Reference no: EM133134182
QuestionS -
Q1. MWF Company had the following transactions during the quarter ended March 31, 2021:
Loss on Sale- 900,000
Payment of fire insurance premium for calendar year 2021- 400,000
Payment of rent for 1 year- 1,200,000
Payment of property tax assessed for calendar year 2021- 500,000
What total amount should be included in the determination of the net income or loss for the quarter ended March 31, 2021?
Q2. Jimin Corp. is preparing the interim financial statements for the quarter ended March 31, 2022. Sales during the quarter is P5,000,000. The variable expense is 20% based on sales. The other expense of P2,100,000 included P1,500,000 an advertisement expense for one-year (incurred unevenly in the year) and depreciation expense of P600,000 for 2022 for an equipment that was available for use on March 1, 2022. How much is the total expense reported as of March 31, 2022?
Q3. ABC Company was engaged in leasing machinery. The following were obtained from the incomplete records of ABC related to their operating lease accounts:
Total collections from rent, Dec. 31, 2021- P940,000
Total rent income recognized, Dec. 31, 2021-P1,200,000
Unearned rent income, Dec. 31, 2020- P600,000
Unearned rent income, Dec. 31, 2021- P460,000
Accrued rent income, Dec. 31, 2020- P345,000
What is the amount of accrued rent account on December 31, 2021?
a. P320,000
b. P420,000
c. P465,000
d. P205,000