As of May 31, 2014, how much is the total liabilities? (DO NOT PUT COMMA,DECIMAL POINT, PESO SIGN AND CENTAVOS, JUST PUT THE PLAIN NUMBERS(For example: P100,000.00 should be written simply as 100000) *Given the following unadjusted ledger balances on fiscal year ending May 31, 2014:Account TitlesDebitCreditUtilities ExpenseAdvertising ExpenseRent ExpenseSalaries Expense5,0007,00050,000140,000Service IncomeХ, СаpitalNotes PayableOffice Equipment357,100100,00015,00075,00073,50095,40026,200Office FurnitureAccounts ReceivableCashRelevant information:a. No interest has yet been recorded on a 60-day 15% note issued by the company on May3, 2014. (Use 365 days)b. Office equipment was purchased on July 1, 2013, and estimated to have a useful life of5 years with no scrap value.c. Office furniture was purchased on June 1, 2013 and estimated to be useful for 10 yearswith 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.Your answer

Outstanding interest on note payable = 15000 × 15% × 29 days 365 days = 179

As of May 31, 2014, how much is the total liabilities? (DO NOT PUT COMMA, DECIMAL POINT, PESO SIGN AND CENTAVOS, JUST PUT THE PLAIN NUMBERS (For example: P100,000.00 should be written simply as 100000) * Given the following unadjusted ledger balances on fiscal year ending May 31, 2014: Account Titles Utilities Expense Advertising Expense Rent Expense Salaries Expense Service Income X, Capital Notes Payable Office Equipment Office Furniture Debit Credit 5,000 7,000 50,000 140,000 357,100 100,000 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.

As of May 31, 2014, how much is the total liabilities? (DO NOT PUT COMMA, DECIMAL POINT, PESO SIGN AND CENTAVOS, JUST PUT THE PLAIN NUMBERS (For example: P100,000.00 should be written simply as 100000) * Given the following unadjusted ledger balances on fiscal year ending May 31, 2014: Account Titles Utilities Expense Advertising Expense Rent Expense Salaries Expense Service Income X, Capital Notes Payable Office Equipment Office Furniture Debit Credit 5,000 7,000 50,000 140,000 357,100 100,000 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.

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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