processed during 2020. What amount should Maine report as a liability for unredeemed coupons at Dec. 31, 2020? * A.P 1,000,000 B.P 400,000 C.P 600,000 D.P 300,000During 2021, Truffle Company sold 500,000 boxes of hotcakes under a new sales promotional program. Each box contains one coupon, which when submitted with P16, entitles the customer to a baking pan. Truffle pays P20 per pan and P2 for handling and shipping. Truffle estimate that 80% of the coupons will be redeemed, even though only 300,000 coupons had been processed during 2021. What amount should Truffle report as a liability for unredeemed coupons at December 31, 2021?