x[Company issued its 2020 financial statements on March 1, 2021. The following data a provided by the entity for the year ended December 31, 2020. Amount owing to another entity for services rendered during December 2020 P500,000 Estimated long service leave owing to employees in respect of past services 750,000 Estimated cost of allocating an employee from head office to a branch in another city (employee will physically relocate on January 2021) Estimated cost of overhauling machine every 5 years (the machine is 5 years old on December 31, 2012) 250,000 100,000 Determine the provision to be recognized on December 31, 2020.

x[Company issued its 2020 financial statements on March 1, 2021. The following data a provided by the entity for the year ended December 31, 2020. Amount owing to another entity for services rendered during December 2020 P500,000 Estimated long service leave owing to employees in respect of past services 750,000 Estimated cost of allocating an employee from head office to a branch in another city (employee will physically relocate on January 2021) Estimated cost of overhauling machine every 5 years (the machine is 5 years old on December 31, 2012) 250,000 100,000 Determine the provision to be recognized on December 31, 2020.

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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