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Compute for the Accrual advertising expense in 2018

Compute for the Accrual advertising expense in 2018

FINANCIAL ACCOUNTING
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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Compute for the Accrual advertising expense in 2018

You were able to gather the following in connection with our audit of the MNO Corporation for the year ended December 31, 2018: Dec. 31, 2017 Dec. 31, 2018 Accounts receivable Unpaid merchandise invoices Accrued wages Advertising supplies inventory Accrued advertising expense Prepaid insurance Unexpired insurance P6,400,000 85,000 35,000 14,250 25,000 P4,000,000 2,621,000 125,000 75,000 40,000 41,000 During the year: Amount collected from customers, P10,000,000 Total payments to suppliers of merchandise, P13,618,000 Total payments to suppliers of merchandise of prior years, P4,632,000 Wages paid, P3,050,000 Advertising paid which includes, P250,000 Insurance premium paid, P125,000
Transcribed Image Text:You were able to gather the following in connection with our audit of the MNO Corporation for the year ended December 31, 2018: Dec. 31, 2017 Dec. 31, 2018 Accounts receivable Unpaid merchandise invoices Accrued wages Advertising supplies inventory Accrued advertising expense Prepaid insurance Unexpired insurance P6,400,000 85,000 35,000 14,250 25,000 P4,000,000 2,621,000 125,000 75,000 40,000 41,000 During the year: Amount collected from customers, P10,000,000 Total payments to suppliers of merchandise, P13,618,000 Total payments to suppliers of merchandise of prior years, P4,632,000 Wages paid, P3,050,000 Advertising paid which includes, P250,000 Insurance premium paid, P125,000
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