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tiple Choice Ar entity receives rent for subletting part of its office block. The rent, receivable quarterly in advance, follows: Amount Date of Receipt Period Covered P75,000 -gnd75,000 90,000 90,000 90,000 Oct. 1, 2021 Dec. 31, 2021 Mar. 31, 2022 3 months to June 30, 2022 3 months to Sept. 30, 2022 Dec. 31, 2022 3 months to Dec. 30, 2021 3 months to Apr. 4, 2022 July 1, 2022 Oct. 1, 2022 3 months to What figures, based on these receipts, should appear in the entity's financial statements for the year ended Nov. 30, 2022? Income Statement Statement of Financial Position Rent in Arrears (Dr.) P30,000 Unearned Rent Revenues (Cr.) P60,000 Unearned Rent Revenues (Cr.) P30,000 Rent in Arrears (Dr.) P30,000 a. P340,000 Debit b. P345,000 Credit C. P340,000 Credit d. P340,000 Credit

tiple Choice Ar entity receives rent for subletting part of its office block. The rent, receivable quarterly in advance, follows: Amount Date of Receipt Period Covered P75,000 -gnd75,000 90,000 90,000 90,000 Oct. 1, 2021 Dec. 31, 2021 Mar. 31, 2022 3 months to June 30, 2022 3 months to Sept. 30, 2022 Dec. 31, 2022 3 months to Dec. 30, 2021 3 months to Apr. 4, 2022 July 1, 2022 Oct. 1, 2022 3 months to What figures, based on these receipts, should appear in the entity's financial statements for the year ended Nov. 30, 2022? Income Statement Statement of Financial Position Rent in Arrears (Dr.) P30,000 Unearned Rent Revenues (Cr.) P60,000 Unearned Rent Revenues (Cr.) P30,000 Rent in Arrears (Dr.) P30,000 a. P340,000 Debit b. P345,000 Credit C. P340,000 Credit d. P340,000 Credit

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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Multiple Choice 1. quarterly in advance, follows: Amount Date of Receipt Period Covered Dec. 31, 2021 Mar. 31, 2022 June 30, 2022 Sept. 30, 2022 Dec. 31, 2022 P75,000 gr 75,000 90,000 90,000 90,000 Oct. 1, 2021 3 months to Dec. 30, 2021 3 months to Apr. 4, 2022 July 1, 2022 Oct. 1, 2022 3 months to 3 months to 3 months to What figures, based on these receipts, should appear in the entity's financial statements for the year ended Nov. 30, 2022? Income Statement Statement of Financial Position a. P340,000 Debit b. P345,000 Credit P340,000 Credit d. P340,000 Credit Rent in Arrears (Dr.) P30,000 Unearned Rent Revenues (Cr.) P60,000 Unearned Rent Revenues (Cr.) P30,000 Rent in Arrears (Dr.) P30,000 С. 2. An entity pays rent quarterly in arrears on Jan. 1, Apr. 1, July 1 and Oct. 1 each year. The rent was increased from P900,000 per year to P1,200,000 per year starting Oct. 1, 2021. What rent expense and rent payable amounts should be included in the entity's financial statements for the year ended Jan. 31, 2022? Rent Expense Rent Payable P1,000,000 P1,000,000 P975,000 P200,000 P100,000 P100,000 P200,000 a. b. C. DirW d. P975,000 At Mar. 31, 2021, an entity had oil on hand to be used for heating costing P82,000 and an unpaid heating oil bill for P36,000. At Mar. 31, 2022, the heating oil on hand was P93,000 and there was an outstanding heating oil bill of P32,000. Payments made for heating oil during the year ended Mar. 31, 2022 totaled P346,000. 3. What is the amount of heating oil that would appear on the entity's 2022 income statement? a. P239,000 b. P361,000 C. P453,000 d. P331,000
Transcribed Image Text:Multiple Choice 1. quarterly in advance, follows: Amount Date of Receipt Period Covered Dec. 31, 2021 Mar. 31, 2022 June 30, 2022 Sept. 30, 2022 Dec. 31, 2022 P75,000 gr 75,000 90,000 90,000 90,000 Oct. 1, 2021 3 months to Dec. 30, 2021 3 months to Apr. 4, 2022 July 1, 2022 Oct. 1, 2022 3 months to 3 months to 3 months to What figures, based on these receipts, should appear in the entity's financial statements for the year ended Nov. 30, 2022? Income Statement Statement of Financial Position a. P340,000 Debit b. P345,000 Credit P340,000 Credit d. P340,000 Credit Rent in Arrears (Dr.) P30,000 Unearned Rent Revenues (Cr.) P60,000 Unearned Rent Revenues (Cr.) P30,000 Rent in Arrears (Dr.) P30,000 С. 2. An entity pays rent quarterly in arrears on Jan. 1, Apr. 1, July 1 and Oct. 1 each year. The rent was increased from P900,000 per year to P1,200,000 per year starting Oct. 1, 2021. What rent expense and rent payable amounts should be included in the entity's financial statements for the year ended Jan. 31, 2022? Rent Expense Rent Payable P1,000,000 P1,000,000 P975,000 P200,000 P100,000 P100,000 P200,000 a. b. C. DirW d. P975,000 At Mar. 31, 2021, an entity had oil on hand to be used for heating costing P82,000 and an unpaid heating oil bill for P36,000. At Mar. 31, 2022, the heating oil on hand was P93,000 and there was an outstanding heating oil bill of P32,000. Payments made for heating oil during the year ended Mar. 31, 2022 totaled P346,000. 3. What is the amount of heating oil that would appear on the entity's 2022 income statement? a. P239,000 b. P361,000 C. P453,000 d. P331,000
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