1. A company bought office furniture and equipment as it opened up a new branch. They bought 30 pcs of chair worth P117,000, 12 pcs of office table worth P 6,250 each, 8 computer sets worth P 55,630 each and a meeting table worth P 28,349. All of the furniture is estimated to last for 6 years and a salvage value of 20% of its purchase cost. The equipment, on the other hand, has 4 years of useful life and a salvage value of 10%. Compute per item for the depreciation and book value for each year using the Straight Line Method.

1. A company bought office furniture and equipment as it opened up a new branch. They bought 30 pcs of chair worth P117,000, 12 pcs of office table worth P 6,250 each, 8 computer sets worth P 55,630 each and a meeting table worth P 28,349. All of the furniture is estimated to last for 6 years and a salvage value of 20% of its purchase cost. The equipment, on the other hand, has 4 years of useful life and a salvage value of 10%. Compute per item for the depreciation and book value for each year using the Straight Line Method.

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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