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?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?
- 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. 125,000In 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?
- For 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?In 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?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.
- 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?Johnson Ltd. Paid $64,000 in taxes for 2017, and will use this amount to estimate the quarterly instalment payments due to CRA for 2018. Johnson Ltd. has a December 31 t year end. Prepare the journal entries to record: a) the March 31, 2018 instalment amount payable, b) the instalment payment on April 15, 2018, and c) the December 31, 2018 final tax payable amount if the total yearly taxes owing was actually $59,000. (no entry for the actual payment, just the recognition of the payable amount).Leni Company had the following transactions during the quarter ended March 31, 2021:• Loss on Sale- 900,000• Payment of fire insurance premium for calendar year 2021- 400,000• Payment of rent for 1 year- 1,200,000• Payment of property tax assessed for calendar year 2021- 500,000What total amount should be included in the determination of the net income or loss for the quarter ended March 31, 2021?