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Please help me answer this, I need answer in 1 hour thank you so much Please help me 9. During 2012, Truman Company became involved
Please help me answer this, I need answer in 1 hour thank you so much
9. During 2012, Truman Company became involved in a tax dispute with the 1p BIR. At December 31, 2020, Truman's tax advisor believed that an unfavorable outcome was probable and a reasonable estimate of additional taxes was P500,000 but could be as much as P650,000. After the 2020 financial statements were issued, Truman received and accepted a BIR settlement offer of P550,000. What amount of accrued liability would Truman have reported in its December 31, 2020 statement of financial position? O a.P650,000 O b. P575,000 O c. P550,000 O d. P500,000 1 point 10. At December 31, 2020, Carter Company had 1,000 gift certificates outstanding, which had been sold to customers during 2020 for P750. Carter operates on a gross margin of 60%. How much revenue pertaining to the 1,000 outstanding gift certificates should be deferred at December 31. 2020?* O a PO O b. P300,000 O c. P450,000 O d. P750,000 11. During 2020, Bush Company sold 500,000 boxes of cake mix under a new sales promotional program. Each box contains one coupon which, when submitted with P40.00, entitles the customer to a set of utensils. Bush pays P50.00 per set and P5.00 for handling and shipping. Bush estimates that 80% of the coupons will be redeemed, even though only 300,000 coupons had been processed during the year. What amount should Bush report as liability for unredeemed coupons at December 31, 2020? * a. P1,000,000 O b. P1,500,000 O c. P3,000,000 d. P5,000,000 Please help me
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