4. What total amount was paid for expenses during the current year?2,550,0002,850,0002,700,0003,150,000 Tripeaks Company used the accrual basis of accounting:January 19,000,000December 31Inventory8,000,000100,000Prepaid expensesAccounts payableAccrued expenses50,0007,500,0007,000,000500,000300,000Cost of goods sold15,000,0003,000,000ExpensesThe expenses for the current year included depreciation of P200,000 and amortization ofP100,000.

Name: 4. What total amount was paid for expenses during the current year?2,5
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Description: 4. What total amount was paid for expenses during the current year?2,550,0002,850,0002,700,0003,150,000 Tripeaks Company used the accrual basis of accounting:January 19,000,000December 31Inventory8,000,000100,000Prepaid expensesAccounts payableAccrue

Solution: Expenses are cost of operations to generate revenue for the business. Mainly there are two…

Business

Accounting

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

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

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter11: Depreciation, Depletion, Impairment, And Disposal

Section: Chapter Questions

Problem 8MC: On July 1, 2018, Mundo Corporation purchased factory equipment for 50,000. Residual value was...

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