he following are information from the books of Kwek-Kwek Malls and Tickets Company as of December 31, 2021: • Signing of employment contract by a new employee on April 1, 2021. Her salary is P25,000 a month. • The company declared P50,000 cash dividends on cumulative preference shares. • Declared P100,000 share dividends to ordinary shareholders. • Declared a property dividend worth P80,000 to ordinary shareholders. • Receipt of goods to be sold for the account of the consignor, P20,000. • Withholding taxes on employee’s compensation, P90,000. • Receipt of land with a fair value of P600,000 from the city government of Pangasinan. Based on the agreement, the company needs to set up a branch on the site. • Sold refundable tickets for a concert to be held on April 9, 2022, P100,000. How much are the total liabilities to be recognized by the company?

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5. MASAKIT SA BUNGO CORPORATION operates a customer loyalty program. The entity grants loyalty points for goods purchased. The loyalty points can be used by the customers in exchange for goods of the entity. The points have no expiry date. During 2019, the entity issued 50,000 award credits. The fair value of the award credits is reliably measured at P2,000,000. In 2019, the entity sold goods to customers for a total consideration of P9,000,000 including the fair value of the award credits. The total award credits expected to be redeemed are 80% in 2019 and 85% in 2020. The award credits actually redeemed are 15,000 in 2019 and 7,950 in 2020. What is the revenue earned from points in 202O? * a. P600,000 b. P750,000 c. P330,000 d. P318,000

B. Koi Inc., a Manitoba-based retail business, began operations on February 1, 2024. During February, Koi purchased a company vehicle for $50,000 cash and $60,000 of inventory for resale on account. In February, Koi also sold 33 1/3% (i.e., one third) of its inventory for $40,000. As a Manitoba company, all of Koi's purchases and sales were subject to 5% GST. Koi is required to file a GST return with the Canada Revenue Agency quarterly. Koi's first GST return covering the period from February 1 to April 30 will be due on May 31st. Koi is also registered as a vendor under Manitoba's Retail Sales Tax (RST), which requires Koi to charge 7% on the selling price (not including GST) of all its sales, and remit the RST collected to the Manitoba government the following month. Koi also must pay Manitoba RST on all its purchases, except those that are exempt from the tax. The inventory purchased for resale was exempt from Manitoba Retail Sales Tax. Koi uses a perpetual inventory costing system.…