Answered: A company purchase supplies on account…

A company purchase supplies on account for $1600. Indicate the amount of increase and decrease in the accounting equation

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter16: Financial Statement Analysis

Section: Chapter Questions

Problem 9BE

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A company purchase supplies on account for $1600. Indicate the amount of increase and decrease in the accounting equation

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Which of the following transactions is affecting the current asset of accounts receivable? a. Sold merchandise to customers on account b. Received cash from issuance of common stock c. Received cash from customers for this month’s sales d. Paid balance on account for last month’s inventory purchases
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1. What is the amount of gross sale on account? 2. What are the total gross sales? 3. What are the total net sales? 4. What are the correct gross purchase on account? 5. What are the gross purchase? 6. What are the net purchases?
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d) Payables payment period in days e) Number of days inventory on hand 2. Analyse and interpret the following ratios calculated above a) Receivables collection period b) Payables payment period c) Number of days inventory on hand
Brickman’s ending balance of Accounts Receivable is $19,500. Use the data in the preceding question to compute the net realizable value of Accounts Receivable at year-end. $16,800 $19,500 $17,400 $17,900
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Question Completion Status: The following select account data is taken from the records of Reese Industries for 2019. Sales Merchandise inventory sales discounts interest expense Sales return and allowances Interest revenue Cost of goods sold Rent expense Depreciation expense: office equipment Insurance expense Advertising expense Accounts receivable Office supplies expense rent revenue sales salaries expense accounts payable common stock Marketing expense 640,363 582,620 58,040 3,677 90,232 10,232 224,598 15,080 3,200 2,450 12,906 100,440 1,600 23,622 30,410 135,404 59,419 31,000 1. Use the data provided to compute net sales for 2019. 2. Prepare a simple income statement for the year ended December 31, 2019. 3.Compute the gross margin for 2019. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac).
The account balances for a company are listed below. All balances are as of December 31, 2021, except where noted otherwise. Accounts Payable Accounts Receivable Wages Payable Prepaid Expenses Dividends Sales Revenue Notes Payable (due 4/30/22) Cost of Goods Sold Loss on Sale of Equipment Inventory Advertising Expense Insurance Expense $42,450 O $51,100 $7,200 8,400 3,400 500 $26.050 2,000 99,850 1,000 48,800 5,500 9,500 Determine Income from Operations for 2021: ($5,100) $43,500 2,500 2,000 Rent Expense Equipment Furniture Notes Payable (due 12/31/23) Accumulated Depreciation Cash Common Stock Goodwill Retained Earnings (1/1/21) Marketable Equity Securities Depreciation Expense Unearned Revenue $3,000 74,500 16,600 40,900 8,000 14,000 20,000 10,000 16,150 300 1,100 2,200
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