Reference no: EM132771751
The pre-closing trial balance of DBM-CAR shows the following balances of accounts:
Subsidy from National Government P520, 000,
Unutilized NCA for the month ending December 31, 2019, amounted to P100,000,
Refund of excess cash advance P5,000.
Salaries and Wages-Regular P150,000,
PERA P50,000
Retirement and Life Insurance Premiums P18,000,
Pag-IBIG Contributions P2,500,
PhilHealth Contributions P4,500,
Travelling expense - local P13,000,
Electricity expense P12,000,
Telephone Expense P10,000,
Rent/Lease Expenses P25,000,
Office supplies expense P20,000,
Depreciation Expense-Machinery and equipment P15,000.
Required:
Question 1: What is the Excess of Income Over Expenses for the year ended December 31, 2019?
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