Miracle Company manufactures a product that is packaged and sold. Each sale is accompanied by 3 coupons to be able to purchase a plate. A plate is offered to customers sending two coupons accompanied...

Miracle Company manufactures a product<br>that is packaged and sold. Each sale is<br>accompanied by 3 coupons to be able to<br>purchase a plate. A plate is offered to<br>customers sending two coupons<br>accompanied by a remittance of P2.<br>2018<br>2019<br>Sale @ 250<br>Purchase of premium,<br>P10 per plate<br>Number of plates<br>distributed as premiums<br>Premiums distributed<br>Distribution cost P5 per<br>plate<br>QUESTIONS:<br>4,200,0003,600,000<br>580,000 390,000<br>80%<br>70%<br>17,000<br>13,000<br>1) What is the premium expense for 2018?<br>2) How much is the premium liability as of<br>December 31, 2019?<br>

Extracted text: Miracle Company manufactures a product that is packaged and sold. Each sale is accompanied by 3 coupons to be able to purchase a plate. A plate is offered to customers sending two coupons accompanied by a remittance of P2. 2018 2019 Sale @ 250 Purchase of premium, P10 per plate Number of plates distributed as premiums Premiums distributed Distribution cost P5 per plate QUESTIONS: 4,200,0003,600,000 580,000 390,000 80% 70% 17,000 13,000 1) What is the premium expense for 2018? 2) How much is the premium liability as of December 31, 2019?

Jun 01, 2022

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Miracle Company manufactures a product that is packaged and sold. Each sale is accompanied by 3 coupons to be able to purchase a plate. A plate is offered to customers sending two coupons accompanied...

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