Reference no: EM132797446
Questions -
Q1. On Nov. 1, 2020, Alevir Pido Portraits paid P36,900 to renew its insurance policy for 3 years. On Dec. 31, 2020, Alevir Pido's unadjusted trial balance showed a balance of P900 for prepaid insurance and P44, 100 for insurance expense. What amounts should be reported for prepaid insurance and insurance expense in Alevir Pido's Dec. 31, 2020 financial statements?
Prepaid Insurance and Insurance Expense
a. P33,000 and P12,000
b. P34,000 and P12,000
c. P34,000 and P11,000
d. P34,900 and P10,100
Q2. An entity that pays employees every two weeks has paid workers P375,000 in wages and salaries for work completed during 2019. In addition, the employees earned one week's salary of P7,200 at the end of December that will be paid as part of the P14,400 payroll at the end of the first week of January in 2020. How much should the company report for salaries and wages expense for 2019?
a. P367,800.
b. P375,000.
c. P389,000.
d. P382,200.
Q3. Roberto Orcajada Realty pays commissions to its sales staff at the rate of 3% of net sales. Sales staff are not paid salaries but are given monthly advances of P15,000. Advances are charged to commission expense, and reconciliations against commissions are prepared quarterly. Net sales for the year ended Mar. 31, 2020 were P15,000,000. The unadjusted balance in the commissions expense account on March 31, 2020 was P400,090. March advances were paid on Apr. 3, 2020.
In its income statement for the year ended Mar. 31, 2020, what amount should Roberto Orcajada report as commission expense?
a. P465,000
b. P450,000
c. P415,000
d. P400,000
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