Question
Store Supplies on hand at June 30, 2022 amounted to $98,400. (ii) Insurance of $115,500 was paid on May 1, 2022, for 7-months to November
Store Supplies on hand at June 30, 2022 amounted to $98,400. (ii) Insurance of $115,500 was paid on May 1, 2022, for 7-months to November 2022 (iii) Rent was prepaid on April 1, 2022, for 5-months to August 2022. (iv) The furniture and fixtures have an estimated useful life of 5 years and is beingdepreciated on the straight-line method down to a residual value of $10,000. (v) The motor truck was acquired on March 31, 2022, and is being depreciated over 10 years on the double-declining balance method of depreciation, down to a residue of $15,000 (vi) Salaries earned by employees not yet paid amounted to $48,000 at June 30, 2022. (vii) Accrued interest expense as of June 30, 2022, $45,000. (viii) On June 30, 2022, $99,000 of the previously unearned sales revenue had been earned. (ix) The aging of the Accounts Receivable schedule at June 30, 2022 indicated that the Allowance for Bad Debts should be $70,000. (x) After making all other adjustm
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started