Problem 2:JIN Corporation started a promotional program. A towel is offered as a premium to customers who send in 10box tops of facial soap returned and a remittance of P25. Distribution cost is P10 per towel. The entityestimated that only 60% of the box tops reaching the market will be redeemed. The entity provided thefollowing information:20202021Facial soap sales, P50 per unit2,875,000360,0002,500,000Towel purchases, P90 per unitNumber of box tops returned337,50022,50038,550Requirements:4. Compute for the premiums (as an asset) amount for the year ended:A. December 31, 2020B. December 31, 2021

Business transaction analysis. The following are the four stages of business transaction analysis:…

JIN Corporation started a promotional program. A towel is offered as a premium to customers who se box tops of facial soap returned and a remittance of P25. Distribution cost is P10 per towel. The entit estimated that only 60% of the box tops reaching the market will be redeemed. The entity provided th Following information: 2020 2021 Facial soap sales, P50 per unit Towel purchases, P90 per unit Number of box tops returned 2,500,000 2 337,500 22,500 Requirements: 4. Compute for the premiums (as an asset) amount for the year ended: A. December 31, 2020

JIN Corporation started a promotional program. A towel is offered as a premium to customers who se box tops of facial soap returned and a remittance of P25. Distribution cost is P10 per towel. The entit estimated that only 60% of the box tops reaching the market will be redeemed. The entity provided th Following information: 2020 2021 Facial soap sales, P50 per unit Towel purchases, P90 per unit Number of box tops returned 2,500,000 2 337,500 22,500 Requirements: 4. Compute for the premiums (as an asset) amount for the year ended: A. December 31, 2020

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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