For the fiscal year ending May 31, 2014, how much is the net income? *Given the following unadjusted ledger balances on fiscal year ending May 31, 2014:Account TitlesDebitCreditUtilities ExpenseAdvertising ExpenseRent ExpenseSalaries ExpenseService IncomeX, CapitalNotes PayableOffice Equipment5,0007,00050,000140,000357,100100,00015,00075,00073,50095,40026,200Office 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.124,237125,487124,287123,037

The Correct Income can be Calculated only when the Adjustments Required is considered and Posted .…

Answered: For the fiscal year ending May 31,…

For the fiscal year ending May 31, 2014, how much is the net income? * Given the following unadjusted ledger balances on fiscal year ending May 31, 2014:

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter5: Completing The Accounting Cycle

Section: Chapter Questions

Problem 1PB: Identify whether each of the following accounts would be considered a permanent account (yes/no) and...

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Question

For the fiscal year ending May 31, 2014, how much is the net income? *
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
Service Income
X, Capital
Notes Payable
Office Equipment
5,000
7,000
50,000
140,000
357,100
100,000
15,000
75,000
73,500
95,400
26,200
Office Furniture
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.
124,237
125,487
124,287
123,037

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