In k5 of 2022, Yen Company made advertising expenses amounting to P800,000. The said advertisement is expected to benefit the company and its operations for the remainder of the year. What is the advertisement expense to be reported in k5 of 2022?

 On July 1, 2022, lele Company purchased machinery from a dealer paying P2,310,000 cash. In addition, a P150,000 transaction cost was incurred to bring the machinery in the company's premises. Using the conceptual framework, how much is the historical cost of the machinery? 

 Atty. em maintains the accounting records of his law office on a cash basis. For the year, 2020, Em reported professional fees of P3,250,000 and P1,520,000 in operating expenses. On December 31, 2019, and December 31, 2020, he had the following accounts with balances as follows:

                                                             Dec. 31, 2020            Dec. 31, 2019

prepaid expenses                                     16,100                 15,000
accrued expenses                                     27,500               33,400
professional fees receivable                     38,000              185,000
unearned professional fees                      86,700               42,800

 Under the accrual basis, professional fees by Atty. em for the year amount to?

Answer rating: 100% (QA)

Assuming k5 represents the fifth month of the year May the remaining months from June to December 7 ... View the full answer