User Account

All Pages

What is the amount of the liability that polk should report

Assignment Help Financial Accounting
Reference no: EM132578237

Beginning the year 2015, the Polk Company began marketing a new beer called "Serbesa". To help promote the product, the management of Polk is offering a special Serbesa beer mug to each customer for every 20 specially marked bottles of Serbesa. Polk estimates that out of the 300,000 bottles of Serbesa sold during 2015, only 30% of the bottle caps will be redeemed. For the year 2015, 5,000 beer mugs were purchased by the company at a total cost of P140, 000. A total of 4,000 mugs were already distributed to customers.

REQUIRED:

Question (a) What is the amount of the liability that Polk should report on its December 31, 2015 statement of financial position?

Question (b) How much is the premium expense reported on Polk's profit or loss for the year ended December 31, 2015?

Reference no: EM132578237

Questions Cloud

Determine the total gain Taxpayer must recognize : The machinery had an initial basis of $50,000 and accumulated depreciation of $26,000, Determine the total gain Taxpayer must recognize
What amount should fillmore report as estimated : Fillmore Company started selling, What amount should Fillmore report as its estimated warranty liability as of December 31, 2015?
Find the value of levered firm of company b : Find the value of levered firm of company B with tax shield benefit of 35% and bankruptcy cost of $500000?
The implied warranty of merchantability : Can the neighbor sue Bono under the UCC §2-314, the implied warranty of merchantability? Why or why not?
What is the amount of the liability that polk should report : Beginning the year 2015, What is the amount of the liability that Polk should report on its December 31, 2015 statement of financial position?
Radius server configuration : One wireless access point that supports RADIUS server configuration - onnecting the RADIUS server to the access point
Find the value of levered firm of company b : Find the value of levered firm of company B with tax shield benefit of 35% and bankruptcy cost of $500000?
How much of the notes payable should be classified : How much of the P2,000,000 notes payable should be classified as current liabilities in Roosevelt's statement of financial position at December 31, 2015?
What amount of the notes payable should harding classify : On the December 31, 2015 statement of financial position, what amount of the notes payable should Harding classify as current liabilities?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd