Maya-Maya Company had the following transactions during 2020: a. On January 1, Vilma company recorded a loss resulting from a change in inventory valuation method of P80,000. b. The company had estimated that total depreciation expense for the year ended December 31, 2020 will amount to P400,000. As of the beginning of the year, the company had fixed assets amounting to P1,000,000 and acquired additional fixed assets of P2,000,000 on June 30, 2020. The estimated useful life is for 5 years. c. The 2020 year-end bonuses to employees will total P600,000. d. The company had also a 180-day note receivable dated February 28, 202o, amounting to P3,000,000 and carries a 12% interest rate. It was discounted without recourse on the same day for a net proceed of P2,985,000.

Maya-Maya Company had the following transactions during 2020: a. On January 1, Vilma company recorded a loss resulting from a change in inventory valuation method of P80,000. b. The company had estimated that total depreciation expense for the year ended December 31, 2020 will amount to P400,000. As of the beginning of the year, the company had fixed assets amounting to P1,000,000 and acquired additional fixed assets of P2,000,000 on June 30, 2020. The estimated useful life is for 5 years. c. The 2020 year-end bonuses to employees will total P600,000. d. The company had also a 180-day note receivable dated February 28, 202o, amounting to P3,000,000 and carries a 12% interest rate. It was discounted without recourse on the same day for a net proceed of P2,985,000.

Name: In the company’s interim income statement for the six months ended Jun
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Description: In the company’s interim income statement for the six months ended June 30, 2020, what total amount of expense relating to these items should be reported? Maya-Maya Company had the following transactions during 2020:a. On January 1, Vilma company rec

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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