4. Clark Co.'s advertising expense account had a balance ofP146,000 at Deocember 31, 20x3, before any necessary year-endadjustment relating to the following:Included in the P146,000 is the P15,000 cost of printingcatalogs for a sales promotional campaign in January 20x4.• Radio advertisements broadcast during December 20x3were billed to Clark on January 2, 20x4. Clark paid theP9,000 invoice on January 11, 20x4.What amount should Clark report as advertising expense in itsincome statement for the year ended December 31, 20x3?a. 122,000b. 131,000c. 140,000d. 155,0005. In Yew Co.'s 20X5 annual report, Yew described its socialawareness expenditures during the year as follows:"The Company contributed P250,000 in cash to youth andeducational programs. The Company also gave P140,000 to healthand human-service organizations, of which PS0,000 wascontributed by employees through payroll deductions. Inaddition, consistent with the Company's commitment to theenvironment, the Company spent P100,000 to redesign productpackaging."What amount of the above should be included in Yew's incomeStatement as charitable contributions expense?a, 310,000b. 390,000C. 410,000d. 490,000

Name: 4. Clark Co.'s advertising expense account had a balance ofP146,000 a
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Description: 4. Clark Co.'s advertising expense account had a balance ofP146,000 at Deocember 31, 20x3, before any necessary year-endadjustment relating to the following:Included in the P146,000 is the P15,000 cost of printingcatalogs for a sales promotional cam

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4 Clark Co.'s advertising expense account had a balance of P146.000 at December 31, 20x3, before any necessary year-end adjustment relating to the following: Included in the P146,000 is the P15,000 cost of printing catalogs for a sales promotional campaign in January 20x4. Radio advertisements broadcast during December 20x3 were billed to Clark on January 2, 20x4. Clark paid the P9,000 invoice on January 11, 20x4. What amount should Clark report as advertising expense in its income statement for the year ended December 31, 20x3? a. 122.000 b. 131,000 c. 140,000 d. 155,000

4 Clark Co.'s advertising expense account had a balance of P146.000 at December 31, 20x3, before any necessary year-end adjustment relating to the following: Included in the P146,000 is the P15,000 cost of printing catalogs for a sales promotional campaign in January 20x4. Radio advertisements broadcast during December 20x3 were billed to Clark on January 2, 20x4. Clark paid the P9,000 invoice on January 11, 20x4. What amount should Clark report as advertising expense in its income statement for the year ended December 31, 20x3? a. 122.000 b. 131,000 c. 140,000 d. 155,000

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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