User Account

All Pages

What edgar detoya should report accrued liabilities of

Assignment Help Accounting Basics
Reference no: EM132789576

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

Questions Cloud

Describe the computer and email acceptable use policy : You have been hired as the CSO (Chief Security Officer) for an organization. Your job is to develop a computer and internet security policy for the organization
Strategic planning process revisited : What insights have you gained about the strategic planning process throughout this course? Consider the following questions:
What amount of rental revenues should suysan record : SuySan Real Estate owns an office building, During 2019, SuySan received P1,600,000 from tenants. What amount of rental revenues should SuySan record for 2019?
Discuss an organizations need for physical security : Discuss an organization's need for physical security. What methods, approaches, and models can be used by organizations when designing physical security needs?
What edgar detoya should report accrued liabilities of : What Edgar Detoya should report accrued liabilities of? Edgar Detoya Law must determine the Dec. 31, 2019 year-end accruals for advertising
Discuss about the availability of support staff in the event : Contoso General is a US based hospital with its datacenter located in Chicago. They are concerned about the availability of support staff in the event.
What was the amount of supplies expense : A count of supplies on hand at the end of 2019 found an inventory of P875. What was the amount of supplies expense for 2019?
Evaluate lenscrafters operations strategy : Evaluate LensCrafters' operations strategy and explain how the organization seeks to gain a competitive advantage in terms of sustainability.
What is the expected return and standard deviation : b. What is the expected return and standard deviation of the minimum variance portfolio that you calculated in part (a) above?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Sue of sues sandwich shoppe sells sandwiches and sodas from

1. what would be the best thing about owning your own business? what would be the worst? this question requires an

  A corporation was formed on january 1 the corporation

a corporation was formed on january 1. the corporation charter authorized 100000 shares of 10 par value common stock.

  Determine the total amount of dividends

Determine the total amount of dividends and the dividends per share paid on common and preferred stock for each year

  List ethical values that guide helena in the decision making

Helena Karmel has a 4.0 grade point average and is in her last semester at EmpireState. List the ethical values that should guide Helena in her decision making.

  Explain how hedge accounting

Explain how hedge accounting would avoid the effects on the statement of profit

  What is the rate of return that lloyd company will earn

Lloyd Company invested $10,271 in production machinery. What is the rate of return (or interest) that Lloyd Company will earn from this investment

  Organization costs spoiled goods the terms period cost

Organization costs Spoiled goods The terms period cost and product cost are sometimes used to describe certain items in financial statements

  What is the companys break-even point in unitshow many more

flip corporation income statement for the year ended december 31 2014sales 20000 units 600000variable expenses

  Shawl co has 10 par value 10 cumulative preffered stock

shawl co. has 10 par value 10 cumulative preffered stock. there are 10000 shares issued and outstanding of the

  Why the profits have increased at a faster rate than sales

Fred and Andrew started the FA Restaurant in 2014. They rented a building, bought equipment. Explain why the profits have increased at a faster rate than sales.

  Prepare a transaction analysis of the nine transactions

Echo Lake Company started operations on November 1, 2018. Nine transactions occurred during November. Financial statements are prepared at the end of the month.

  Record all the transactions in the month in the journal

Prepare the ledger accounts and record all the beginning balance in the related accounts. Record all the transactions in the month in the journal

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd