na Corporation must determine the December 31, 2020 year-end accruals for advertising and rent expenses. A P50,000 advertising bill was received January 10, 2021, comprising costs of P37,500 for advertisements in December 2020 issues and P12,500 for advertisements in January 2021 issues of the newspaper. A store lease, effective December 16, 2020, calls for fixed rent of P120,000 per month, payable one month from the effective date and monthly thereafter. In addition, rent equal to 5% of net sales over P6,000,000 per calendar year is payable on January 31 of the following year. Net sales for 2020 amounted to P7,500,000. What is the total accrued liabilities that should b
luna Corporation must determine the December 31, 2020 year-end accruals for advertising and rent expenses. A P50,000 advertising bill was received January 10, 2021, comprising costs of P37,500 for advertisements in December 2020 issues and P12,500 for advertisements in January 2021 issues of the newspaper.
A store lease, effective December 16, 2020, calls for fixed rent of P120,000 per month, payable one month from the effective date and monthly thereafter. In addition, rent equal to 5% of net sales over P6,000,000 per calendar year is payable on January 31 of the following year. Net sales for 2020 amounted to P7,500,000.
What is the total accrued liabilities that should be reported by luna on its
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