8. Euphoria Company had a balance of P820,000 in the professional fees expense account onDecember 31, 2020, before considering year-end adjustments relating to the following:Consultants were hired for a special project at a total fee not to exceed P650,000. Theentity had recorded P550,000 of these fees based on building for work performed in 2020.The attorney's letter requested by the auditor dated Jan. 31, 2021, indicated that legalfees of P60,000 were billed on Jan. 15, 2021 for worked performed in Nov. 2020, and theunbilled fees for Dec. 31, 2020 were P70,000.What amount should be reported as professional fees expense for the year endedDecember 31, 2020?

Name: 8. Euphoria Company had a balance of P820,000 in the professional fee
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Description: 8. Euphoria Company had a balance of P820,000 in the professional fees expense account onDecember 31, 2020, before considering year-end adjustments relating to the following:Consultants were hired for a special project at a total fee not to exceed P

Answer: Given is that Balance of professional fees expense = P 820,000 Amount to be reported as…

Answered: Euphoria Company had a balance of P820…

Business

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Euphoria Company had a balance of P820 ecember 31, 2020, before considering year-e > Consultants were hired for a special p entity had recorded P550,000 of these

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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