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The pre-closing trial balance of DENR-CAR shows the following balances of accounts: Subsidy from National Government P500, 000, Unutilized NCA for the month ending December 31, 2020, amounted to P200,000, Refund of excess cash advance P2,500. Salaries and Wages-Regular P150,000, PERA P50,000 Government Share: Retirement and Life Insurance Premiums P18,000, Pag-IBIG Premiums P2,500, PhilHealth premiums P4,500, Travelling expense - local P13,000, Electricity expense P12,000, Telephone Expense P10,000, Rent/Lease Expenses P25,000, Office supplies expense P20,000, Depreciation Expense-Machinery P15,000. How much is the Excess of Income Over Expenses for the year ended December 31, 2020?

The pre-closing trial balance of DENR-CAR shows the following balances of accounts: Subsidy from National Government P500, 000, Unutilized NCA for the month ending December 31, 2020, amounted to P200,000, Refund of excess cash advance P2,500. Salaries and Wages-Regular P150,000, PERA P50,000 Government Share: Retirement and Life Insurance Premiums P18,000, Pag-IBIG Premiums P2,500, PhilHealth premiums P4,500, Travelling expense - local P13,000, Electricity expense P12,000, Telephone Expense P10,000, Rent/Lease Expenses P25,000, Office supplies expense P20,000, Depreciation Expense-Machinery P15,000. How much is the Excess of Income Over Expenses for the year ended December 31, 2020?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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The pre-closing trial balance of DENR-CAR shows the following balances of accounts: Subsidy from National Government P500, 000, Unutilized NCA for the month ending December 31, 2020, amounted to P200,000, Refund of excess cash advance P2,500. Salaries and Wages-Regular P150,000, PERA P50,000 Government Share: Retirement and Life Insurance Premiums P18,000, Pag-IBIG Premiums P2,500, PhilHealth premiums P4,500, Travelling expense - local P13,000, Electricity expense P12,000, Telephone Expense P10,000, Rent/Lease Expenses P25,000, Office supplies expense P20,000, Depreciation Expense-Machinery P15,000. How much is the Excess of Income Over Expenses for the year ended December 31, 2020?

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