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How much provision should have accrued by honesty company

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Reference no: EM133178475

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Q1. Honesty Company was sued by a competitor for P5,000,000 for infringement of a trademark during 2021. Based on the advice of the legal department, it is probable that Honesty will be liable therefore, in its financial statement for the year ended December 31, 2021, an amount of P3,000,000 was accrued as a provision. On February 10, 2022, the Supreme Court decided in favor of the party alleging infringement of the trademark and ordered the defendant to pay a sum of P3,500,000. The financial statements of Honesty Company were issued on February 15, 2022. How much provision should have been accrued by Honesty Company on December 31, 2021?

Q2. The following information relates to Puregold Price Club Inc. (PPCI) for the year 2022. PPCI has a pricing policy that allows 30% profit on the sales price.

Unearned Revenue from Gift Certificates Outstanding, January 01, 2022 - P250,000

Gift certificates sold during the year - P900,000

Gift certificates issued relating to sales promotion during the year - P100,000

Gift certificates redeemed during the year - P900,000

Gift certificates relating to the entity's promotion that expired during the year - P12,500

Additional outstanding gift certificates expected to expire in 2022 - P6,000

How much is the unearned revenue from gift certificates outstanding at December 31, 2022?

Reference no: EM133178475

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