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

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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
357,100
100,000
15,000
X, Capital
Notes Payable
Office Equipment
Office Furniture
Accounts Receivable
75,000
73,500
95,400
26,200
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.
21,150
22,350
19,900
21,100
Transcribed Image Text: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 357,100 100,000 15,000 X, Capital Notes Payable Office Equipment Office Furniture Accounts Receivable 75,000 73,500 95,400 26,200 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. 21,150 22,350 19,900 21,100
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