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Name: SAYURI E.

LAZO Date: February 21, 2020


ACC520M Net Income After Tax
Problem 7-14 Accrued Revenue

Interest Receivable ----------- 12,500


Interest Income ---------------------------- 12, 500

To record accrued interest at December 31 ( 500,000 𝑥 10% 𝑥 90⁄360 )

Problem 7-15 Accrued Expenses

Interest Expenses ----------- 12,000


Salaries Expenses ---------- 25,000
Interest Payable ---------------------------- 12,000
Salaries Payable ----------------------------- 25,000

Problem 7-16 Prepayment

Asset Method
8/1 Prepaid Insurance ----------- 28,800
Cash -------------------------------- 28,800
12/31 Insurance Expense ----------- 6,000
Prepaid Insurance ------------------ 6,000

Expense Method
8/1 Interest Expenses ----------- 28,800
Salaries Expenses ---------------- 28,800
12/31 Interest Payable ------------------- 22,800
Salaries Payable ------------------- 22,800
Problem 7-17 Pre-collection

Liability Method
9/1 Cash ------------------------------ 240,000
Unearned Revenue ---------------------- 240,000

12/31 Unearned Revenue ------------ 160,000


Rental Income ------------------------------ 160,000

Revenue Method
9/1 Cash -------------------------------- 240,000
Rental Income ------------------------------ 240,000

12/31 Rental Income --------------------- 80,000


Unearned Revenue ------------------------- 80,000

Problem 7-18 Depreciation

𝐴𝑐𝑞𝑢𝑖𝑟𝑒𝑑 𝐶𝑜𝑠𝑡 − 𝑆𝑎𝑙𝑣𝑎𝑔𝑒 𝑉𝑎𝑙𝑢𝑒 5,500,000 − 500,000


𝐷𝑒𝑝𝑟𝑒𝑐𝑖𝑎𝑡𝑖𝑜𝑛 𝑒𝑥𝑝𝑒𝑛𝑠𝑒 = =
𝑁𝑜. 𝑜𝑓 𝑌𝑒𝑎𝑟𝑠 40 𝑦𝑒𝑎𝑟𝑠

𝐷𝑒𝑝𝑟𝑒𝑐𝑖𝑎𝑡𝑖𝑜𝑛 𝑒𝑥𝑝𝑒𝑛𝑠𝑒 = 125,000 depreciation / year

Accumulated Depreciation is P 125,000


Provision for depreciation for year 200A.

1/1 Cash ----------------------------------------- 5,500,000


Building ------------------------------------------------ 5,500,000

12/31 Depreciation Expense --------------------- 125,000


Accumulated Depreciation ------------------------- 125,000

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