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The following items were among those that were reported on Bulacan Company's income statement for the year ended December 31, 2013: Legal and audit fees
The following items were among those that were reported on Bulacan Company's income statement for the year ended December 31, 2013: Legal and audit fees 2,000,000 Rent for office space 6,000,000 Interest on acceptances payable 1,000,000 Loss on abandoned data processing equipment 500,000 Insurance 200,000 The office space is used equally by the sales and accounting departments. What amount should be classified as general and administrative expenses? A. P8,200,000 C. P6,200,000 B. P5,200,000 D. P5.000.000
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