Reference no: EM133134826
Question 1 - Alyzza Corp. has estimated that total depreciation expense for the year ending December 31, 2022 will amount to P30,000, and that 2022 year-end bonuses to employees will total P60,000.
In Alyzza interim income statement for the six months ended June 30 2022, what is the total amount of expense relating to these two items that should be reported?
a. P0
b. P15,000
c. P45,000
d. P90,000
Question 2 - At the beginning of current year, Biden Company changed the inventory cost flow method to FIFO from Weighted Average for both financial statement and income tax reporting purposes. The change resulted in a P440,000 increase in the beginning inventory. Ignoring income tax, the accounting change should be reported in the current year.
a. Retained earnings statement as a P440,000 debit adjustment to the beginning balance.
b. Retained earnings statement as a P440,000 credit adjustment to the beginning balance.
c. Income statement as a P440,000 debit.
d. Income statement as a P440,000 credit.
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