In January 2014, Victor, Inc. paid property taxes on its factory building for the calendar year 2014 in the amount of P240,000. In the first week of April 2014, Victor made advertising campaign and paid P600,000. These advertisements are expected to benefit operations for the remainder of the calendar year. How should these expenses be reflected in Victor’s quarterly interim financial reports? <1st Quarter><2nd Quarter><3rd Quarter><4th Quarter> *
In January 2014, Victor, Inc. paid property taxes on its factory building for the calendar year 2014 in the amount of P240,000. In the first week of April 2014, Victor made advertising campaign and paid P600,000. These advertisements are expected to benefit operations for the remainder of the calendar year. How should these expenses be reflected in Victor’s quarterly interim financial reports? <1st Quarter><2nd Quarter><3rd Quarter><4th Quarter> *
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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In January 2014, Victor, Inc. paid property taxes on its factory building for the calendar year 2014 in the amount of P240,000. In the first week of April 2014, Victor made advertising campaign and paid P600,000. These advertisements are expected to benefit operations for the remainder of the calendar year. How should these expenses be reflected in Victor’s quarterly interim financial reports? <1st Quarter><2nd Quarter><3rd Quarter><4th Quarter> *
A. P240,000, P600,000, P0, P0
B. P210,000, P210,000, P210,000, P210,000
C. P 60,000, P660,000, P60,000, P 60,000
D. Answer not given
E. P60,000, P260,000, P260,000, P260,000
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