The following balances have been excerpted from ABC Company's balance sheets: 12/31/2017 12/31/2016 Prepaid Insurance P6,000 P7,500 Interest Receivable 3,700 14,500 Salaries Payable 61,500 53,000 ABC Company pair or collected during 2017 the following items: Insurance Premiums paid P41,500 Interest collected 123,500 Salaries paid 481,000
The following balances have been excerpted from ABC Company's balance sheets: 12/31/2017 12/31/2016 Prepaid Insurance P6,000 P7,500 Interest Receivable 3,700 14,500 Salaries Payable 61,500 53,000 ABC Company pair or collected during 2017 the following items: Insurance Premiums paid P41,500 Interest collected 123,500 Salaries paid 481,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Refer to the ABC Company, the insurance expense on the income statement for 2017 was
a.) P55,000
b.) P40,000
c.) P43,000
d.) 35,500
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