Lim Company paid or collected during the current year the following items: Insurance premiums paid P 15,400 Interest collected 30,900 Salaries paid 135,200 The following balances have been excerpted from Lim's balance sheets: December 31 January 1 Prepaid insurance P 1,200 P 1,500 Interest receivable 3,700 2,900 Salaries payable 12,300 10,600 The interest revenue on the income statement for the current year was P37,500 P24,300 P31,700 P30,100
Lim Company paid or collected during the current year the following items: Insurance premiums paid P 15,400 Interest collected 30,900 Salaries paid 135,200 The following balances have been excerpted from Lim's balance sheets: December 31 January 1 Prepaid insurance P 1,200 P 1,500 Interest receivable 3,700 2,900 Salaries payable 12,300 10,600 The interest revenue on the income statement for the current year was P37,500 P24,300 P31,700 P30,100
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 50E: Juroe Company provided the following income statement for last year: Juroes balance sheet as of...
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