In accordance with IFRS 15, how much is the balance of Unearned Revenue for Premium Claims at the end of the year? In accordance with IFRS 15, assuming on the subsequent year, 750,000 units of ballpen are sold ,and the company estimates that 80% of the ballpens reaching the customers will redeem their premiums, how much is the total revenue if half were redeemed? Moon Mang-tae Company launched a sales promotional program wherein for every 10 used ballpens purchased arereturned, customers will receive a correction tape. This correction tape is separately sold at P 75. Mang-tae estimatesthat 20% of the ballpens reaching the customers will not be redeemed. Additional information are as follows:UnitsAmount|Sale of ballpensPurchase price of correction tapeCorrection tape distributed to customers500,00055,00030,000P 25,000,0003,575,000

Unearned premium revenue is a liability account that is used by an insurer to record that portion of…

Answered: In accordance with IFRS 15, how much is…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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In accordance with IFRS 15, how much is the balance of Unearned Revenue for Premium Claims at the end of the year? In accordance with IFRS 15, assuming on the subsequent year, 750,000 units of ballpen are sold ,and the company estimates that 80% of the ballpens reaching the customers will redeem their premiums, how much is the total revenue if half were redeemed?

Moon Mang-tae Company launched a sales promotional program wherein for every 10 used ballpens purchased are
returned, customers will receive a correction tape. This correction tape is separately sold at P 75. Mang-tae estimates
that 20% of the ballpens reaching the customers will not be redeemed. Additional information are as follows:
Units
Amount
|Sale of ballpens
Purchase price of correction tape
Correction tape distributed to customers
500,000
55,000
30,000
P 25,000,000
3,575,000

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