Indicate the account names, amounts, and classifications of the items related to the premium plan that would appear on the Sheridan Candy Company balance sheet and income statement at the end of 2020 and 2021. Balance Sheet Income Statement Account Name Account Name Class Class 2020 2020
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- Sapaden Candy Company offers a coffee mug as a premium for every ten 50-centavo candy bar wrappers presented by customers together with P10.00. Each mug costs P90 and in addition, it costs P20 to mail each mug. The results of the premium plan for the years 2020 and 2021 are as follows (purchases and sales are for cash): Coffee mugs purchased Candy bars sold Wrappers redeemed 2020 wrappers expected to be redeemed in 2021 2021 wrappers expected to be redeemed in 2022 2020 960,000 7,500,000 3,800,000 2,600,000 2021 800,000 9.000,000 5,600,000 3,600,000 13. Compute for the premium expense in 2020. 14. Compute the liabilities for premium as of December 31, 2021.GoodBuy sells gift cards redeemable for GoodBuy products either in store or online. During 2018, GoodBuysold $1,000,000 of gift cards, and $840,000 of the gift cards were redeemed for products. As of December 31,2018, $30,000 of the remaining gift cards had passed the date at which GoodBuy concludes that the cards willnever be redeemed. How much gift card revenue should GoodBuy recognize in 2018?Xoiswa Company manufactures a product that is packaged and sold. A plate is offered to customers sending in three wrappers accompanied by a remittance of P10. Data with respect to the premium offer are summarized below: 2018 2019 Sales 3,600,000 4,200,000 Purchase of premium, P50 per plate 390,000 580,000 Number of plates distributed as premiums 5,000 9,000 Estimated number of plates to be distributed in next period 2,000 3,000 Distribution cost P20 per plate What is the premium expense for 2019?
- Yummy Rice Cereal started a program at the beginning of 2024 in which it would provide an all-start bowl in exchange for three proof-of-purchase box tops. Yummy Rice $1 each. In 2024, 5,000,000 boxes of cereal were sold. By year-end 900,000 box tops had been redeemed. Required: Calculate the premium expense that Yummy Rice should recognize for the year ended December 31, 2024 Premium expense:MOA sells gift cards that are redeemable only at its stores. The company's policy is to record the redemption amount as realized. MOA sold P1,800,000 worth of gift certificates in 2019 and redeemed P1,560,000 worth of gift certificates. The value of outstanding gift certificates as of January 1, 2019 is P520,000. The company's gross profit margin is 40%. What is the obligation for outstanding gift cards at the end of the fiscal year on December 31, 2019?Swifty Frosted Flakes Company offers its customers a pottery cereal bowl if they send in 3 boxtops from Swifty Frosted Flakes boxes and $2. The company estimates that 60% of the boxtops will be redeemed. In 2021, the company sold 1355000 boxes of Frosted Flakes and customers redeemed 660000 boxtops receiving 220000 bowls. If the bowls cost Swifty Company $4 each, how much liability for outstanding premiums should be recorded at the end of 2021? O $542000 O $278000 O $102000 O $204000
- Coronado Frosted Flakes Company offers its customers a pottery cereal bowl if they send in 3 boxtops from Coronado Frosted Flakes boxes and $1. The company estimates that 60% of the boxtops will be redeemed. In 2021, the company sold 1360000 boxes of Frosted Flakes and customers redeemed 660000 boxtops receiving 220000 bowls. If the bowls cost Coronado Company $3 each, how much liability for outstanding premiums should be recorded at the end of 2021? $156000 $280000 $104000 $544000ROSE Corporation has a premiums payable balance of P242,000 on December 31, 2019 for a promotional program the company has started in 2019. For every 5 product labels the customer surrenders plus P50, the customer receives a specially designed wall clock which the company purchases at a cost P160/unit. Details about the said promotional program in 2019 and 2020 are as follows: 2019 2020 Sales in units 50,000 60,000 Premiums purchased in units 3,000 6,000 Inventory of premiums at the end of the year 1,200 2,100 ROSE estimates that from the labels issued with products sold, 40% shall be presented for the said promotional plan redemption.1) What is the correct premiums payable as of December 31, 2020? 2) What is the correct premiums expense as of December 31, 2020? 3)What is the correct premiums inventory as of December 31, 2020?Amber gears sells gears to HTC Car Repair during 2018.It offers rebates of 2% on purchases up to $60,000 and 3% on purchases above $60,000 if the customer's purchases for the year exceed $200,000. In the past, HTC normally purchases $300,000 in parts during a calendar year. On March 25, 2018, HTC Car Repair purchased $74,000 of parts. The journal entry to record the purchase includes:
- Headland sells its specialty combination gas/wood-fired grills to local restaurants. Each grill is sold for $1,010 (cost $536) on credit with terms 2/30, net/90. Prepare the journal entries for the sale of 20 grills on September 1, 2020, and upon payment, assuming the customer paid on (1) September 25, 2020, and (2) October 15, 2020. Assume the company records sales net. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Accounts Receivable Sales Revenue To record sales) Cost of Goods Sold Inventory To record cost of goods sold) Cash Accounts Receivable Accounts Receivable Sales Revenue To record sales) Cost of Goods Sold Inventory. To record cost of goods sold) Cash Accounts Receivable Sales Discounts Forfeited Debit CreditFry Company offers its customers a pottery cereal bowl if they send in 3 boxtops from Fry boxes and P2. The company estimates that 60% of the boxtops will be redeemed. In 2020, the company sold 675,000 boxesof Fry and customers redeemed 330,000 boxtops receiving 110,000 bowls. If the bowls cost Fry Company P6each, how much liability for outstanding premiums should be recorded at the end of 2020?a. P540,000 c. P150,000b. P100,000 d. P276,000Sage sells its specialty combination gas/wood-fired grills to local restaurants. Each grill is sold for $1,010 (cost $601) on credit with terms 2/30, net/90. Prepare the journal entries for the sale of 20 grills on September 1, 2020, and upon payment, assuming the customer paid on (1) September 25, 2020, and (2) October 15, 2020. Assume the company records sales net. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) No. Date Account Titles and Explanation Debit Cre (1) (To record sales) (To record cost of goods sold)