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1. The Philippine Airlines has provided the following information regarding ticket sales and collections from September to November: Cash received in September to October flights Cash received in October for October flights Cash received in October for November flights Cash received in November for October flights P5,500,000 3,000,000 4,000,000 4,500,000 a) Using the accrual rule, determine how much revenue should be reported for October b) Using the cash concept, determine how much revenue should be reported for October. 2. Bentong Consultancy has provided the following information regarding cash payments to its employees from May to July: Salary payments in May for work performed by employees in April Salary payments in June for work performed by employees in May Salary payments in June for work performed by employees in June Salary payments in July for work performed by employees in June P28,000 20,000 25,000 10,000 a) Using the accrual rule, determine salary expense to be reported for June b) Using cash concept, determine the salary expense to be reported for June

1. The Philippine Airlines has provided the following information regarding ticket sales and collections from September to November: Cash received in September to October flights Cash received in October for October flights Cash received in October for November flights Cash received in November for October flights P5,500,000 3,000,000 4,000,000 4,500,000 a) Using the accrual rule, determine how much revenue should be reported for October b) Using the cash concept, determine how much revenue should be reported for October. 2. Bentong Consultancy has provided the following information regarding cash payments to its employees from May to July: Salary payments in May for work performed by employees in April Salary payments in June for work performed by employees in May Salary payments in June for work performed by employees in June Salary payments in July for work performed by employees in June P28,000 20,000 25,000 10,000 a) Using the accrual rule, determine salary expense to be reported for June b) Using cash concept, determine the salary expense to be reported for June

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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1. The Philippine Airlines has provided the following information regarding ticket sales and collections from September to November: Cash received in September to October flights Cash received in October for October flights Cash received in October for November flights Cash received in November for October flights P5,500,000 3,000,000 4,000,000 4,500,000 a) Using the accrual rule, determine how much revenue should be reported for October b) Using the cash concept, determine how much revenue should be reported for October. 2. Bentong Consultancy has provided the following information regarding cash payments to its employees from May to July: Salary payments in May for work performed by employees in April Salary payments in June for work performed by employees in May Salary payments in June for work performed by employees in June Salary payments in July for work performed by employees in June P28,000 20,000 25,000 10,000 a) Using the accrual rule, determine salary expense to be reported for June b) Using cash concept, determine the salary expense to be reported for June
Transcribed Image Text:1. The Philippine Airlines has provided the following information regarding ticket sales and collections from September to November: Cash received in September to October flights Cash received in October for October flights Cash received in October for November flights Cash received in November for October flights P5,500,000 3,000,000 4,000,000 4,500,000 a) Using the accrual rule, determine how much revenue should be reported for October b) Using the cash concept, determine how much revenue should be reported for October. 2. Bentong Consultancy has provided the following information regarding cash payments to its employees from May to July: Salary payments in May for work performed by employees in April Salary payments in June for work performed by employees in May Salary payments in June for work performed by employees in June Salary payments in July for work performed by employees in June P28,000 20,000 25,000 10,000 a) Using the accrual rule, determine salary expense to be reported for June b) Using cash concept, determine the salary expense to be reported for June
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