Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
For the year 2020, Zellie Company started a promotional program wherein for every P100 purchase made by a customer, one point will be awarded to that customer. For every 50 points earned by a customer and a pre-determined additional peso amount, a premium tumbler can be redeemed. Each tumbler usually sells at P100. Sales made during the year totaled P2,100,000. Out of the 300 tumblers purchased during the year, 148 tumblers remain unredeemed as of yearend resulting to the Premium Inventory having a carrying amount of P10,360. Since the accountant was not yet familiar with the revenue approach of accounting for premiums, he reported for the 2020 Premium Expense of P12,600 and Estimated Premium Liability of P5,000 as of yearend.
Problem 1: Using the revenue approach under PFRS 15, how much is the amount to be credited to sales of the main products?
Problem 2: Using the revenue approach under PFRS 15, how much is the gross profit to be recognized from the actual redemption of tumblers during the year? Problem 3: Using the revenue approach under PFRS 15, how much is the amount to be reported as liability as of yearend?
Compute the volume in units and the dollar sales level necessary to maintain the present profit level, assuming that the maximum price increase is implemented
Jet Company's summarized financial statement information for the beginning of the year is as follows: Marketable Securities $50,000 All Other Assets $150,000 Total Liabilities $80,000 Total Stockholders' Equity $120,000 During the year, Jet had Reven..
Suppose the Australian dollar to U.S. dollar exchange rate is 1.0757, What would be the value of Australian dollar to euro exchange rate?
According to the Fisher Equation, given an expected inflation rate of 1.5% and a nominal interest rate of 4.5%, the approximate real interest rate is
What is the amount of bad debts written off during year 2015? Michigan Company estimates the allowance for uncollectible accounts using the percentage
A company has notes receivable, classified as noncurrent that has a fair value of $920,000 at 12/31/14 and an acquisition cost of $710,000. Management decided at the acquisition date, to use the fair value option for this recently-acquired receivable..
The Articles of Partnership specified that each partner should withdraw no more than $1,000 per month, Determine the amount of net income allocated
Consider Agency Theory, Stewardship Theory and Stakeholder Theory. Which theory do you think best describes the problems of corporate governance
Colby is employed full time as a food technician for a local restaurant chain. This year he has incurred the following expenses associated with his employment. Colby was reimbursed $264 of the expenses from his employer's accountable plan. What amoun..
Compute the price of the European call. A stock currently trading at $121 pays a $8 dividend in four months and $5 dividend seven months.
Calculate how much of the bond proceeds to allocate to the bond and how much to the option. Prepare the journal entry to record the issuance of the bond
Compute the gain or loss on holding net monetary items for the Liverpool Company for the year ending December 31, 20X5.
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd