A taxpayer providing services provided the following: Description Payment of expenses current period Expenses incurred but unpaid Payment of 2019 incurred expenses Advances for expenses incurred in the following year 2019 2020 P400,000 P600,000 250,000 150,000 100,000 200,000 300,000 How much is the total deductions for expenses under the accrual method? a. 250,000 (2019; 350,000 (2020) b. 650,000 (2019); 750,000 (2020) c. 600,000 (2019); 1,000,000 (2020) d 650.000 (2019): 050.000 (2020)
A taxpayer providing services provided the following: Description Payment of expenses current period Expenses incurred but unpaid Payment of 2019 incurred expenses Advances for expenses incurred in the following year 2019 2020 P400,000 P600,000 250,000 150,000 100,000 200,000 300,000 How much is the total deductions for expenses under the accrual method? a. 250,000 (2019; 350,000 (2020) b. 650,000 (2019); 750,000 (2020) c. 600,000 (2019); 1,000,000 (2020) d 650.000 (2019): 050.000 (2020)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![.A taxpayer providing services provided the following:
Description
Payment of expenses current period
Expenses incurred but unpaid
Payment of 2019 incurred expenses
Advances for expenses incurred in the following year
2019
2020
P400,000
P600,000
250,000
150,000
100,000
200,000
300,000
How much is the total deductions for expenses under the accrual method?
a. 250,000 (2019; 350,000 (2020)
b. 650,000 (2019); 750,000 (2020)
c. 600,000 (2019); 1,000,000 (2020)
d. 650,000 (2019); 950,000 (2020)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F44feeb4f-d477-40ae-93aa-9aa3f67d635f%2F659cf47f-2b8d-47c3-9f33-c28546064abb%2Fu7b0ww_processed.jpeg&w=3840&q=75)
Transcribed Image Text:.A taxpayer providing services provided the following:
Description
Payment of expenses current period
Expenses incurred but unpaid
Payment of 2019 incurred expenses
Advances for expenses incurred in the following year
2019
2020
P400,000
P600,000
250,000
150,000
100,000
200,000
300,000
How much is the total deductions for expenses under the accrual method?
a. 250,000 (2019; 350,000 (2020)
b. 650,000 (2019); 750,000 (2020)
c. 600,000 (2019); 1,000,000 (2020)
d. 650,000 (2019); 950,000 (2020)
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