Question: Solution and computation PROBLEM 5-6 Computation of Expenses in General The following data were reported by Chessy Company during the current year: Prepaid Rent -

Solution and computation

PROBLEM 5-6 Computation of Expenses in General The following data were reported by Chessy Company during the current year: Prepaid Rent - January 1 200,000 Prepaid Rent - December 31 250,000 Rent payable - January 1 80,000 Rent payable - December 31 65,000 Rent expense-accrual basis 850,000 How much is the total rent expense under the cash basis of accounting? a. P800,000 c. P885,000 b. P865,000 d. P815,000

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