17. Chapman Inc. operates a retail store and must determine the proper December 31, 20x3, year-end accrual for the following expenses: ● ● ● The store lease calls for fixed rent of P12,000 per month, payable at the beginning of the month, and additional rent equal to 6% of net sales over P2,500,000 per calendar year, payable on January 31, of the following year. Net sales for 20x3 are P4,500,000. An electric bill of P8,500 covering the period 12/16/20x3 through 1/15/20x4 was received January 22, 20x4. A P4,000 telephone bill was received January 7, 20x4, covering: ACCNTG2♥ 4 Service in advance for January 20x4 Local and toll calls for December 20x3 In its December 31, 20x3 balance sheet, Chapman should report accrued liabilities of a. 150, 750 b. 131,000 c. 128,250 d. 126,750 P1,500 2,500

17. Chapman Inc. operates a retail store and must determine the proper December 31, 20x3, year-end accrual for the following expenses: ● ● ● The store lease calls for fixed rent of P12,000 per month, payable at the beginning of the month, and additional rent equal to 6% of net sales over P2,500,000 per calendar year, payable on January 31, of the following year. Net sales for 20x3 are P4,500,000. An electric bill of P8,500 covering the period 12/16/20x3 through 1/15/20x4 was received January 22, 20x4. A P4,000 telephone bill was received January 7, 20x4, covering: ACCNTG2♥ 4 Service in advance for January 20x4 Local and toll calls for December 20x3 In its December 31, 20x3 balance sheet, Chapman should report accrued liabilities of a. 150, 750 b. 131,000 c. 128,250 d. 126,750 P1,500 2,500

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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