The current liabilities section of the statement of financial position of HOPE CORP. as of December 31, 2018, shows the following balances: Accrued utilities expense P15,000 Advances from customers 40,000 Accrued fines and penalties 5,000 Taxation follows cash basis of accounting for revenues and expenses while the company, in accordance with PFRS, uses accrual accounting. The above fines and penalties are those by which it is treated by taxation as non-deductible. The total se of the liabilities above is 20,000 60,000 5,000 Nil

The current liabilities section of the statement of financial position of HOPE CORP. as of December 31, 2018, shows the following balances: Accrued utilities expense P15,000 Advances from customers 40,000 Accrued fines and penalties 5,000 Taxation follows cash basis of accounting for revenues and expenses while the company, in accordance with PFRS, uses accrual accounting. The above fines and penalties are those by which it is treated by taxation as non-deductible. The total se of the liabilities above is 20,000 60,000 5,000 Nil

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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