For the fiscal year ending May 31, 2014, how much is the depreciation expense? * Given the following unadjusted ledger balances on fiscal year ending May 31, 2014: Account Titles Debit Credit Utilities Expense Advertising Expense Rent Expense Salaries Expense 5,000 7,000 50,000 140,000 Service Income X, Capital Notes Payable Office Equipment Office Furniture 357,100 100,000 15,000 75,000 73,500 95,400 26,200 Accounts Receivable Cash Relevant information: a. No interest has yet been recorded on a 60-day 15% note issued by the company on May 3, 2014. (Use 365 days) b. Office equipment was purchased on July 1, 2013, and estimated to have a useful life of 5 years with no scrap value. c. Office furniture was purchased on June 1, 2013 and estimated to be useful for 10 years with a salvage value of P12,000 at the end of its useful life. d. Management estimated that only 90% of the receivables will be collected. O 21,150 O 22,350 O 19,900 O 21,100

For the fiscal year ending May 31, 2014, how much is the depreciation expense? * Given the following unadjusted ledger balances on fiscal year ending May 31, 2014: Account Titles Debit Credit Utilities Expense Advertising Expense Rent Expense Salaries Expense 5,000 7,000 50,000 140,000 Service Income X, Capital Notes Payable Office Equipment Office Furniture 357,100 100,000 15,000 75,000 73,500 95,400 26,200 Accounts Receivable Cash Relevant information: a. No interest has yet been recorded on a 60-day 15% note issued by the company on May 3, 2014. (Use 365 days) b. Office equipment was purchased on July 1, 2013, and estimated to have a useful life of 5 years with no scrap value. c. Office furniture was purchased on June 1, 2013 and estimated to be useful for 10 years with a salvage value of P12,000 at the end of its useful life. d. Management estimated that only 90% of the receivables will be collected. O 21,150 O 22,350 O 19,900 O 21,100

Name: For the fiscal year ending May 31, 2014, how much is the depreciation
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Description: For the fiscal year ending May 31, 2014, how much is the depreciation expense? *Given the following unadjusted ledger balances on fiscal year ending May 31, 2014:Account TitlesDebitCreditUtilities ExpenseAdvertising ExpenseRent ExpenseSalaries Expen

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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