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Question 5

Calculate the necessary adjustment amount. No journal entry is required.

A building was purchased January 1, 2023 for $660,000

The building has a residual value of $72,000

The building has a useful life of 20 years.

Calculate the ANNUAL depreciation expense.

A mortgage was received June 30, 2023 of $4,000,000

Interest is payable on the mortgage at a rate of 3.25

Calculate the interest payable for the period July 1 to October 31, 2023

Use number of months in your calculation.

The business prepaid 12 months of rent expense on June 1, 2023

in the amount of $36,000.

No adjusting entries have been done to date for the business

for the year.

Calculate the amount of the adjustment for the rent expense

for the period June 1, 2023 to December 31, 2023

The business has had employees work for the period Feb 26th to

Feb 28th, 2023 a total of 55 hours at a rate of $24 per hour.

Calculate the amount of wages payable at February 28th, 2023

(no calculation of overtime is required)