Reference no: EM132933677
Questions -
Q1) On October 1, 2021, the Marketplace, Inc. started a promotional campaign for the sale of its 25-kilo bag of Harvester Dinorado rice with a sales price of P1,200 per bag. The promo applies to all branches of Marketplace, Inc. in Metro Manila. A coupon is attached to each bag and customers can avail of one kilo of washed sugar upon presentation of 2 coupons. Each kilo of washed sugar costs P90 and sells for P125. For the three months ended December 31, 2021, 5,000 bags of rice were sold and Marketplace, Inc. estimates that only 60% of the coupons in the hands of consumers will be presented for redemption. As of the end of the year, 1,000 kilos of washed sugar were redeemed. How much is the unearned revenue from unredeemed premiums on December 31, 2021?
A. P121,212
B. P45,000
C. P60,606
D. P135,000
Q2) Nehemiah Company distributes annual bonuses to its sales manager and two sales supervisors. The company reported P2,000,000 profit for 2021 before bonuses and income tax. The income tax rate is P30%.
How much is the total amount of bonus if each of them is computed at 15% of profit after bonuses and income tax?
A. P190,045
B. P159,696
C. P479,087
D. P570,136
Q3) In an effort to increase sales, BBB Company launched a sales promotional campaign. BBB placed a coupon redeemable for a premium in each package of product sold. Each premium costs P20 and five coupons must be presented by a customer to receive a premium. BBB estimated that only 60% of the coupons issued will be redeemed. The following information is available for the year 2020:
Packages sold- 160,000
Premiums purchased- 12,000
Coupons redeemed- 40,000
What is the estimated liability for premiums to be reported on December 31, 2020?
A. P384,000
B. P160,000
C. P288,000
D. P224,000