PLEASE PROVIDE THE NEEDED ANSWER AND SOLUTION OF THE PROBLEM IN THE PICTURE. THANK YOU SO MUCH Solve the following problems1. A computer, printer and a copier were purchased for a total price of Php 250,000 onAugust 1, 2013. The company estimated that the equipment purchased will be effectivelyused for 5 years and after that the equipment can be sold for Php 20,000a. How much is the annual depreciation of the equipment?b. How much depreciation will be recorded in year 2013, assuming the maintaining acalendar period?C.What percent of the cost of the equipment is the annual depreciation?d. How much is the depreciation for year 2014?e. Prepare the adjusting journal entry for years 2013 and 2014.2. Office chairs and tables were purchased from a furniture shop amounting to Php 350,000on December 1, 2013. The company estimated that the life of the pieces of furniture willbe 10 years and can be sold for scrap of Php 30,000a. What is the adjusting journal entry at the end of the calendar period of December 31,2013b. What is the book value of the pieces of furniture at the end of the calendar year 2015?3. A company purchased an air conditioner at SY Appliance Center for Php 45,000 and paidan installation fee of Php 6,000 with a delivery charge of Php 1,000. The air conditionerhas an estimated life span of 5 years with a residual value of Php 15,000a. What is the depreciable cost of the air conditioner?b. How much is the annual depreciation?

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problems 1. A computer, printer and a copier were purchased for a total price of Php 250,000 on August 1, 2013. The company estimated that the equipment purchased will be effectively used for 5 years and after that the equipment can be sold for Php 20,000 a. How much is the annual depreciation of the equipment? b. How much depreciation will be recorded in year 2013, assuming the maintaining a calendar period? c. What percent of the cost of the equipment is the annual depreciation? d. How much is the depreciation for year 2014? e. Prepare the adjusting journal entry for years 2013 and 2014.

problems 1. A computer, printer and a copier were purchased for a total price of Php 250,000 on August 1, 2013. The company estimated that the equipment purchased will be effectively used for 5 years and after that the equipment can be sold for Php 20,000 a. How much is the annual depreciation of the equipment? b. How much depreciation will be recorded in year 2013, assuming the maintaining a calendar period? c. What percent of the cost of the equipment is the annual depreciation? d. How much is the depreciation for year 2014? e. Prepare the adjusting journal entry for years 2013 and 2014.

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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