Berlin Company paid or collected during 2020 the following items: Insurance premiums paid P462,000; Interest collected 927,000; Salaries paid 4,056,000. The following balances have been excerpted from Berlin's statements of financial position for the year ended 12/31/2019 and 12/31/2020 respectively. Prepaid insurance P 45,000 P 36,000; Interest receivable 87,000 111,000; Salaries payable 318,000 369,000. Refer to Berlin, the interest income on the income statement for 2020 was Choices; P729,000 P951,000 P 903,000 P1,125,000
Berlin Company paid or collected during 2020 the following items: Insurance premiums paid P462,000; Interest collected 927,000; Salaries paid 4,056,000. The following balances have been excerpted from Berlin's statements of financial position for the year ended 12/31/2019 and 12/31/2020 respectively. Prepaid insurance P 45,000 P 36,000; Interest receivable 87,000 111,000; Salaries payable 318,000 369,000. Refer to Berlin, the interest income on the income statement for 2020 was Choices; P729,000 P951,000 P 903,000 P1,125,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Berlin Company paid or collected during 2020 the following items: Insurance premiums paid P462,000; Interest collected 927,000; Salaries paid 4,056,000. The following balances have been excerpted from Berlin's statements of financial position for the year ended 12/31/2019 and 12/31/2020 respectively. Prepaid insurance P 45,000 P 36,000; Interest receivable 87,000 111,000; Salaries payable 318,000 369,000.
Refer to Berlin, the interest income on the income statement for 2020 was
Choices;
P729,000
P951,000
P 903,000
P1,125,000
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