Based on this information the amount of supplies reported on the Year 2 Balance Sheet is $__
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Karev Company started Year 2 with a $500 balance in its Cash account, a $500 balance in its Supplies account and a $1,000 balance in its common stock account. During Year 2 the company experienced the following events. (1) Paid $253 cash to purchase supplies (2) Physical count revealed $336 of supplies on hand at the end of Year 2 Based on this information the amount of supplies reported on the Year 2 |
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- Ho Designs experienced the following events during Year 1, its first year of operation. 1. Started the business when it acquired $59,000 cash from the issue of common stock 2. Paid $22,800 cash to purchase inventory. 3. Sold inventory costing $12,200 for $27, 100 cash. 4. Physically counted inventory; had inventory of $7,100 on hand at the end of the accounting period. Required a. Record the events in T-accounts provided b. Prepare an income statement and balance sheetThe following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 20Y5: Cash $92,000 Gerri Faber, Drawing $300,000 Accounts Receivable 450,000 Sales 8,925,000 Merchandise Inventory 375,000 Cost of Merchandise Sold 5,620,000 Office Supplies 10,000 Sales Salaries Expense 850,000 Prepaid Insurance 12,000 Advertising Expense 420,000 Office Equipment 220,000 Depreciation Expense—Store Equipment 33,000 Accumulated Depreciation—Office Equipment 58,000 Miscellaneous Selling Expense 18,000 Store Equipment 650,000 Office Salaries Expense 540,000 Accumulated Depreciation—Store Equipment 87,500 Rent Expense 48,000 Accounts Payable 38,500 Insurance Expense 24,000 Customer Refunds Payable 10,000 Depreciation Expense—Office Equipment 10,000 Salaries Payable 4,000 Office Supplies Expense 4,000 Note Payable (final payment due in eight years) 140,000 Miscellaneous Administrative Exp. 6,000…The Cash account had a balance at the beginning of the year of $40,000. During the year, $200,000 was debited and $220,000 was credited to the account. What is the ending balance of Cash? Group of answer choices $20,000 credit balance $20,000 debit balance $60,000 credit balance $60,000 debit balance
- Forest Company had the following transactions during the month of December. What is the December 31 cash balance? Cash sales $3,400 Payments for inventory 1,460 Investments by owners 3,300 Supplies used 175 Cash withdrawals 270 Inventory received 2,600 Wages paid 2,380 Cash balance Dec. 1 4,650 December 31 cash balance $The accounting records of Wall's China Shop reflected the following balances as of January 1, Year 2. $ 80,100 33,000 (220 units @ $150) 50,000 63,100 Cash Beginning inventory Common stock Retained earnings The following five transactions occurred in Year 2: 1. First purchase (cash): 150 units @ $155 2. Second purchase (cash): 160 units @ $160 3. Sales (all cash): 410 units @ $320 4. Paid $38,000 cash for salaries expense 5. Paid cash for income tax at the rate of 25 percent of income before taxes Required a. Compute the cost of goods sold and ending inventory, assuming (1) FIFO cost flow, (2) LIFO cost flow, and (3) weighted-average cost flow. Compute the income tax expense for each method. b. Record the above transactions in general journal form and post to T-accounts assuming each of the cost flows listed. Assume perpetual inventory system is used. 1. FIFO 2. LIFO 3. Weighted Average c. Use a vertical model to show the Year 2 income statement, balance sheet, and statement of cash…In the second month of operations, the total of the debit entries to the cash account amounted to $900 and the total of the credit entries to the cash account amounted to $500. The opening balance of the cash account was $200. The cash account has a $600 debit balance. $900 debit balance. $500 credit balance. $400 credit balance.
- ABC Company ended Year 1 with the following account balances: Cash 600, Common Stock 400, and Retained Earnings 200. The following transactions occurred during Year 2: • Issued common stock for $19,000 cash. • ABC borrowed an additional $11,000 from Chris Bank. • ABC earned $9,000 of revenue on account. • ABC incurred $4,000 of operating expenses on account. • Cash collections of accounts receivables were $6,000. • ABC provided additional services to customers for $1,000 cash. • ABC purchased land for $14,000. • ABC used $3,000 in cash to make a partial payment on its accounts payable. • ABC declared and paid a $200 dividend to the stockholders • On December 31 ABC had accrued salaries of $4,000. What is the net cash flow from operating activities shown on the statement of cash flows for the year ending December 31, Year 2? Multiple Choice O O $4,000 $3,800 $6,000 None of these answer choices is correct.The accounting records of Wall's China Shop reflected the following balances as of January 1, Year 2: Cash Beginning inventory Common stock Retained earnings The following five transactions occurred in Year 2: 1. First purchase (cash) 115 units @ $95 2. Second purchase (cash) 200 units @ $103 3. Sales (all cash) 360 units @ $186 4. Paid $16,750 cash for salaries expense. 5. Paid cash for income tax at the rate of 25 percent of income before taxes. Required a. Compute the cost of goods sold and ending inventory, assuming (1) FIFO cost flow (2) LIFO cost flow and (3) weighted-average cost flow $18,500 19,995 (215 units @ $93) 14,700 23,795 E b. Use a vertical model to show the Year 2 income statement, balance sheet, and statement of cash flows under FIFO, LIFO, and weighted average. (Hint: Record the events under an accounting equation before preparing the statements.) tion by entering your answers in the tabs below.Jim Short's Company makes clothing for schools. Sales in 20X1 were $4,310,000. Assets were as follows: Cash Accounts receivable Inventory Net plant and equipment Total assets a. Compute the following: Note: Round your answers to 2 decimal places. 1. Accounts receivable turnover 2. Inventory turnover 3. Fixed asset turnover 4. Total asset turnover Cash Accounts receivable Inventory $ 160,000 870,000 443,000 500,000 $ 1,973,000 b. In 20X2, sales increased to $5,130,000 and the assets for that year were as follows: Net plant and equipment Total assets Turnover Ratios times times times times 1. Accounts receivable turnover 2. Inventory turnover 3. Fixed asset turnover 4. Total asset turnover $ 160,000 951,000 1,062,000 500,000 $ 2,673,000 Compute the following: Note: Round your answers to 2 decimal places. Turnover Ratios times times times times
