Reference no: EM132578918
During the year 2014, the Taylor Company started a promotional campaign for the sale of its car wax product. A coupon is attached for each unit of car wax sold. For every five coupons plus P50, a customer can avail of a bottle of tire black. Each tire black costs the company P120. The following information relates to the sale of car wax and coupons redeemed and expected to be redeemed in the future.
2014 2015
Sale of car wax 140,000 units 200,000 units
Coupons redeemed 40,000 90,000
Coupons expected to be
redeemed in the future
(year-end estimates) 30,000 80,000
REQUIRED:
Question 1: Compute the following:
(a) Premium expense for 2014
(b) Premium expense for 2015
(c) Provision for premium claims outstanding at December 31, 2014.
(d) Provision for premium claims outstanding at December 31, 2015.
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: Compute the Provision for premium claims outstanding at December 31, 2015. During the year 2014, the Taylor Company started a promotional campaign
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