Reference no: EM133055823
Questions -
Q1. In December 2021, Nhoel Co. began including one coupon in each package of candy that it sells and offering a toy in exchange for 50 centavos and five coupons. The toys cost Nhoel 80 centavos each. Eventually 60% of the coupons will be redeemed. During December, Nhoel sold 110,000 packages of candy and no coupons were redeemed. In its December 31, 2021, balance sheet, what amount should Nhoel report as estimated liability for coupons?
a. P3,960
b. P10,560
c. P19,800
d. P52,800
Q2. Chenia Company pays outside salespersons fixed monthly salaries and commissions on sales. Sales commissions are computed and paid on a monthly basis in the month following the month of sale, and the fixed salaries are treated as advances against commissions. However, if the fixed salaries for salespersons exceed their sales commissions earned for a month, such excess is not charged back to them. Pertinent data for the month of March for three sales persons are as follows:
|
Salesperson
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Fixed Salary
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Net Sales
|
Commission
|
|
A
|
P10,000
|
P200,000
|
4%
|
|
B
|
14,000
|
400,000
|
6%
|
|
C
|
18,000
|
600,000
|
%6
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What amount should be accrued for sales commissions on March 31?
a. P26,000
b. P28,000
c. P68,000
d. P70,000
Q3. Kristine Company provides an incentive compensation plan under which its president is to receive a bonus equal to 10% of the profit in excess of P1,000,000 before deducting income tax but after deducting the bonus. Profit after income tax of 30% is P2,100,000. How much is the president's bonus?
a. P129,888
b. P200,000
c. P210,000
d. P220,000
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