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What amount should be reported as accrued liabilities

    Assignment Instructions

    Assignment ID: FG133136067

    Question – Multitrade Company operates a retail store and must determine the proper December 31 2020 year end accrual for the following expenses:

    The store lease calls for fixed rent of 20,000 per month payable at the beginning of the month.

    Additional rent equal to 5% of net sales over 3 million per year payable on January 31 of the following year. Net sales for 2020 amounted to P9 million.

    Required – On December 31 2020 what amount should be reported as accrued liabilities?

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