Question: REQUIRED: Compute for the premiums expense for the year ended: 1. December 31, 2020 2. December 31, 2021 JIN Corporation started a promotional program. A

REQUIRED:

Compute for the premiums expense for the year ended:

1. December 31, 2020

2. December 31, 2021

REQUIRED: Compute for the premiums expense for the year ended: 1. December

JIN Corporation started a promotional program. A towel is offered as a premium to customers who send in 10 box tops of facial soap returned and a remittance of P25. Distribution cost is Pio per towel. The entity estimated that only 60% of the box tops reaching the market will be redeemed. The entity provided the following information: 2021 Facial soap sales, P50 per unit 2,500,000 2,875,000 Towel purchases, P90 per unit 337,500 360,000 Number of box tops returned 22,500 38,550 2020

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

For the subdivision in the accompanying figure, assume that lines AC, DF, GI, and JL are parallel, but that lines BK and CL are parallel to each other, but not parallel to AJ. If the X and Y...

REQUIRED: Compute for the Premium Liability for the year ended: a. December 31, 2020 b. December 31, 2021 JIN Corporation started a promotional program. A towel is offered as a premium to customers...

2020 2021 JIN Corporation started a promotional program. A towel is offered as a premium to customers who send in 10 box tops of facial soap returned and a remittance of P25. Distribution cost is Pio...

Questions to be answered from the file attached. I have attached both chapters from where you will be answering these. Make sure to answer it thoroughly Chapter12 (page number 215or p 42 of the pdf)...

Question 1 Brokeback Towing Company is at the end of its accounting year, which is December 31, 2020. The following data that must be considered were developed from the companys records and related...

3 (25 marks) (A) Phonify Company is a phone case production company. On 1 January 2020, the company purchased a machinery at a purchase price of $100,000. Additional information: (a) Sales tax paid...

Required: - Complete Blue Catering Service Inc.s (BCS) 2021 Form 1120 & Schedule Dand Schedule G (if applicable) using the information provided below. - Form 4562 for depreciation is not required....

Corporate Tax Return Problem Required: Complete Blue Catering Service Inc.s (BCS) 2021 Form 1120, Schedule D, and Schedule G (if applicable) using the information provided below. Form 4562 for...

Required: Complete Blue Catering Service Inc.'s (BCS) 2021 Form 1120, Schedule D, and Schedule G (if applicable) using the information provided below. Form 4562 for depreciation is not required....

1. According to the principle of risk return trade off, how do investors decide where to invest their money? 1. by requiring a higher return when exposed to higher risk (4 marks ) 2. Identify two...

A manufacturing company sells its products directly to customers and operates 5 days a week, 52 weeks a year. The production department of this company can produce at the rate of 60 units per day....

Objective: To conduct ratio analysis of a comparable company (Waterloo Corporation) and compare with that of the industry. Assets Cash Accounts receivable Merchandise inventory Prepaid Expenses...

PARTICIPATION ACTIVITY # 5 A block attached to a spring is moving vertically. Its position at time t is given by s ( t ) = 4 s i n t . Find v ( 4 ) and ) . Enter the exact answers. v ( 4 ) = a ( 4 )...

Prepare journal entries to record the following transactions for Emerson Corporation. July 15 Declared a cash dividend payable to common stockholders of $165,000. Aug. 15 Date of record is August 15...

Briefly describe the process followed by the FASB for issuing an Accounting Standard Update.

Prepare the journal entry to record Autumn Companys issuance of 63,000 shares of no-par value common stock assuming the shares: a. Sell for $ 29 cash per share. b. Are exchanged for land valued at $...

Timpanogos Inc. is an accrual-method calendar-year corporation. For 2015, it reported financial statement income after taxes of $1,149,000. Timpanogos provided the following information relating to...

Crain Company has a manufacturing subsidiary in Singapore that produces high-end exercise equipment for U.S. consumers. The manufacturing subsidiary has total manufacturing costs of $1,500,000, plus...

Marlene works in the maintenance department in a large factory. The maintenance office has several posters of wom Multiple Choice Because the posters are very old, Marlene is not being sexually...

3 What are the aims of appraisal?

1 W hat are some of the ways in which Vodafone could rectify its performance management system? Vodafone Italy experienced rapid growth in 1996 due to the explosion in the demand for mobile phones....

7 Compare and contrast evaluative and developmental appraisal.