FACTS / DATA / GIVEN:Тахрауer:Taxable period:Expenses/payments during the period:Resident citizen2nd quarterDescription1st quarter expenses paid in 2nd quarter2nd quarter expenses paid in 2nd quarter3rd quarter expenses paid in 2nd quarter1st quarter expenses incurred but unpaid2nd quarter expenses incurred but unpaidAmountP15,00020,0005,0008,00011,000COMPUTE: Expenses in the 2nd quarter using CASH basisA. 20,000B. 25,000C. 35,000D. 40,000

In case of cash basis of reporting, all expenses which are paid in 2nd quarter would be consider for…

Answered: COMPUTE: Expenses in the 2nd quarter…

Business

Accounting

COMPUTE: Expenses in the 2nd quarter using CASH basis

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

FACTS / DATA / GIVEN:
Тахрауer:
Taxable period:
Expenses/payments during the period:
Resident citizen
2nd quarter
Description
1st quarter expenses paid in 2nd quarter
2nd quarter expenses paid in 2nd quarter
3rd quarter expenses paid in 2nd quarter
1st quarter expenses incurred but unpaid
2nd quarter expenses incurred but unpaid
Amount
P15,000
20,000
5,000
8,000
11,000
COMPUTE: Expenses in the 2nd quarter using CASH basis
A. 20,000
B. 25,000
C. 35,000
D. 40,000

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