Vilo Company has estimated that total depreciation expense for 2014 will amount to P600,000 and that 2014 year-end bonuses to employees will total P1,200,000. In the interim income statement for the six months ended June 30, 2014, what total amount of expenses should be reported
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Vilo Company has estimated that total
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- Virginia Corp. has estimated that total depreciation expense for the year ending December 31, 2017 will amount to $1,280,000, total amortization expense for that period will be $420,000, and employee bonuses for the period will total $320,000. In Virginia’s interim income statement for the six months ended June 30, 2017, what is the total amount of expense relating to these three items that should be reported? $1,010,000 $0 $850,000 $505,000Baton Company estimates that the amounts for total depreciation expense for the year ending December 31 will be $120,000 and for year-end bonuses to employees will be $200,000. What total amount of expense relating to these two items should Baton report in its quarterly income statement for the three months ended March 31?a. $0b. $30,000c. $50,000d. $80,000Cheffing Corp. has estimated that total depreciation expense for the year ending December 31, 2017 will amount to $880,000. In Cheffing's interim income statement for the three months ended March 31, 2017, what is the total amount of expense relating to this item that should be reported? $880,000 $0 $440,000 $220,000
- Choose the correct. Baton Company estimates that the amounts for total depreciation expense for the year ending December 31 will be $120,000 and for year-end bonuses to employees will be $200,000. What total amount of expense relating to these two items should Baton report in its quarterly income statement for the three months ended March 31?a. $0b. $30,000c. $50,000d. $80,000In January 2014, Victor, Inc. paid property taxes on its factory building for the calendar year 2014 in the amount of P240,000. In the first week of April 2014, Victor made advertising campaign and paid P600,000. These advertisements are expected to benefit operations for the remainder of the calendar year. How should these expenses be reflected in Victor’s quarterly interim financial reports? <1st Quarter><2nd Quarter><3rd Quarter><4th Quarter> * A. P240,000, P600,000, P0, P0 B. P210,000, P210,000, P210,000, P210,000 C. P 60,000, P660,000, P60,000, P 60,000 D. Answer not given E. P60,000, P260,000, P260,000, P260,000Snider Company is preparing its interim financial statements for the first quarter ended March 31,2014. Expenses in the first quarter totaled P4,000,000 of which 25% was variable. The fixed expenses included television advertising expense of P1,500,000 representing air time to be incurred evenly during 2014, and depreciation expense of P600,000 for 2014 for an equipment that was available for use on March 1, 2014. What amount should be reported as total expenses in the first quarter ended March 31,2014?
- In March of the current year, Mooney Company estimated its year-end executive bonuses to be $800,000. The executive bonus paid in the previous year was $950,000. What amount of bonus expense, if any, should Mooney recognize in determining net income for the first quarter of the current calendar year?a. –0–b. $200,000c. $237,500d. $800,000BARS Company operates in the travel industry and incurs costs unevenly through the financial year. Advertising costs of P2 million were incurred on March 1, 2021 and it is expected to be benefit future interim periods. On the other hand, staff bonuses are estimated to be around P20 million for the year. How much is the total expense to be recognized by BARS on its income statement for the three-month period ended March 31, 2021?The Oakland Mills Company has disclosed the following financial information in its annual reports for the period ending March 31, 2011: sales of $1,593,952, costs of goods sold of $635,632.29, depreciation expenses of $175,000, and interest expenses of $89,575. Assume that the firm has a tax rate of 35 percent. What is the company's net income? Set up an income statement to answer the question. (Round answers to 2 decimal places, e.g. 15.25) Choose the correct one: Amount Revenues ________________ Earnings before interest, taxes, depreciation, and amortization net income depreciation Cost of goods sold Earnings before interest and taxes Interest Earnings before taxes Taxes…
- On July 31, 2019, the end of the first quarter, Coco Inc. estimated that its year-end bonus to executives would be estimated for 30,000. The actual obligation paid for the year-end bonus for 2018 was P25,000. The estimate for 2019 is subject to year-end adjustment. What amount of expense, if any, should be reflected in Coco’s quarterly statement of comprehensive income for the three months ended July 31, 2019?During 2018, Evensen Network, Inc., which designs network servers, earned revenues of $900 million. Expenses totaled $580 million. Evensen collected all but $29 million of the revenues and paid $590 million on its expenses. Read the requirements LOADING... . Requirement a. Under accrual accounting, what amount of revenue should Evensen report for 2018? How does the revenue principle help to answer this question? The amount of revenue that should be reported for the year is $ 900 million. How does the revenue principle help to answer this question? The revenue principle says to record revenue when it has been (collected, earned, recorded), regardless of when (cash is collected, revenue is earned, sold inventory is delivered).Therefore, the amount of revenue reported is what Evensen (collected, earned ,paid). ()= blank. inside are the word choicesThe Filzinger Corporation’s December 31, 2024 year-end trial balance contained the following income statement items: Account Title Debits Credits Sales revenue $ 6,700,000 Interest revenue 70,000 Gain on sale of investments 52,000 Cost of goods sold $ 4,200,000 Selling expense 350,000 General and administrative expense 948,000 Interest expense 30,000 Research and development expense 600,000 Income tax expense 145,000 Required: Calculate the company’s operating income for the year using a single-step income statement format.