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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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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