In Q2 of 2022, Dogs Company made advertising expense amounting to P800,000. The said advertisement are expected to benefit the company and its operations for the remainder of the year. What is the advertisement expense to be reported in Q2 of 2022?
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In Q2 of 2022, Dogs Company made advertising expense amounting to P800,000. The said advertisement are expected to benefit the company and its operations for the remainder of the year. What is the advertisement expense to be reported in Q2 of 2022?
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- In December 2019, Swanstrom Inc. receives a cash payment of $3,500 for services performed in December 2019 and a cash payment of S4,500 for services to be performed in January 2020. Swanstrom also receives the December utility bill for S600 but does not pay this bill until 2020. For 2019, under the accrual basis of accounting, Swanstrom would recognize: a. $8,000 of revenue and $600 of expense. b. $8,000 of revenue and $0 of expense. c. $3,500 of revenue and $600 of expense. d. $3,500 Of revenue and $0 of expense.Koolman Construction Company began work on a contract in 2019. The contract price is 3,000,000, and the company determined that its performance obligation was satisfied over time. Other information relating to the contract is as follows: Required: 1. Compute the gross profit or loss recognized in 2019 and 2020. 2. Prepare the appropriate sections of the income statement and ending balance sheet for each year.In Q2 of 2022, Chix Company made advertising expense amounting to P800,000. The said advertisement are expected to benefit the company and its operations for the remainder of the year. What is the advertisement expense to be reported in Q2 of 2022?
- On May 1, 2021, Q Incorporated entered into the following transactions: a. Paid advertising expense amounting to 120,000 which would cover a period of two years (the current year and the succeeding year) b. Acquired an equipment costing 1 million. PPEs are depreciated over a 5-year useful life using the straight-line method c. A machinery was sold at a loss of 50,000. When the company prepares the income statement for the first quarter of the year, at what amount will these be reflected? a. None of these will be recognized or considered in the preparation of the first quarter income statement b. 15,000 for the advertising expense, 50,000 for the depreciation of equipment and 12,500 for the loss on sale of machinery c. 15,000 for advertising expense d. Answer not among the choices e. 15,000 for advertising expense and 12,500 for the loss on sale of machineryOn August 31, 2022, Nova Corporation signed a four-year contract to provide services for Minefield Company at $30,000 per year. Minefield will pay for each year of services on the first day of each service year, starting with September 1, 2022. Using the accrual basis of accounting, when should Nova recognize revenue? a.On the last day of each year after the services have been provided b.On the first day of each year when the cash is received c.Only at the end of the entire contract d.Equally throughout the year as services are providedOn May 1, 2020, Zuhoor Muscat Company agreed to provide services for SQU of RO 220,000 over the next 8 months. SQU paid 55% of the amount on August 31, 2020 and will pay the remaining amount during January 2021. If Zuhoor Muscat Company completed their services on December 31, 2020, the adjusting entry recorded on that date would include:
- On December 1, 2020, a client paid P 120,000 for the rental of a shop for 3 months An asset method was used to record the payment of the said amount. What amount is recognized as an expense at the end of the year 2020?On January 1, 2021, the balance of Owner's Capital of FDN Company is P440,000. During the year the company has Sales of P500,000 with P350,000 as cost of sales and expenses resulting to net income of P150,000. Also, during the year, the owner made additional investment of P400,000 and withdrew P170,000. How much is the Owner’s Capital on December 31, 2021?The owner’s capital of FDNACCT was P100,000 on October 1, 2020, the beginning of its fiscal year. The owner invested an additional P24,000 in the business during the year and withdrew P8,000 for personal use. Net income for the year amounted to P47,800. How much is the owner’s capital of the business on September 30, 2021?
- Cebu Company reported a retained earnings balance of P5,000,000 at January 1, 2020. In August 2020, Cebu determined that insurance premiums of P600,000 for the three-year period beginning January 1, 2019, had been paid and fully expensed in 2019. Cebu has a 30% income tax rate. What amount should Cebu report as adjusted beginning retained earnings in 2020? Kentucky Enterprises purchased a machine on January 2, 2019, at a cost of P120,000. An additional P50,0 was spent for installation, but this amount was charged erroneously to repairs expense. The machine has a useful life of five years and a residual amount of P20,000. As a result of the error, Retained earnings at December 31, 2020, was understated by P38,000 and 2020 income was overstated by P6,000. O Retained earnings at December 31, 2020, was understated by P30,000 and 2020 income was overstated by P10,000. O Retained earnings at December 31, 2020, was understated by P30,000 and 2020 income was overstated by P6,000. 2019 income…On March 1, 2021, Special Company paid P500,000 for the calendar year'sproperty taxes. Advertising costs of P1,000,000 and paid P300,000 inunanticipated ordinary repairs to machinery were also incurred on March 31, 2021. What total amount of these expenses should be reported in the quarterly income statement ending June 30, 2021?On March 1, 2021, Special Company paid P500,000 for the calendar year's property taxes. Advertising costs of P1,000,000 and paid P300,000 in unanticipated ordinary repairs to machinery were also incurred on March 31, 2021. What total amount of these expenses should be reported in the quarterly income statement ending June 30, 2021? A. 0 B. 1,425,000 C. 1,800,000 D. 125,000
