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How much is the total accrued liabilities

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Question - 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. 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?

Reference no: EM133016973

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