Reference no: EM132825350
Problem 1 - Gallery Department Store sells gift certificates, redeemable for store merchandise that expires one year after their issuance. Gallery has the following information pertaining to its gift certificates sales and redemptions:
Unearned at December 31, 2020 500,000
2021 Sales 2,500,000
2021 redemption of prior year sales 300,000
2021 redemption of current year sales 1,400,000
1. How much is the balance of the unearned gift certififcates payable as of December 31, 2021?
Problem 2 - Shem Company pays all its employees on a biweekly basis. Overtime pay, however is paid the following biweekly period. Shem Company accrues salaries expenses every period. Data
1. The last payroll was paid on December 26, 2020. Which was also the last day of the first bi-weekly period.
2. Overtime earned in the biweekly period ending December 26, 2020 was P20,000
3. Remaining work days for 2020 were 27, 28 and 29. Overtime earned was P10,000 during this period.
4. The recurring biweekly salaries is P195,000
The company has a 5-day workweek.
1. What amount of salaries should be accrued as at December 31, 2020?
Problem 3 - SSCC Company includes in packages of its products, coupons that may be presented to retail stocks to obtain discounts on other Broad Company products. Retailers are reimbursed for the face amount of coupons redeemed plus 10% of that amount for handling costs. The company honors requests for coupon redemption by retailers up to three months after the coupon expiration date. The company estimates that 70% of all coupons issued will ultimately be redeemed. Informationi relating to coupons issued by the company during 2020 is as follows:
Coupon expiration date December 31, 2020
Total face amount of coupons issued 780,000
Total payments to retailers as of December 31, 2020 362,100
1. How much is the estimated premium liability as of December 31, 2020?
2. How much is the premium expense for 2020?
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