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LISA BP CORPORATION must determine the December 31, 2021, year-end accruals for advertising and rent expenses. A P25,000 advertising bill was received March 27, 2022, comprising costs of P60,000 for advertisements in December 2021 issues, and P25,000 for advertisements in January 2022 issues of the newspaper. A store lease, effective December 10, 2020, calls for fixed rent of P240,000 per month, payable one month from the effective date and monthly thereafter. In addition, rent equal to 5% of net sales over P5,000,000 per calendar year is payable on January 31 of the following year. Net sales for 2021 were P5,500,000.
Problem 1: How much is the total accrued liabilities that should be reported by LISA BP CORPORATION in its statement of financial position as of December 31, 2021?
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