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The premium is offered on the recorded and sheet music. Customers receive a replacement of parts and labor. The estimated warranty cost, based on past Musical instrument and sound equipment are sold in a one-year warranty for Wade's Music Emporium carries a wide variety of music promotion techniques - PROBLEM 26-31 Warranty and Premiums warranties and premiums - to attract customers. experience, is 4% of sales. coupon for two pesos spent on recorded music or sheet music. Customere exchange 200 coupons and P20 for an AM/FM radio. Wade pays P34 for e radio and estimates that 90% of the coupons given to customers will be redeemed. may Wade total sales for 2021 were P2,000,000 from recorded music and sheet music. Replacement parts and labor for warranty work totaled P164,000 during 2021. A total of 6,500 AM/FM radio used in the premium program was purchased during the year and there were 1,200,000 coupons redeemed in 2021. alde vla The accrual method is used by Wade to account for the warranty and premium costs for financial reporting purposes. The balance in the accounts related to warranties and premiums on January 1, 2021, was shown below: Inventory of Premium AM/FM radio Estimated Premium Claims Outstanding Estimated Liability from Warranties P 39,950 44,800 136,000 OBIEW Se Also, on December 31, 2021, the estimated liability from warranties shows P212,000 balance. Questions: (Please assume that the selling price of the recorded music and sheet music is an even number) Based on the above and the result of your audit, determine the amounts that will be shown on the 2021 financial statements for the following: Sales from musical instrument and sound reproduction equipment a. P6,000,000 b. P5,400,000 c. P6,400,000 d. P5,300,000 2. Warranty expense P240,000 b. P216,000 ATACTES c. P256,000 d. P212,000 a. 3. Premium expense P 75,600 P108,000 c. P63,000 d. P126,000 a. h.

The premium is offered on the recorded and sheet music. Customers receive a replacement of parts and labor. The estimated warranty cost, based on past Musical instrument and sound equipment are sold in a one-year warranty for Wade's Music Emporium carries a wide variety of music promotion techniques - PROBLEM 26-31 Warranty and Premiums warranties and premiums - to attract customers. experience, is 4% of sales. coupon for two pesos spent on recorded music or sheet music. Customere exchange 200 coupons and P20 for an AM/FM radio. Wade pays P34 for e radio and estimates that 90% of the coupons given to customers will be redeemed. may Wade total sales for 2021 were P2,000,000 from recorded music and sheet music. Replacement parts and labor for warranty work totaled P164,000 during 2021. A total of 6,500 AM/FM radio used in the premium program was purchased during the year and there were 1,200,000 coupons redeemed in 2021. alde vla The accrual method is used by Wade to account for the warranty and premium costs for financial reporting purposes. The balance in the accounts related to warranties and premiums on January 1, 2021, was shown below: Inventory of Premium AM/FM radio Estimated Premium Claims Outstanding Estimated Liability from Warranties P 39,950 44,800 136,000 OBIEW Se Also, on December 31, 2021, the estimated liability from warranties shows P212,000 balance. Questions: (Please assume that the selling price of the recorded music and sheet music is an even number) Based on the above and the result of your audit, determine the amounts that will be shown on the 2021 financial statements for the following: Sales from musical instrument and sound reproduction equipment a. P6,000,000 b. P5,400,000 c. P6,400,000 d. P5,300,000 2. Warranty expense P240,000 b. P216,000 ATACTES c. P256,000 d. P212,000 a. 3. Premium expense P 75,600 P108,000 c. P63,000 d. P126,000 a. h.

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter9: Current Liabilities And Contingent Obligations
Section: Chapter Questions
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The premium is offered on the recorded and sheet music. Customers receive a replacement of parts and labor. The estimated warranty cost, based on past Wade's Music Emporium carries a wide variety of music promotion techniques . coupon for two pesos spent on recorded music or sheet music. Customers may Musical instrument and sound equipment are sold in a one-year warranty for PROBLEM 26-31 Warranty and Premiums warranties and premiums - to attract customers. | 00,000.1 experience, is 4% of sales. 1blowdi the coupon for two pesos spent on recorded music or sheet music. Customeraa exchange 200 coupons and P20 for an AM/FM radio. Wade pays P34 for eod radio and estimates that 90% of the coupons given to customers will be redeemed. Wade total sales for 2021 were P2,000,000 from recorded music and sheet music. Replacement parts and labor for warranty work totaled P164,000 during 2021. A total of 6,500 AM/FM radio used in the premium program was purchased during the year and there were 1,200,000 coupons redeemed in 2021. vllstn The accrual method is used by Wade costs for financial reporting purposes. The balance in the accounts related to warranties and premiums on January 1, 2021, was shown below: account for the warranty and premium Jade to Inventory of Premium AM/FM radio Estimated Premium Claims Outstanding od s 44,800 Estimated Liability from Warranties stolintu P 39,950 136,000 Also, on December 31, 2021, the estimated liability from warranties shows P212,000 balance. Questions: (Please assume that the selling price of the recorded music and sheet music is an even number) Based on the above and the result of your audit, determine the amounts that will be shown on the 2021 financial statements for the following: 1 Sales from musical instrument and sound reproduction equipment P6,000,000 b. P5,400,000 c. P6,400,000 d. P5,300,000 a. boen 2. Warranty expense P240,000 b. P216,000 ATACTES c. P256,000 d. P212,000 a. Premium expense P 75,600 b. P108,000 3. c. P63,000 d. P126,000 a. 1091
Transcribed Image Text:The premium is offered on the recorded and sheet music. Customers receive a replacement of parts and labor. The estimated warranty cost, based on past Wade's Music Emporium carries a wide variety of music promotion techniques . coupon for two pesos spent on recorded music or sheet music. Customers may Musical instrument and sound equipment are sold in a one-year warranty for PROBLEM 26-31 Warranty and Premiums warranties and premiums - to attract customers. | 00,000.1 experience, is 4% of sales. 1blowdi the coupon for two pesos spent on recorded music or sheet music. Customeraa exchange 200 coupons and P20 for an AM/FM radio. Wade pays P34 for eod radio and estimates that 90% of the coupons given to customers will be redeemed. Wade total sales for 2021 were P2,000,000 from recorded music and sheet music. Replacement parts and labor for warranty work totaled P164,000 during 2021. A total of 6,500 AM/FM radio used in the premium program was purchased during the year and there were 1,200,000 coupons redeemed in 2021. vllstn The accrual method is used by Wade costs for financial reporting purposes. The balance in the accounts related to warranties and premiums on January 1, 2021, was shown below: account for the warranty and premium Jade to Inventory of Premium AM/FM radio Estimated Premium Claims Outstanding od s 44,800 Estimated Liability from Warranties stolintu P 39,950 136,000 Also, on December 31, 2021, the estimated liability from warranties shows P212,000 balance. Questions: (Please assume that the selling price of the recorded music and sheet music is an even number) Based on the above and the result of your audit, determine the amounts that will be shown on the 2021 financial statements for the following: 1 Sales from musical instrument and sound reproduction equipment P6,000,000 b. P5,400,000 c. P6,400,000 d. P5,300,000 a. boen 2. Warranty expense P240,000 b. P216,000 ATACTES c. P256,000 d. P212,000 a. Premium expense P 75,600 b. P108,000 3. c. P63,000 d. P126,000 a. 1091
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