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What kennedy should report accrued liabilities of

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Reference no: EM132840635

Kennedy Company operates a retail store and must determine the proper December 31, 2020 year-end accrual for the following expenses:

  1. An electric bill of 8,500 covering the period December 16, 2020 through January 15, 2021 was received January 22, 2021
  2. A 4,000 telephone bill was received January 7, 2021, covering: Service in advance for January 2021 P1,500
  3. Local and toll calls for December 2020 2,500

Problem 1: In its December 31, 2020 statement of financial position, Kennedy should report accrued liabilities of

a. 5, 250
b. 6, 750
c. 8,250
d. 11,000

Reference no: EM132840635

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