15. Iriga Company issued its 2011 financial statements on March 1, 2012. The following data are provided by the entity for the year ended December 31, 2011. What amount should be recognized as provision on December 31, 2011? * Amount owing to another entity for services rendered during December 2011. P 300,000 Estimated long service leave owing to employees in respect of past services. 1,200,000 Estimated cost of relocating an employee from head office to a branch in another city (employee will physically relocate in January 2012). 100,000 Estimated cost of overhauling machine every 5 years (the machine is 5 years old on December 31, 2011) 150,000 a. 1,200,000 b. 1,300,000 c. 1,600,000 d. 1,750,000

15. Iriga Company issued its 2011 financial statements on March 1, 2012. The following data are provided by the entity for the year ended December 31, 2011. What amount should be recognized as provision on December 31, 2011? * Amount owing to another entity for services rendered during December 2011. P 300,000 Estimated long service leave owing to employees in respect of past services. 1,200,000 Estimated cost of relocating an employee from head office to a branch in another city (employee will physically relocate in January 2012). 100,000 Estimated cost of overhauling machine every 5 years (the machine is 5 years old on December 31, 2011) 150,000 a. 1,200,000 b. 1,300,000 c. 1,600,000 d. 1,750,000

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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