Lee Cheol San Company pays commissions to its sales staff at the rate of 3% of net sales. Sales staff are not paid salaries but are given monthly advances of P15,000. Advances are charged to commission expense, and reconciliations against commissions are prepared quarterly. Net Sales for the year ended March 31, 2020 were P15,000,000. The unadjusted balance in the commissions expense account on March 31, 2020 was P400,000. March advances were paid on April 3, 2020. In its income statement for the year ended March 31, 2020, what amount should Lee Cheol San report as commission expense? A. P400,000 B. P415,000 C. P450,000 D. P465,000

Bon Nebo Co. sold 11,500 annual subscriptions of Bjorn for $60 during December 20Y5. These new subscribers will receive monthly issues, beginning in January 20Y6. In addition, the business had taxable income of $436,000 during the first calendar quarter of 20Y6. The federal tax rate is 40%. A quarterly tax payment will be made on April 12, 20Y6. Prepare the “Current liabilities” section of the balance sheet for Bon Nebo Co. on March 31, 20Y6. Bon Nebo Co.Current Liabilities Section of Balance SheetMarch 31, 20Y6 Line Item Description Amount Current liabilities:   Advances on magazine subscriptions $Advances on magazine subscriptions Federal income taxes payable Federal income taxes payable Total current liabilities $Total current liabilities

On October 29, Lobo Company began operations by purchasing razors for resale. The razors have a 90-day warranty. When a razor is returned, the company discards it and mails a new one from Merchandise Inventory to the customer. The company's cost per new razor is $16 and its retail selling price is $80. The company expects warranty costs to equal 6% of dollar sales. The following transactions occurred. November 11 Sold 60 razors for $4,800 cash. November 30 Recognized warranty expense related to November sales with an adjusting entry. December 9 Replaced 12 razors that were returned under the warranty. December 16 Sold 180 razors for $14,400 cash. December 29 Replaced 24 razors that were returned under the warranty. December 31 Recognized warranty expense related to December sales with an adjusting entry. January 5 Sold 120 razors for $9,600 cash. January 17 Replaced 29 razors that were returned under the warranty. January 31 Recognized warranty expense related to January sales with an…

A company borrows $60,000 by signing a $60,000, 8% 6-year note that requires equal payments of $!2,979 at the end of each year. The first payment will record an interest expense of $4,800 and will reduce principal by $__________.