5. Tub Corp. reports operating expenses in two categories: (1) selling, and (2) general and administrative. The adjusted trial balance included the following expense and loss accounts: Accounting and legal fees P120,000 Advertising 150,000 Freight-out 80,000 Interest 70,000 Loss on sale of long-term investment 30,000 Officers' salaries 225,000 Rent for office space 220,000 Sales salaries and commissions 140,000 One-half of the rented premises is occupied by the sales department. Tub's total selling expenses are P_________

5. Tub Corp. reports operating expenses in two categories: (1) selling, and (2) general and administrative. The adjusted trial balance included the following expense and loss accounts: Accounting and legal fees P120,000 Advertising 150,000 Freight-out 80,000 Interest 70,000 Loss on sale of long-term investment 30,000 Officers' salaries 225,000 Rent for office space 220,000 Sales salaries and commissions 140,000 One-half of the rented premises is occupied by the sales department. Tub's total selling expenses are P_________

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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Question

5. Tub Corp. reports operating expenses in two categories: (1) selling, and (2) general and administrative. The adjusted trial balance included the following expense and loss accounts:
Accounting and legal fees P120,000
Advertising 150,000
Freight-out 80,000
Interest 70,000
Loss on sale of long-term investment 30,000
Officers' salaries 225,000
Rent for office space 220,000
Sales salaries and commissions 140,000

One-half of the rented premises is occupied by the sales department.

Tub's total selling expenses are P_________

Definition Definition Statement that shows the ending balance of all the ledger accounts of a firm at the end of the accounting period. The trial balance is prepared after all the entries have been posted to the ledger accounts and assists in preparing the final accounts of a firm.

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