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    Solution Items 9 15

    Transféré par

    Hannah Agravante
    Fin. Man

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    © All Rights Reserved
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    Solution Items 9 15

    Transféré par

    Hannah Agravante
    2 vues2 pages
    Fin. Man

    Titre original

    Solution-items-9-15

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    Fin. Man

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    2 vues2 pages

    Solution Items 9 15

    Transféré par

    Hannah Agravante
    Fin. Man

    Droits d'auteur :

    © All Rights Reserved
    Téléchargez comme DOCX, PDF, TXT ou lisez en ligne sur Scribd
    Télécharger au format docx, pdf ou txt
    sur 2

    9.

    C (125,000 + 200,000 expiring in 20x4) + 140,000 expiring in 20x5 = 465,000

    10. D
    Plan Initial payment per child No. of children Total
    #1 500 15 7,500
    #2 200 12 2,400
    #3 - 9 -
    9,900
    Multiply by: Unexpired portion 9/12
    Unearned revenue 7,425

    11. D
    20x1 20x2 20x3 Total
    Percentage earned 60% 40%
    Percentage earned 60% 40%
    First half (2M ÷ 2) 1M 600,000 400,000
    Second half (2M ÷ 2) 1M 600,000 400,000
    Earned portions 600,000 1,000,000 400,000 2,000,000

    12. B
    Redemption 126,000
    Breakage (200,000 x 10% x 126/180*) 14,000
    Total revenue in 20x1 140,000
    * (200,000 x 90%) = 180K

    Gift cards sold 200,000


    Redemption (126,000)
    Breakage (14,000)
    Gift card liability - 12/31/x1 60,000

    13. A
    Redemption & expiration(a) of prior yr. GCs 120,000
    Redemption of current yr. GCs 779,000
    Breakage (1M x 5% x 779/950 (b)) 41,000
    Total revenue in 20x1 940,000

    (a)
    The unredeemed portion of ₱8,000 (120K – 112K) from prior year has expired during
    20x1 because the problem states that the gift certificates sold expire within one year.
    Accordingly, this amount is recognized as breakage revenue (and as reduction in liability)
    in 20x1.

    (b)
    (1M x 95%) = 950K

    Gift certificates sold during 20x1 1,000,000


    Gift certificates sold and redeemed in 20x1 (779,000)
    Breakage revenue (41,000)
    Unearned revenue – Dec. 31 20x1 180,000
    14. D
    Total tax for the year (72,000 x 2) 144,000
    Divide by: No. of months in a year 12
    Monthly tax 12,000

    April 1, 20x1
    Land xxx
    Cash xxx
    Real property tax payable (12K x 3 mos.) 36,000

    April 30, 20x1


    Real property tax expense 12,000
    Real property tax payable 12,000

    May 1, 20x1
    Real property tax payable 48,000
    Prepaid real property tax 24,000
    Cash 72,000

    15. C

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