21. Glaus Corp. signed a three-month, zero-interest-bearing note on November 1, 2010 for the purchase of $150,000 of inventory.

The face value of the note was $152,205. Assuming Glaus used a Discount on Note Payable account to initially record the note and that the discount will be amortized equally over the 3-month period, What is the carrying value of the note payable in the balance sheet at December 31, 2010? 22. Collier borrowed P 175,000 on October 1 and is required to pay P180,000 on March What amount is the note payable recorded at on October 1 and how much interest is recognized from October 1 to December 31? 23. Vopat, Inc., is a retail store operating in a state with a 12% VAT. The state law provides that the retail sales tax collected during the month must be remitted to the state during the following month. If the amount collected is remitted to the state on or before the twentieth of the following month, the retailer may keep 3% of the VAT collected. On April 10, 2010, Vopat remitted P81,480 tax to the BIR for March 2010 retail sales. What was Vopat 's March 2010 retail sales subject to VAT? 24. A company gives each of its 50 employees (assume they were all employed continuously through 2010 and 2011) 12 days of vacation a year if they are employed at the end of the year. The vacation accumulates and may be taken starting January 1 of the next year. The employees work 8 hours per day. In 2010, they made P 17.50 per hour and in 2011 they made P 20 per hour. During 2011, they took an average of 9 days of vacation each. The companys policy is to record the liability existing at the end of each year at the wage rate for that year. What amount of vacation liability would be reflected on the 2010 and 2011 balance sheets, respectively? 25. A company offers a cash rebate of P1 on each P4 package of batteries sold during

2010. Historically, 10% of customers mail in the rebate form. During 2010, 6,000,000 packages of batteries are sold, and 210,000 P1 rebates are mailed to customers. What is the rebate expense and liability, respectively, shown on the 2010 financial statements dated December 31?