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1. Chris Company estimates its annual warranty expense at 2% of annual net sales. The net sales for 2020 amounted to P 4,000,000. On January 1, 2020, the warranty liability is P 60,000 and the warranty payments during 2020 totaled P 50,000. What is the warranty liability on December 31, 20207 a. P 10,000 b. P 70,000 C. P 80,000 d. P 90,000 2. During 2020, Chris Company introduced a new product carrying a two-year warranty against defects. The estimated warranty costs related to person sales are 2%% within 12 months following sale and 4%% in the second 12 months following sale. Sales are P 6,000,000 for 2020 and P 10,000,000 for 2021. Actual warranty expenditures are P 90,000 for 2020 and P 300,000 for 2021. On December 31, 2021, what is the estimated warranty liability? a. P 570,000 b. P 100,000 C. P 450,000 d. PO 3. Chris Company includes on coupon if each package it sells, A towel is offered as a premium to customers who send in 10 coupons: 2020 2021 Packages of cereal sold 500,000 800,000 Number of towels purchased at P 40 per towel 30,000 60,000 Number of towels distributed as premium 20,000 50,000 Number of towels to be distributed as premium next period 5,000 3,000 What amount should be reported as premium expense in 2021? a. P 2,400,000 b. P 2,000,000 C. P 2,120,000 d. P 1,920,000 4. Beginning 2020, Chris Company began marketing a new beer called "Serbesa". To help promote the product, the management is offering a special Serbesa beer mug to each customer for every 20 specially marked bottle caps of Serbesa. Daisy estimates that out of the 300,000 bottles of Serbesa sold during 2020, only 50% of the marked bottle caps will be redeemed. During 2020, the entity purchased 8,000 beer mugs at a total cost of P360,000 or P 45 each. During the year, the entity distributed 4,500 mugs to customers. What is the premium liability on December 31, 2020? a. P 135,000 b. P 337,500 c. P 202,500 d. P 360,000 5. During 2020, Chris Company sold 500 boxes of cake mix under a new sales promotional program. Each box contains one coupon, which entitles the customer to a baking pan upon remittance of P40. Chris pays P50 per pan and P5 for handling and shipping. Chris estimates that 80% of the coupons will be redeemed, even though only 300,000 coupons had been processed during 2020. What amount should Day report as a liability for unredeemed coupons on December 31, 20207 a. P 1,000,000 b. P 1,500,000 c. P 3,000,000 d. P 5,000,000 6. During 2020, Chris Company became involved in a tax dispute with the BIR. On December 31, 2020, Chris' tax advisor believed that an unfavorable outcome was probable, and a reasonable estimate of additional taxes was P 500,000, After the 2020 financial statement were issued, Chris received and accepted a BIR settlement offer of P 550,000. What amount of accrued liability would Chris have reported in its December 31, 2020 statement of financial position? a. P 650,000 b. P 550,000 C. P 500,000 d. POWhat amount should Day report as a P 1,000,000 b. P 1,500,000 C. P 3,000,DO0 d. P 5,000,000 6. During 2020, Chris Company became involved in a tax dispute with the BIR. On December 31, 2020, Chris' tax advisor believed that an unfavorable outcome was probable, and a reasonable estimate of additional taxes was P 500,000. After the 2020 financial statement were issued, Chris received and accepted a BIR settlement offer of P 550,000. What amount of accrued liability would Chris have reported in its December 31, 2020 statement of financial position? a. P 650.000 b. P 550,000 C. P 500,000 d. PO 7. Chris Company sells motorcycle helmets. In 2020, Chris sold 4,000,000 helmets before discovering a significant defect in their construction. By December 31, 2020, two lawsuits had been filed against Chris Company. The first lawsuit, which Chris Company has little chance of winning, is expected to be settled out of court for P 1,500,000 in January 2021. Chris Company's attorney think the entity has a 50-50 chance of winning the second lawsuit, which is for P 1,000,000. What is the accrued liability on December 31, 2020 as a result of the lawsuit? P 1,500,000 b. P 1,000,000 C. P 2,500,000 d. PO 8. During 2020, Chris Company filed suit against Reden Company seeking damages for patent Infringement. On December 31, 2020, Chris Company's legal counsel believed that it was probable that Chris Company would be successful against Reden Company for an estimated amount of P 1,500,000. In March 2021, Chris Company was awarded P 1,000,000 and received full payment thereof. In Chris Company 2020 financial statements issued February 2021, how much should this award be reported? a. As a receivable and revenue of P 1,000,000. b. As a receivable and deferred revenue of P 1,000,000. C. As a disclosure of a contingent asset of P 1,000,000. d. As a disclosure of a contingent asset of P 1,500,000. 9. To increase sales, Chris Company inaugurated a sales promotion campaign on June 30, 2020, whereby Chris Company placed a coupon in each package of razor blades sold, the coupons being redeemable for a premium. Each premium costs P50 and five coupons must be presented by a customer to receive a premium, Chris Company estimated that only 60% of the coupons issued will be redeemed. For the six months ended December 31, 2020, the following information is available: Packages of razor blades sold 400,000 Premiums purchased 30,000 Coupons redeemed 100,000 What is the estimated liability for premiums on December 31, 20207 a. P 1,000,000 b. P 1,400,000 C. P 1,800,000 d. P 2,400,000 10. On November 1, 2020, Chris Company was awarded a judgement of P 3,000,000 in connection with a lawsuit. The decision is being appealed by the defendant, and it is expected that the appeal process will be completed by the end of 2021. Chris Company legal counsel feels that it is highly probable that an award will be upheld on appeal, but the judgement may be reduced by an estimated 40%. In addition, to a footnote disclosure, what amount should be reported as a receivable in the statement of financial position on December 31, 2020? a. P 3,000,000 b. P 1,800,000 C. P 1,200,000 d. P