A one year advance payment of insurance was made on March 31 As of December 31

A one year advance payment of insurance was made on

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A one-year advance payment of insurance was made on March 31. As of December 31, the balance of insurance expense still contained the full P54,000 worth of payment. If these items persisted before closing the books, by how much would Bolton International’s net income be overstated/understated? (Indicate if over or under.) P25,500 under 11. Clegane Cleaners has received a P20,000 advance payment from one of its customers for a thorough cleaning of a building. At year-end, 60% of the job has been completed. In addition to this, Clegane Cleaners was able to complete cleaning services for a total of P80,000. If Clegane Cleaners’ only source of revenue was its cleaning services and net income for the year is P30,000, how much is the total expense incurred by Clegane? P62,000 12. Galicia Publishing has the following values in the balance sheet: December 31, 2019 December 31,2018 Prepaid Rent 0 13,500 Rent Payable 1,500 0 Rent is typically paid once every two months. Assuming no other transactions involving Rent happened in 2019, what is Galicia Publishing’s Rent Expense in its 2019 income statement? P15,000 13. Hornwood & Dayne Ltd. pays its employees every Friday. The 2018 calendar year ends on a Tuesday. The company has the following in its staff: Three employees who receive a salary of P3,500 per week per employee E&R 60.1 | Shannen | Marielle | Raphael | Chiqui
Two employees who receive a salary of P4,800 per week per employee Employee X, who receives a salary of P15,000 once every two weeks Employee X hasn’t received any payment in the week preceding the end of the calendar year. How much is Hornwood & Dayne Ltd.’s Salaries Payable on December 31, 2018? P18,540 14. Redwyne Consulting had Utilities Payable of P32,000 at the start of the year. Redwyne Consulting has paid a total amount of P104,000 during the year. If Redwyne Consulting’s Utilities Expense was P85,000, how much Utilities Payable was accrued at the end of the year? P13,000 15. Marbrand Manufacturing was able to collect P37,000 from its customers in the last quarter of 2014. Additional information are as follows: December 31, 2018 September 30, 2018 Cash 142,000 105,000 Sales Revenue 34,500 (for the whole year) 28,500 All sales were originally made on account. For the quarter that ended in December 31, what was the net increase/decrease in Accounts Receivable? (Indicate increase or decrease.) P31,000 decrease Long ProblemThe balance sheet of ShE&Rlock Corporation is: ShE&Rlock Corporation Statement of Financial Position As of December 31, 2018 Assets Cash 191,000 Accounts Receivable 170,000 Supplies 12,000 Prepaid Insurance 6,000 Land 140,000 Equipment 160,000 Accumulated Depreciation - Equipment 16,000 Total Assets 663,000 Liabilities and Owner’s Equity Accounts Payable 182,000 Salaries and Wages Payable 15,000 Interest Payable 12,000 Notes Payable 120,000 Owner’s Capital 334,000 Total Liabilities and Owner’s Equity 663,000 According to the ledger: 2019 E&R 60.1 | Shannen | Marielle | Raphael | Chiqui
January 1 A 12-month 10% note dated January 1, 2018 including interest has been paid in cash. The note had a face value of P100,000.

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