PROBLEM 1.

(Current and Non-Current Liabilities)

Requirement 1.
Loan Payable-March 1, 2021 Php 300,000.00
Notes Payable 7,200,000.00
Accounts Payable- December 31, 2023 2,000,000.00
Current portion of 8,000,000 Loan Payable 2,000,000.00
Current Liabilities Php 11,500,000.00

Requirement 2.
Loan Payable- December 1, 2030 5,000,000.00
Loan Payable 6,000,000.00
Non-current Liabilities Php 11,000,000.00

PROBLEM 2. (Accrued Liabilities)

Advertising Payable Php 37,500.00
Rent Payable 135,000.00
Accrued Liability Php 172,500.00

Rent payable (fixed amount for half month) Php 60,000.00

Rent payable [(7500000 - 6000000) *5%] 75,000.00
Total Rent Payable Php 135,000.00

PROBLEM 3. (Bonus Payable)

Bonus= 10% of the net income after tax and after bonuses

Requirement 1. B= .10 (2,325,000-B-T)

T= .30 (2,325,000-B)
B= .10 [2,325,000-B-.30(2,325,000-B)]
B= .10 (2,325,000-B-697,500+.30B)
B= 232,500-.10B-69,750+.03B
B+.10B-.03B= 232,500-69,750
1.07B= 162,750
1.07B= 162,750/1.07
B= Php 152,102.8

Requirement 2. T= .30 (2,325,000-B)

T= .30 (2,325,000-152,102.80)
T= .30 (2,172,897)
T= Php 651,869.16

PROBLEM 4 (Premiums)

Date Description Page Number 01

2020 Debit Credit
Premium-Knife (500000*80) 40,000,000.00
Cash 40,000,000.00
To record the purchase of knives as premiums

Cash (300,000*(20-6)) 4,200,000.00

Premium Expense 19,800,000.00
Premium- Knife 24,000,000.00
To record the distribution of premiums

Premium Expense (50,000*66) 3,300,000.00

Estimated Premium Liability 3,300,000.00
 To record the liability for unredeemed cuopons

COMPUTATION
Premium- Knife (300,000*Php 80) Php 24,000,000.00
Less:
Cash (300,000 processed coupons* Php 20) 6,000,000.00
Less: Cost for handling and shipping (300,000* Php 6) (1,800,000.00) (4,200,000.00)
Premium Expense Php 19,800,000.00

Estimated Coupons to be redeemed (500,000*70%) 350,000.00

Coupons Redeemed (300,000.00)
Unredeemed Coupons 50,000.00

Estimated Premium Liability [50,000*(80-20+6)] Php 3,300,000.00

PROBLEM 5. (Liability for Returnable Containers)

Requirement 1.
Containers Delivered in 2018 (in peso) Php 170,000.00
Less: Containers returned in 2020 (in peso) (115,000.00)
Revenue from containers sales Php 55,000.00

Requirement 2.
Containers Delivered in 2018 (in peso) Php 170,000.00
Containers Delivered in 2019 (in peso) 480,000.00
Containers Delivered in 2020 (in peso) 860,000.00
Total containers delivered (in peso) Php 1,510,000.00
Less:
Total containers returned in 2020 (in peso) (709,000.00)
Unreturned containers 801,000.00
Less: Containers not returned within the time limit (55,000.00)
Liability for returnable containers Php 746,000.00