The balance in prepaid insurance is a one-year premium paid on June
1,2025
. An inventory count on August 31 shows
$444
of supplies on hand. Annual depreciation rates are (a) buildings (4%) and (b) equipment (10%). Salvage value is estimated to be
10%
of cost. Unearned Rent Revenue of
$3,945
was earned prior to August 31. Salaries of
$371
were unpaid at August 31. Rentals of
$867
were due from tenants at August 31. The mortgage interest rate is
8%
per year.

Question

The balance in prepaid insurance is a one-year premium paid on June

1,2025

. An inventory count on August 31 shows

$444

of supplies on hand. Annual depreciation rates are (a) buildings (4%) and (b) equipment (10%). Salvage value is estimated to be

10%

of cost. Unearned Rent Revenue of

$3,945

was earned prior to August 31. Salaries of

$371

were unpaid at August 31. Rentals of

$867

were due from tenants at August 31. The mortgage interest rate is

8%

per year.

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