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The following balances have been excerpted from Tito Piccolo's statement of financial position: December 31 January 1 Prepaid Insurance P 6,000 P 7,500 Interest Receivable 3,700 14,500 Salaries Payable 61,500 53,000 Accounts Receivable 550,000 415,000 Allowance for bad debts 40,000 25,000 Tito Piccolo Company reported the following during 2020 the following items: P Insurance premiums paid 41,500 Interest collected 123,500 Salaries paid 481,000 Sales 1,980,000 How much is the insurance expense on the income statement for 2020? (no peso sign, no comma,

The following balances have been excerpted from Tito Piccolo's statement of financial position: December 31 January 1 Prepaid Insurance P 6,000 P 7,500 Interest Receivable 3,700 14,500 Salaries Payable 61,500 53,000 Accounts Receivable 550,000 415,000 Allowance for bad debts 40,000 25,000 Tito Piccolo Company reported the following during 2020 the following items: P Insurance premiums paid 41,500 Interest collected 123,500 Salaries paid 481,000 Sales 1,980,000 How much is the insurance expense on the income statement for 2020? (no peso sign, no comma,

FINANCIAL ACCOUNTING
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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The following balances have been excerpted from Tito Piccolo's statement of fınancial position: December 31 January 1 Prepaid Insurance P 6,000 P 7,500 Interest Receivable 3,700 14,500 Salaries Payable 61,500 53,000 Accounts Receivable 550,000 415,000 Allowance for bad debts 40,000 25,000 Tito Piccolo Company reported the following during 2020 the following items: P Insurance premiums paid 41,500 Interest collected 123,500 Salaries paid 481,000 Sales 1,980,000 How much is the insurance expense on the income statement for 2020? (no peso sign, no comma, whole number only
Transcribed Image Text:The following balances have been excerpted from Tito Piccolo's statement of fınancial position: December 31 January 1 Prepaid Insurance P 6,000 P 7,500 Interest Receivable 3,700 14,500 Salaries Payable 61,500 53,000 Accounts Receivable 550,000 415,000 Allowance for bad debts 40,000 25,000 Tito Piccolo Company reported the following during 2020 the following items: P Insurance premiums paid 41,500 Interest collected 123,500 Salaries paid 481,000 Sales 1,980,000 How much is the insurance expense on the income statement for 2020? (no peso sign, no comma, whole number only
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