On March 15, 2014, Rex Company paid property taxes of P180,000 on the factory building for calendar year 2014. On April 1, 2014, the entity made P300,000 in unanticipated ordinary repairs to plant equipment. What total amount of these expenses should be included in the quarterly income statement ending June 30, 2014?
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On March 15, 2014, Rex Company paid property taxes of P180,000 on the factory building for calendar year 2014. On April 1, 2014, the entity made P300,000 in unanticipated ordinary repairs to plant equipment. What total amount of these expenses should be included in the quarterly income statement ending June 30, 2014?
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- On January 15, 2026, Pina Company paid property taxes on its factory building for the calendar year 2026 for $1112000. In the first week of April 2026, Pina made unanticipated major repairs to its plant equipment for $2715000. These repairs will benefit operations for the remainder of the calendar year. How should these expenses be reflected in Pina's quarterly income statements? O O 3/31/26 $1112000 $278000 $956750 $278000 Three Months Ended 6/30/26 $1810000 $1183000 $956750 $2654700 9/30/26 $0 $1183000 $956750 $278000 12/31/26 $0 $1183000 $956750 $278000On March 1, 2021, Special Company paid P500,000 for the calendar year'sproperty taxes. Advertising costs of P1,000,000 and paid P300,000 inunanticipated ordinary repairs to machinery were also incurred on March 31, 2021. What total amount of these expenses should be reported in the quarterly income statement ending June 30, 2021?In January 2021, Lite Inc. paid property taxes on its factory building for the calendar year 2021 in the amount of P100,000. In the first week of July 2021, Lite made advertising campaign and paid P100,000. These advertisements are expected to benefit operations for the remainder of the calendar year. How should these expenses be reflected in Lite's quarterly interim financial reports?
- In January 2019, Dumdum Inc. paid property taxes on its factory building for the calendar year 2019 in the amount of P27,000. In the first week of April 2019, Dumdum made an advertising campaign and paid P60,000. These advertisements are expected to benefit operations for the remainder of the calendar year. How much of these expenses be reflected in the 1st, 2nd, 3rdand 4th quarterly interim reports?On March 1, 2021, Special Company paid P500,000 for the calendar year's property taxes. Advertising costs of P1,000,000 and paid P300,000 in unanticipated ordinary repairs to machinery were also incurred on March 31, 2021. What total amount of these expenses should be reported in the quarterly income statement ending June 30, 2021? A. 0 B. 1,425,000 C. 1,800,000 D. 125,000For the year ending December 31, 2018 Lomi Inc has calculated that total depreciation expense will amount to P60,000, and that 2018 year-end bonuses to employees total P150,000. In Lomi’s interim statement of comprehensive income for the six months ended June 30, 2018, the total amount of expense relating to these two items should be reported as?
- Virginia Corp. has estimated that total depreciation expense for the year ending December 31, 2017 will amount to $1,280,000, total amortization expense for that period will be $420,000, and employee bonuses for the period will total $320,000. In Virginia’s interim income statement for the six months ended June 30, 2017, what is the total amount of expense relating to these three items that should be reported? $1,010,000 $0 $850,000 $505,000In January 2021, ABC Inc. paid property taxes on its factory building for the calendar year 2021 in the amount of P100,000. In the first week of July 2021, ABC made advertising campaign and paid P100,000. These advertisements are expected to benefit operations for the remainder of the calendar year. How should these expenses be reflected in ABC’s quarterly interim financial reports?Vilo Company has estimated that total depreciation expense for 2014 will amount to P600,000 and that 2014 year-end bonuses to employees will total P1,200,000. In the interim income statement for the six months ended June 30, 2014, what total amount of expenses should be reported?
- LOSLOS Company has estimated that total depreciation expense for the year ending December 31, 2021 will amount to P300,000 and that 2021 year-end bonuses to employees will total P60,000. In LOSLOS interim income statement for the six-month period ended June 30, 2021, how much is the total amount of expenses relating to these two items that should be reported?The following transaction occurred during Dec 31, 2021, for the Microchip Company. On August 1, 2021, collected 120000 in advance on rent from another company that is renting a portion of Microchip's factory. THe $12,000 represents one year's rent and the entire amount was credited to deferred rent revenue.Salman Construction Co. began work on a $3,125,000 contract in 2018, using the percentage-of-completion method of accounting. The following information is given: 2018 Costs incurred during the year Estimated costs to complete as of Dec. 31 Billings during the year Cash collections during the year $1,500,000 1,000,000 1,375,000 812,500 What amount of gross profit should be recognized in 2018?