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: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter7: Receivables And Investments
Section: Chapter Questions
Problem 7.1DC: Reading 3M Companys Balance Sheet: Accounts Receivable The following current asset appears on the...
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