Systematic Allocation of Expense VS. Outright Allocation of Expense 1) Cyrus Company provided the following information for the first quarter. Loss from typhoon Insurance for the calendar year Loss on inventory write down Property taxes for the calendar year Advertising of a new product P 800,000 200,000 100,000 500,000 300,000 Page 2 of 3 Depreciation expense for the year Year end bonuses to employees Ordinary repair to equipment 600,000 1,200,000 150,000 What total amount of expense should be reported in the first quarter? A. 1,975,000 B. 1,657,000 C. 1,750,000 D. 2,350,000
Systematic Allocation of Expense VS. Outright Allocation of Expense 1) Cyrus Company provided the following information for the first quarter. Loss from typhoon Insurance for the calendar year Loss on inventory write down Property taxes for the calendar year Advertising of a new product P 800,000 200,000 100,000 500,000 300,000 Page 2 of 3 Depreciation expense for the year Year end bonuses to employees Ordinary repair to equipment 600,000 1,200,000 150,000 What total amount of expense should be reported in the first quarter? A. 1,975,000 B. 1,657,000 C. 1,750,000 D. 2,350,000
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN:9781305666160
Author:James A. Heintz, Robert W. Parry
Publisher:James A. Heintz, Robert W. Parry
Chapter9: Payroll Accounting: Employer Taxes And Reports
Section: Chapter Questions
Problem 6SEA
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