On De 500,00
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
What total amount of expenses should be reported in the income statement for the 2nd quarter of 2022?
Transcribed Image Text:Orange Enterprises had the following transactions:
On December 28, 2021, paid property taxes for the next calendar year of P
500,000.
Loss from typhoon on February 14, 2022 amounting to P600,000.
On May 1, 2022, advertising costs were incurred at P300,000.
Sold a machinery with carrying amount of P400,000. The company incurred a
loss of P50,000 on its sale on July 1, 2022.
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