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What is the proper amount of expenses to be

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Equuleus Equipment has a number of items that need to be assessed in preparation of its income statement for the year ended December 31, 2019:

  1. The phone bill of $300 for December was received and will be paid January 15, 2020.
  2. At the beginning of November, Equuleus paid $900 for advertising in a monthly magazine that is distributed in November and December of 2019, and January of 2020. 
  3. Commissions of $5,000 for salespeople who made sales in December will be paid January 10, 2020. 
  4. The store rent of $3,000 for January 2020 was paid on December 29, 2019.

Question 1: What is the proper amount of expenses to be included in the income statement for the year ended December 31, 2019?

Reference no: EM132538878

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