P1,080,000 and salaries expense of P720,000. The related balance sheet accountThe income statement for the Lenore Loqueloque Consulting showed rent expense ofProblem #10Analyzing AccountsP1,080,000 and salaries expense of P720,000.balances at year end for 2019 and 2018 are as follows:20182019P120,00040,000-0-Prepaid RentSalaries PayableP80,000Required:Compute the amount of cash payments for rent and salaries in 2019.

The following calculations are done for Lenore Loqueloque Consulting.

Problem #10 Analyzing Accounts The income statement for the Lenore Loqueloque Consulting showed rent expense of P1,080,000 and salaries expense of P720,000. The related balance sheet account balances at year end for 2019 and 2018 are as follows: 2019 2018 P120,000 -0- Prepaid Rent Salaries Payable • 40,000 P80,000 Required: Compute the amount of cash payments for rent and salaries in 2019.

Problem #10 Analyzing Accounts The income statement for the Lenore Loqueloque Consulting showed rent expense of P1,080,000 and salaries expense of P720,000. The related balance sheet account balances at year end for 2019 and 2018 are as follows: 2019 2018 P120,000 -0- Prepaid Rent Salaries Payable • 40,000 P80,000 Required: Compute the amount of cash payments for rent and salaries in 2019.

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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Question

P1,080,000 and salaries expense of P720,000. The related balance sheet account
The income statement for the Lenore Loqueloque Consulting showed rent expense of
Problem #10
Analyzing Accounts
P1,080,000 and salaries expense of P720,000.
balances at year end for 2019 and 2018 are as follows:
2018
2019
P120,000
40,000
-0-
Prepaid Rent
Salaries Payable
P80,000
Required:
Compute the amount of cash payments for rent and salaries in 2019.

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