An entity had the following transactions during the quarter ended March 31: Advertising costs of P2 million were incurred on March 1. Loss of P1 million from typhoon damage. Payment of P400,000 fire insurance premium for the calendar year. Staff bonuses are paid at year-end based on sales. Staff bonuses are expected to be around P20 million for the year; of that sum, P3 million would relate to the period ending March 31. The total amount to be recognized in the entity’s profit or loss for the period ended March 31 is Group of answer choices P6.1 million P6.4 million P8.1 million P8.4 million

An entity had the following transactions during the quarter ended March 31: Advertising costs of P2 million were incurred on March 1. Loss of P1 million from typhoon damage. Payment of P400,000 fire insurance premium for the calendar year. Staff bonuses are paid at year-end based on sales. Staff bonuses are expected to be around P20 million for the year; of that sum, P3 million would relate to the period ending March 31. The total amount to be recognized in the entity’s profit or loss for the period ended March 31 is Group of answer choices P6.1 million P6.4 million P8.1 million P8.4 million

Name: An entity had the following transactions during the quarter ended Marc
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Description: An entity had the following transactions during the quarter ended March 31:Advertising costs of P2 million were incurred on March 1.Loss of P1 million from typhoon damage.Payment of P400,000 fire insurance premium for the calendar year.Staff bonuses

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter17: Corporations: Introduction And Operating Rules

Section: Chapter Questions

Problem 45P

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Cee Co.s fiscal year begins April 1. At the beginning of its fiscal year, Cee Co. estimates that it will owe 17,400 in property taxes for the year. On June 1, its property taxes are assessed at 17,000, which it pays immediately. Prepare the related journal entries for April 1, May 1, and June 1. Then compute the monthly property tax expense that Cee Co. would record during June through March.
An entity had the following transactions during the quarter ended March 31: Advertising costs of P2 million were incurred on March 1. Loss of P1 million from typhoon damage. Payment of P400,000 fire insurance premium for the calendar year. Staff bonuses are paid at year-end based on sales. Staff bonuses are expected to be around P20 million for the year; of that sum, P3 million would relate to the period ending March 31. The total amount to be recognized in the entity’s profit or loss for the period ended March 31 is Group of answer choices P8.4 million P8.1 million P6.4 million P6.1 million
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