Interim ReportingSystematic Allocation of Expense VS. Outright Allocation of Expense1) Cyrus Company provided the following information for the first quarter:Loss from typhoonInsurance for the calendar yearLoss on inventory write downProperty taxes for the calendar yearAdvertising of a new productP 800,000200,000100,000500,000300,000Page 2 of 3Depreciation expense for the yearYear end bonuses to employeesOrdinary repair to equipment600,0001,200,000150,000What total amount of expense should be reported in the first quarter?A. 1,975,000B. 1,657,000C. 1,750,000D. 2,350,000 Systematic Allocation of Expense VS. Outright Allocation of Expense2) On June 30, 2014, Wicked Wish Corporation incurred a P200,000 net loss form disposal of business segment. Alsoon June 30, 2014, Wicked Wish paid P80,000 for property taxes assessed for the calendar year 2014.What amount of the foregoing items should be included in the determination of Wicked Wish's net income or loss forthe 6-month interim period ended June 30, 2014?A. 280,000B. 240,000C. 180,000D. 140,000Cause & Effect Allocation of Expense - Bad Debts3) Cosmic Cleave Company has historically reported bad debts expense of 5% of sales in each quarter. For the currentyear, the company allowed the same procedure in the three quarters of the year.However, in the fourth quarter, the company, in consultation with its auditor, determined that bad debt expense for theyear should be P4,500,000. Sales in each quarter of the year were as follows: first quarter, P20,000,000; secondquarter, P15,000,000; third quarter, P25,000,000; fourth quarter, P40,000,000.How much bad debt expense should be recognized for the fourth quarter?A. 1,500,000B. 2,000,000C. 3,000,000D. 4,000,000

Name: Interim ReportingSystematic Allocation of Expense VS. Outright Alloca
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Description: Interim ReportingSystematic Allocation of Expense VS. Outright Allocation of Expense1) Cyrus Company provided the following information for the first quarter:Loss from typhoonInsurance for the calendar yearLoss on inventory write downProperty taxes

In systematic allocation, there is no presence of cause and effect relationship, thus they can be…

Business

Accounting

Systematic Allocation of Expense VS. Outright Allocation of Expense 1) Cyrus Company provided the following information for the first quarter. Loss from typhoon Insurance for the calendar year Loss on inventory write down Property taxes for the calendar year Advertising of a new product P 800,000 200,000 100,000 500,000 300,000 Page 2 of 3 Depreciation expense for the year Year end bonuses to employees Ordinary repair to equipment 600,000 1,200,000 150,000 What total amount of expense should be reported in the first quarter? A. 1,975,000 B. 1,657,000 C. 1,750,000 D. 2,350,000

Systematic Allocation of Expense VS. Outright Allocation of Expense 1) Cyrus Company provided the following information for the first quarter. Loss from typhoon Insurance for the calendar year Loss on inventory write down Property taxes for the calendar year Advertising of a new product P 800,000 200,000 100,000 500,000 300,000 Page 2 of 3 Depreciation expense for the year Year end bonuses to employees Ordinary repair to equipment 600,000 1,200,000 150,000 What total amount of expense should be reported in the first quarter? A. 1,975,000 B. 1,657,000 C. 1,750,000 D. 2,350,000

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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