1 Farr Company had the following transactions during the first quarter: Loss from typhoon 700,000 100,000...

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1 Farr Company had the following transactions during the first quarter: Loss from typhoon 700,000 100,000 Payment of fire insurance premium for calendar year What total amount of expenses should be included in the income statement for the first quarter? Problem 28-2 (AICPA Adapted) Harper Company incurred an inventory loss from market decline of P840,000 on June 30. What amount of the inventory loss should be recognized in the quarterly income statement for the three months ended June 30? Problem 28-3 (AICPA Adapted) On June 30, Mill Company incurred a P1,000,000 net loss from disposal of a business segment. Also, on June 30, the entity paid P400,000 for property taxes assessed for the current calendar year. What total amount should be included in the determination of the net income or loss for the six-month interim period ended June 30? Problem 28-4 (AICPA Adapted) konstup d Vim Company estimated that total depreciation expense for the year ended December 31, 2020 will amount to P500,000, and that 2020 year-end bonuses to employees will total P1,200,000. In the interim income statement for the six months ended June 30, 2020, what total amount of these expenses should be reported? Problem 28-5 (IFRS) The terms and conditions of employment with Pauline Company include entitlement to share in the staff bonus system, under which 5% of the income for the year before charging the bonus is allocated to the bonus pool, provided the annual net income exceeds P50,000,000. The income before accrual of any bonus for the first half of the current year amounts to P40,000,000 and the latest estimate of the income before accrual of any bonus for the year as a whole is P60,000,000. What amount should be recognized as bonus expense for the first half of the current year? Problem 28-6 (AICPA Adapted) On March 15, 2020, Rex Company paid property taxes of P600,000 on the factory building for calendar year 2020. On April 1, 2020, the entity made P900,000 in unanticipated ordinary repairs to equipment. What total amount of these expenses should be included in the quarterly income statement ending June 30, 2020? 1 Farr Company had the following transactions during the first quarter: Loss from typhoon 700,000 100,000 Payment of fire insurance premium for calendar year What total amount of expenses should be included in the income statement for the first quarter? Problem 28-2 (AICPA Adapted) Harper Company incurred an inventory loss from market decline of P840,000 on June 30. What amount of the inventory loss should be recognized in the quarterly income statement for the three months ended June 30? Problem 28-3 (AICPA Adapted) On June 30, Mill Company incurred a P1,000,000 net loss from disposal of a business segment. Also, on June 30, the entity paid P400,000 for property taxes assessed for the current calendar year. What total amount should be included in the determination of the net income or loss for the six-month interim period ended June 30? Problem 28-4 (AICPA Adapted) konstup d Vim Company estimated that total depreciation expense for the year ended December 31, 2020 will amount to P500,000, and that 2020 year-end bonuses to employees will total P1,200,000. In the interim income statement for the six months ended June 30, 2020, what total amount of these expenses should be reported? Problem 28-5 (IFRS) The terms and conditions of employment with Pauline Company include entitlement to share in the staff bonus system, under which 5% of the income for the year before charging the bonus is allocated to the bonus pool, provided the annual net income exceeds P50,000,000. The income before accrual of any bonus for the first half of the current year amounts to P40,000,000 and the latest estimate of the income before accrual of any bonus for the year as a whole is P60,000,000. What amount should be recognized as bonus expense for the first half of the current year? Problem 28-6 (AICPA Adapted) On March 15, 2020, Rex Company paid property taxes of P600,000 on the factory building for calendar year 2020. On April 1, 2020, the entity made P900,000 in unanticipated ordinary repairs to equipment. What total amount of these expenses should be included in the quarterly income statement ending June 30, 2020?

Answer rating: 100% (QA)

1 To calculate the total amount of expenses to be included in the income statement for the first quarter we need to consider the two transactions provided Loss from typhoon 700000 Payment of fire insu... View the full answer