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What total amount of expense for these items was reported

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Q1. Employees of Chicken Wings Inc. are given 10% commissions based on sales made every quarter starting January 1, 2020. The commission will be 15 days after the close of the quarter. As of December 31, 2020, the company paid a total of P1,800,000 and the total expense is P2,900,000. If the sales were in the 1st quarter is 25% less than the 2nd quarter and the 3rd quarter is P150,000 higher than the 2nd quarter, how much is the commission expense recognized in the 1st, 2nd, 3rd and 4th quarter, respectively?

Q2. Chicken Wings Corp. paid P72,000 to renew its only insurance policy for three years on February 1, 2021, the effective date of the policy. On February 28, 2021, the unadjusted trial balance showed a balance of P3,000 for prepaid insurance and P72,000 for insurance expense. What amounts should be reported respectively for prepaid insurance and insurance expense in the financial statements for the three months ended March 31, 2021?

Q3. Chicken Wings Corporation paid P120,000 for annual property taxes on January 15, 2021, and P20,000 for building repair costs on March 10, 2021. Total repair expenses for the year were estimated to be P200,000. What total amount of expense for these items was reported in Chicken Wing's first quarter 2021 interim income statement?

Reference no: EM133109099

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