16. Helen Company's directorsdecided on November 1, 2011to restructure the entity'soperations as follows: FactoryA would be closed down andput on the market for sale.Employees working in FactoryA would be retrenched onNovember 3O, 2011, and wouldbe paid their accumulatedentitlements plus six months'wages. Some employeesworking in Factory A would betransferred to Factory B,which would continueoperating. On December 31,2011, the followingtransactions and events hadoccurred: The retrenchedemployees have left and theiraccumulated entitlementshave been paid. However, anamount of P1,000,000,representing a portion of thesix months' wages for theretrenched employees, hasstill not been paid. Costs ofP300,000 are expected to beincurred in transferring theremaining employees to theirnew work in Factory B. Thetransfer is planned for January15, 2012. One employee, JuanCruz, remains in order tocomplete administrative tasksrelating to the closure ofFactory A and the transfer ofemployees to Factory B. JuanCruz is expected to stay untilJanuary 31, 2012. His salary forJanuary will be P50,000 andhis retrenchment package willbe P150,000, all of which willbe paid on the day he leaves.Juan Cruz would spend 60%of his time administering theclosure of Factory A, 30% onadministering the transfer ofemployees to Factory B, andthe remaining 10% on generaladministration. What totalamount should be recognizedas restructuring provision onDecember 31, 2011? *a. 1,480,000b. 1,500,000c. 1,180,000d. 1,200,000

Restructuring cost provision is provision related with all the direct expenses which are incurred…

Answered: as restructuring provision on December…

Business

Accounting

as restructuring provision on December 31, 2011? * O a. 1,480,000 O b. 1,500,000 c. 1,180,000 d. 1,200,000

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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