Answered: total amount of expense

Business

Accounting

total amount of expense

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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Question

43. Chicken Wings Corporation paid P120,000 for annual property taxes on January 15, 2021, and P20,000 for building repair costs on March 10, 2021. Total repair expenses for the year were estimated to be P200,000. What total amount of expense for these items was reported in Chicken Wings’s first quarter 2021 interim income statement?

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