23

Below are some of the account balances of FDN Company.

Advertising expense	P162,000
Depreciation expense Office furniture	51,000
Depreciation expense Store equipment	37,000
Freight in	12,300
Freight out	8,800
Insurance expense	71,000
Professional fees	16,000
Repairs and maintenance expense	40,000
Store supplies expense	29,700

How much is the total marketing and selling expense?

24

FDN Company reported the following on December 31, 2021, before adjustments:

Accounts Receivable P12,000,000

Allowance for Doubtful Accounts P200,000

Sales P50,000,000

The entity estimated that 9% of accounts receivable may prove uncollectible. How much should be reported as doubtful accounts expense for the year ended December 31, 2021?

25

FDN Company shows the following amounts in its Statement of Cash Flows for the year ended December 31, 2021:

Net cash used in operating activities	P 4,000,000
Net cash used in investing activities	5,000,000
Net cash provided by financing activities	5,500,000
Cash balance, January 1	7,000,000

How much is the balance of cash at December 31, 2021?

26

On October 1, 2021, FDN Company paid an insurance premium covering the period from October 1, 2021 to October 1, 2022 in the amount of P162,000. The accounting period ends on December 31, 2021. How much is the Prepaid Insurance Expense reported on the Statement of Financial Position as of December 31, 2021?