At the beginning of 2024 Mintz Co. had $1,000 of supplies. During the year, it purchased an additional $4,000 of supplies on account. Latte Mintz paid $3,000 on accounts payable related to the supplies. A count of supplies at the end of 2024 showed that supplies on hand were $500. How much supplies expense will be reported on the income statement and how much cash was paid for the supplies during 20247
At the beginning of 2024 Mintz Co. had $1,000 of supplies. During the year, it purchased an additional $4,000 of supplies on account. Latte Mintz paid $3,000 on accounts payable related to the supplies. A count of supplies at the end of 2024 showed that supplies on hand were $500. How much supplies expense will be reported on the income statement and how much cash was paid for the supplies during 20247
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Ch 2 Practice
At the beginning of 2024 Mintz Co. had $1,000 of supplies. During the
year, it purchased an additional $4,000 of supplies on account. Latte,
Mintz paid $3,000 on accounts payable related to the supplies. A count
of supplies at the end of 2024 showed that supplies on hand were
$500. How much supplies expense will be reported on the income
statement and how much cash was paid for the supplies during 20247
2. Bostick Services, Inc. reported unearned rent of $5,400 on January 1,
2024 and $7,800 at December 31, 2024. Rent revenue of $45,900 was
reported in the 2024 income statement and rent collections during
2024 were $48,300, all of which was credited to the unearned rent
account. What adjusting entry was made on December 31, 20247
5. Nichelle Company has a balance in interest receivable at December 31,
2025 and 2024 of $7,300 and $5,700, respectively. During 2025,
Nichelle collected $40,000 in interest. What amount of interest
revenue should it report for 2025?
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