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Determine cumulative revenue realized from subscriptions

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Q1. An entity has the following balances of its unearned revenue account for magazine subscriptions in 2019:

January 11, 350,000

December 31, 2,250,000

Cash receipts from subscribers are credited to unearned revenue and this account had a balance of P1,656,000 as of December 31, 2020.

Subscriptions received totaled P2,925,000 and P2,466,000 in 2019 and 2020, respectively.

Determine cumulative revenue realized from subscriptions for 2019 and 2020.

Q2. A company's president gets an annual bonus of 6% of net income after bonus and income tax. Assume the tax rate of 25% and the correct income before bonus and tax is P9,100,000.

Reference no: EM132929494

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