What is the reportable June 2020 expenses? Received electricity bill for P10,000 for use of electricity in June 2020, payable in July 2020. • Paid P12,000 in June for a 12-month insurance policy * P11,000 O P12,000 O P22,000 None of the above O O O O

What is the reportable June 2020 expenses? Received electricity bill for P10,000 for use of electricity in June 2020, payable in July 2020. • Paid P12,000 in June for a 12-month insurance policy * P11,000 O P12,000 O P22,000 None of the above O O O O

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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Concept explainers

Present Value

Present value (PV) is defined as the current or present value of all future sums of cash flow or money at a specified rate of return. This rate of return is known as the discounted rate, which is essentially the interest rate, discounted over some time. The expected cash flows are discounted at a discount rate to compute the present value. The higher the discount rate, the higher the future value (FV), but the lower the present value.

Question

What is the reportable June 2020
expenses? · Received electricity bill for
P10,000 for use of electricity in June
2020, payable in July 2020. • Paid
P12,000 in June for a 12-month
insurance policy *
O P11,000
O P12,000
O P22,000
O None of the above

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