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- Pls answer number 17Problem 2-20 (IFRS) William Company 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 2020,the entity issued 100,000 award credits and expects that 80% of these award credits shall be redeemed. The total stand-alone selling price of the award credits granted is reliably measured at P2,000,000. In 2020, the entity sold goods to customers for a total consideration of P8,000,000 based on stand-alone selling price. The award credits redeemed and the total award credits expected to be redeemed each year are as follows: Redeemed Expected to be redeemed 2020 30,000 80% 2021 15,000 1. What is the revenue from points for 2020? a. 1,600,000 b 1,500,000 C. 600,000 d 480,000 2. What is the revenue from points for 2021? a.240,000 B.200,000 C. 120,000 d 0Question 6. A credit sale of $750 is made on 13 June, terms 2/7, n/30, on which a return of $50 is granted on 16 June. The customer paid the amount owing on 17 June. What amount will the customer pay? a) $700 b) $686 c) $685 d) $650
- 10:12 M A O N ll 86%i Following are the transactions of PQR Company in year 2019 and 2020: 2019 July 1 October 1 Borrowed $25,000 cash from POL Bank by signing a 7%, 6-month, $25,000 note. Purchased Land from GHI Itd. by signing a 9%, 2-month, $40,000 note. Purchased $60,000 of merchandise on credit from XYZ Itd, terms are n/30. PQR uses the perpetual November 1 inventory system. December 1 Paid the amount due on the note to GHI Itd. at the maturity date. Replaced the account payable of XYZ Itd. with a 10%, 3-month, $60,000 note. December 1 December 31 Accrued interest on the notes payable.. 2020 January 1 March 1 Paid the amount due on the note to POL Bank at the maturity date. Paid the amount due on the note to XYZ Itd. at the maturity date. Question No. 8 Journalize the transactions of year 2019. Question No. 9 Prepare the current liabilities section at December 31, 2019. Also, journalize the transactions of year 2020. IIProblem 2 Erika Company operates lovaity program. The entity grants loyalty points for goods purchased. The loyalty points van be used by costumer in exchange for goods of the entity. The points have no expiry date. During 2021, the entity issued 50,000 award credits and expects that 80% of these award credits shall be redeerned. The Total Stand-alone selling price of the award credits granted is reliably measured at P1, 00,000 in 2021, the entity sold goods to costumers for a total consideration of P7, 000,000 based on stand-alone selling price. « Th i The award credits redeemed and the total award credits expected to be redeerned each year: Redeemed Expected to be Redeemed 2021 15,000 7,950 2,550 15.000 B0% 2022 85% 85% 90% 2023 2024 1. What amount should be reported as revenue points for 20217 A. 328, 125 B. 875,000 C. 700,000 D. 175,000 2. What amount should be reported as revenue frorn points for 2022? A. 472, 500 В. 4А, 375 C. 415, 625 D. 236, 250 3. What amount shauld be…10ON COLLIEGE learning Commercial companies with non-Omani partners, whether such partners are natural or juristic person shall comply with the Select one: a. Foreign Capital investment Law O b. Foreign Direct Investment Law c. Commercial Register Law 19 O d. Public Finance Control Law Fini Time PREVIOUS PAGE NEXT PAGE CONTA INFO GE Hor
- Exercise 9 Assigning Accounts Receivable. Black Corporation has entered into a long- term assignment agreement with a finance company. Under the terms of this agreement, Black receives 80% of the value of all accounts assigned and is charged a 1% service charge which is based upon the actual peso amount of cash received. Additionally, the finance company charges Black 12% annual interest on the outstanding loan. The following selected transactions relate to this agreement: Accounts receivable of P175,000 are assigned. A sales return of P1,000 on an assigned account is allowed by Black. Collections are made on P86,000 of assigned accounts. This amount and I month's interest on the outstanding loan are remitted to the finance company. (For simplicity, compute interest to the nearest month). P60,000 of assigned accounts are collected and the remainder of the ioan is repaid. December 1, 20xs December 11, 20x5 December 31, 20X5 January 29, 20X7 Required: 1. Prepare journal entries on…Required information Exercise 9-21 Complete the accounting cycle using long-term liability transactions (LO9-2, 9-8) [The following information applies to the questions displayed below.] On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances: Debit $ 11,700 35,000 152,500 72,300 125,000 Accounts Credit Cash Accounts Receivable Inventory Land Buildings $ 2,300 10, 100 23, 200 205,000 155,900 Allowance for Uncollectible Accounts Accumulated Depreciation Accounts Payable Common Stock Retained Earnings Totals $396,500 $396,500 During January 2021, the following transactions occur: Borrow $105, 000 from Captive Credit Corporation. The installment note bears interest at 6% annually and matures in 5 years. Payments Receive $31, 500 from customers on accounts receivable. January $2,030 are required at the end of ead onth for 6e months. January 4 January Pay cash on accounts payable, $16,000. 10 January Pay cash for salaries, $29,400. 15 January…Domestic
- If a firm's supplier has a 3/10/60 credit policy, the cost of trade credit per period is equal to a. 3.09% b. 22.58% c. 3% d. 97% e. None of the aboveTopic: Premium Liability Problem 2-20 William Company 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 2020, the entity issued 100,000 award credits and expects that 80% of these award credits shall be redeemed. The total stand-alone selling price of the award credits granted is reliably measured at P2,000,000. In 2020, the entity sold goods to customers for a total consideration of P8,000,000 based on stand-alone selling price. The award credits redeemed and the total award credits expected to be redeemed each year are as follows Redeemed Expected to be redeemed 2020 30,000 80% 2021 15,000 90% Solve for the following: The revenue from points for 2020 The revenue from points for 2021Do not give image format
