4. What total amount was paid for expenses during the current year? *3 pointsTripeaks Company used the accrual basis of accounting:December 31January 18,000,0009,000,00050,0007,000,000300,000InventoryPrepaid expensesAccounts payableAccrued expensesCost of goods soldExpenses100,0007,500,000500,00015,000,0003,000,000The expenses for the current year included depreciation of P200,000 and amortization ofP100,000.

Solution: Expenses are the cost of operations incurred to generate revenues. Mainly there are two…

4. What total amount was paid for expenses during the current year? * 3 points Tripeaks Company used the accrual basis of accounting: December 31 January 1 9,000,000 Inventory 8,000,000 100,000 Prepaid expenses Accounts payable Accrued expenses 50,000 7,500,000 7,000,000 500,000 15,000,000 3,000,000 300,000 Cost of goods sold Expenses The expenses for the current year included depreciation of P200,000 and amortization of P100,000.

4. What total amount was paid for expenses during the current year? * 3 points Tripeaks Company used the accrual basis of accounting: December 31 January 1 9,000,000 Inventory 8,000,000 100,000 Prepaid expenses Accounts payable Accrued expenses 50,000 7,500,000 7,000,000 500,000 15,000,000 3,000,000 300,000 Cost of goods sold Expenses The expenses for the current year included depreciation of P200,000 and amortization of P100,000.

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter3: Basic Accounting Systems: Accrual Basis

Section: Chapter Questions

Problem 3.6.4P: Adjustment process and financial statements Adjustment data for Ms. Ellen’s Laundry Inc. for the...

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