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What edgar detoya should report accrued liabilities of

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Problem 1: Edgar Detoya Law must determine the Dec. 31, 2019 year-end accruals for advertising and rent expenses. A P5,000 advertising bill was recelved Jan. 7, 2020. It related to cost of P3,750 for advertisements in Dec. 2019 issues and P1,250 for advertisements in Jan. 2020 issues of the newspaper. A store lease, effective Dec. 16, 2018 calls for fixed rent of P12,000 per month, payable one month from the effective date and monthly thereafter. In addition, rent equal to 5% of net sales over P3,000,000 per calendar year is payable on Jan. 31 of the following year. Net sales for 2019 were P5,500,000. In its Dec. 31, 2019 balance sheet, Edgar Detoya should report accrued liabilities of

a. P125,000.

b. P128,750.

C. P131,000.

d. P134,750.

 

Reference no: EM132789576

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