2. The following items were deduced from the accounting records of JC Company's income statement for the year ended December 31, 2021: Office staff salaries - P200,000; Loss on sale of equipment - P35,000; Finance costs - P210,000; Rent expense office space - P240,000; Legal and audit fees - P170,000. The office space is used equally by the marketing and accounting departments. What amount of the aforementioned items should be classified as administrative expenses in the firm's income statement?

2. The following items were deduced from the accounting records of JC Company's income statement for the year ended December 31, 2021: Office staff salaries - P200,000; Loss on sale of equipment - P35,000; Finance costs - P210,000; Rent expense office space - P240,000; Legal and audit fees - P170,000. The office space is used equally by the marketing and accounting departments. What amount of the aforementioned items should be classified as administrative expenses in the firm's income statement?

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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