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What amount of royalty expense reported profit or loss

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Don Mario Company acquires copyright from authors, paying in advance royalties in some cases and others, paying royalties within 30 days of year-end. Don Mario reported royalty expense of P375,000 for the year ended December 31, 2X20.

The following data are included in the corporation's December balance sheet:

                              2X19                2X20

Prepaid royalties   P60,000                 P50,000

Royalties payable  75,000             90,000

Problem 1: Under the cash basis, what amount of royalty expense should be reported in 2X20 profit or loss?

Reference no: EM132668668

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