Question
Crippling Corporation had the following transactions during the quarter ended March 31, 2016: Loss from typhoon damage: P210,000 Payment of fire insurance premium for the
Crippling Corporation had the following transactions during the quarter ended March 31, 2016:
Loss from typhoon damage: P210,000
Payment of fire insurance premium for the calendar year 2016: P300,000
What amount should be included in Cripplings income statement for the quarter ended March 31, 2016?
Typhoon loss Insurance expense
A. 210,000 300,000
C. 52,500 75,000
B. 210,000 75,000
D. 0 300,000
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Managerial Accounting Tools For Business Decision Making
Authors: Jerry J. Weygandt, Paul D. Kimmel, Jill E. Mitchell
9th Edition
111970958X, 9781119709589
