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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 - P200,00d 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? 490,000 525,000 500,000 O 610,000

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 - P200,00d 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? 490,000 525,000 500,000 O 610,000

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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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? 490,000 525,000 500,000 610,000
Transcribed Image Text: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? 490,000 525,000 500,000 610,000
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