COMPUTE: Expenses in the 2nd quarter using CASH basis
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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa8685a1d-e2f4-4e6f-8656-9983474322dd%2F1834db79-4238-4190-a60d-2ef444763571%2F7ncy9w_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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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