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What the amount to be reported as premiums expense is

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Reference no: EM132539492

Point 1: Goblet of Fire Company gives its customers coupons redeemable for a poster plus a Moaning Myrtle CD. One coupon is issued for each P1 of sales. On the surrender of 100 coupons and P5 cash, the poster and CD are given to the customer. It is estimated that 80% of the coupons will be presented for redemption.

Point 2: Sales for 2006 were P1,050,000, and the coupons redeemed totalled 510,000. Goblet of Fire Company bought 30,000 posters at P2.00/poster and 30,000 CDs at P6/CD.

Point 3: Sales for 2007 were P1,260,000, and the coupons redeemed totalled 1,275,000.

Question 1: The amount to be reported as premiums expense for 2006 is:

Question 2: The estimated liability to be reported in the December 31, 2007 balance sheet in relation to the premium offer is

Reference no: EM132539492

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