On July 1, 2021, Guarin Co. obtained fire insurance for a three-year period at an annual premium of P24,000 payable on July 1 of each year. The first premium payment was made on July 1, 2021. On October 1, 2021, Guarin paid P8,000 for real estate taxes to cover the calendar year 2022. This prepayment was made to obtain a discount. In its December 31, 2021 statement of financial position, how much should Guarin report total prepaid expenses?
On July 1, 2021, Guarin Co. obtained fire insurance for a three-year period at an annual premium of P24,000 payable on July 1 of each year. The first premium payment was made on July 1, 2021. On October 1, 2021, Guarin paid P8,000 for real estate taxes to cover the calendar year 2022. This prepayment was made to obtain a discount. In its December 31, 2021
On April 1, 2021, DG Corporation purchased an equipment with cost of P150,000. The company estimate that it has a useful life of five years with a residual value of P25,000 at the end of its economic life. On December 31, 2021, how much will be the
On January 1, 2021, the balance of supplies account is P12,500. During the year, the total supplies purchased amounted to P50,000 initially recorded as an asset. On December 31, 2021, the total unused supplies amounted to P5,000. How much will the total supplies expense be reported on December 31, 2021?
Assume that the five-day work week (Monday-Friday) payroll of Buen, Inc. is P135,000. If December 31 falls on a Tuesday, and it pays the employees on Friday. How much is the total accrued salaries payable?
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