On January tof the current year, the furniture account had a balance of P 24.000 with accumulated depreciation of P 2,400.On May aditional furniture costing P 12,000 was baught. The furmiture is depreciated at the rate 10%6 per annum.What is the carrying amount (net book value) of the fumiture on December 31, the end of the accounting period?P 30,400P 34,000P 34,000P 32,400

Net book value of the assets = Total cost of the assets - Accumulated depreciation where,…

On January tof the current year, the furniture account had a balance of P 24.000 with accumulated depreciation of P 2,400. On May additional furniture costing P 12,000 was bought. The furniture is depreciated at the rato 10%6 per annum. What is the carrying amount (net book value) of the fumiture on December 31, the end of the accounting period? Oa P30,400 P 34,000 P 34,000 P 32,400

On January tof the current year, the furniture account had a balance of P 24.000 with accumulated depreciation of P 2,400. On May additional furniture costing P 12,000 was bought. The furniture is depreciated at the rato 10%6 per annum. What is the carrying amount (net book value) of the fumiture on December 31, the end of the accounting period? Oa P30,400 P 34,000 P 34,000 P 32,400

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 4MCQ

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