A. P3,600,000B. P3,725,000C. P4,025,000D. P5,025,000E. answer not given The adjusted trial balance of ABC Co. included the followingexpenses for 2020:Accounting and legal feesAdvertisingDoubtful accounts1,450,0001,500,000150,000125,000750,00050,000600,000300,000Freight inFreight outInsuranceInterest expenseLoss on sale of equipmentOfficers' salaries2,250,000Property taxesRent for office spaceResearch and development expenseSales salaries and commissions250,0001,800,0001,000,0001,400,000Half of the rented premises is occupied by the sales department.How much should be reported as administrative expenses for2020?

Name: A. P3,600,000B. P3,725,000C. P4,025,000D. P5,025,000E. answer not give
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Description: A. P3,600,000B. P3,725,000C. P4,025,000D. P5,025,000E. answer not given The adjusted trial balance of ABC Co. included the followingexpenses for 2020:Accounting and legal feesAdvertisingDoubtful accounts1,450,0001,500,000150,000125,000750,00050,00060

Administrative expense: It is an expense that is not tied up with the function like production or…

Business

Accounting

The adjusted trial balance of ABC Co. included the following expenses for 2020: Accounting and legal fees Advertising Doubtful accounts 1,450,000 1,500,000 150,000 Freight in Freight out 125,000 750,000 50,000 600,000 Insurance Interest expense Loss on sale of equipment 300,000 2,250,000 250,000 1,800,000 Officers' salaries Property taxes Rent for office space Research and development expense Sales salaries and commissions 1,000,000 1,400,000 Half of the rented premises is occupied by the sales department. How much should be reported as administrative expenses for 2020?

The adjusted trial balance of ABC Co. included the following expenses for 2020: Accounting and legal fees Advertising Doubtful accounts 1,450,000 1,500,000 150,000 Freight in Freight out 125,000 750,000 50,000 600,000 Insurance Interest expense Loss on sale of equipment 300,000 2,250,000 250,000 1,800,000 Officers' salaries Property taxes Rent for office space Research and development expense Sales salaries and commissions 1,000,000 1,400,000 Half of the rented premises is occupied by the sales department. How much should be reported as administrative expenses for 2020?

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

Chapter22: Accounting For Changes And Errors.

Section: Chapter Questions

Problem 16E: Dudley Company failed to recognize the following accruals. It also recorded the prepaid expenses and...

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The adjusted trial balance of Palm Realtors Ltd. at December 31, 2019, appears below:Palm Realtors Ltd.Adjusted Trial BalanceDecember 31, 2019Cash $ 8,950Accounts receivable 53,530Prepaid rent 2,200Equipment 45,690Accumulated amortization $ 18,930Accounts payable 15,900Interest payable 900Salary payable 3,500Income tax payable 4,700Note payable (due 2025) 19,500Common shares 8,000Retained earnings 29,325Dividends 30,000Commissions 227,480Depreciation expense 6,260Salary expense 140,500Rent expense 26,400Interest expense 1,500Income tax expense 13,205Total $328,235 $328,235Required:1. Prepare in good form a single step statement of earnings (income statement) of Palm Realtors Ltd.for the year ended December 31, 2019.
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