Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 For simplicity, assume the entire amount reported for "Prepaid expenses and other current assets" represents the balance of the Supplies account. If the year-end balance of the Supplies account prior to any adjustment is $200,000 (in thousands), determine the adjustment that was made to Supplies (and Supplies Expense) at the end of the current year and compute the adjusted balances of the related accounts. Note: Enter your answer in thousands of dollars. Balance before adjustment Adjustment Supplies Supplies Expense Show less A

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Visit www.sec.gov/edgar and search for the BJ's Wholesale annual report (10-K) for the year ended February 1, 2020, using EDGAR
(Electronic Data Gathering, Analysis, and Retrieval system). Search or scroll within the annual report to find the balance sheet, labeled
"Consolidated Balance Sheets."
Required:
1. Find the amounts reported for accumulated depreciation for the period ended February 1, 2020, and February 2, 2019. Assuming
no depreciable assets were sold during the year, determine the adjustment for BJ's depreciation for the year and compute the
adjusted balances of the related accounts.
2. For simplicity, assume the entire amount reported for "Prepaid expenses and other current assets" represents the balance of the
Supplies account. If the year-end balance of the Supplies account prior to any adjustment is $200,000 (in thousands), determine
the adjustment that was made to Supplies (and Supplies Expense) at the end of the current year and compute the adjusted
balances of the related accounts.
3. For simplicity, assume that 10% of the amount reported for "Accrued expenses and other current liabilities" represents the
balance of the Salaries Payable account (rounded to the nearest dollar). Assuming all salaries from the previous year were paid
in full and Salaries Expense was $600,000 prior to adjustment, determine the adjustment that was made to Salaries Payable (and
Salaries Expense) at the end of the current year and compute the adjusted balances of the related accounts.
Complete this question by entering your answers in the tabs below.
Required 1 Required 2 Required 3
For simplicity, assume the entire amount reported for "Prepaid expenses and other current assets" represents the balance of
the Supplies account. If the year-end balance of the Supplies account prior to any adjustment is $200,000 (in thousands),
determine the adjustment that was made to Supplies (and Supplies Expense) at the end of the current year and compute the
adjusted balances of the related accounts.
Note: Enter your answer in thousands of dollars.
Balance before adjustment
Adjustment
Supplies
Supplies
Expense
< Prev
4 of 5
MacBook Air
Score answer
Show less A
Transcribed Image Text:Visit www.sec.gov/edgar and search for the BJ's Wholesale annual report (10-K) for the year ended February 1, 2020, using EDGAR (Electronic Data Gathering, Analysis, and Retrieval system). Search or scroll within the annual report to find the balance sheet, labeled "Consolidated Balance Sheets." Required: 1. Find the amounts reported for accumulated depreciation for the period ended February 1, 2020, and February 2, 2019. Assuming no depreciable assets were sold during the year, determine the adjustment for BJ's depreciation for the year and compute the adjusted balances of the related accounts. 2. For simplicity, assume the entire amount reported for "Prepaid expenses and other current assets" represents the balance of the Supplies account. If the year-end balance of the Supplies account prior to any adjustment is $200,000 (in thousands), determine the adjustment that was made to Supplies (and Supplies Expense) at the end of the current year and compute the adjusted balances of the related accounts. 3. For simplicity, assume that 10% of the amount reported for "Accrued expenses and other current liabilities" represents the balance of the Salaries Payable account (rounded to the nearest dollar). Assuming all salaries from the previous year were paid in full and Salaries Expense was $600,000 prior to adjustment, determine the adjustment that was made to Salaries Payable (and Salaries Expense) at the end of the current year and compute the adjusted balances of the related accounts. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 For simplicity, assume the entire amount reported for "Prepaid expenses and other current assets" represents the balance of the Supplies account. If the year-end balance of the Supplies account prior to any adjustment is $200,000 (in thousands), determine the adjustment that was made to Supplies (and Supplies Expense) at the end of the current year and compute the adjusted balances of the related accounts. Note: Enter your answer in thousands of dollars. Balance before adjustment Adjustment Supplies Supplies Expense < Prev 4 of 5 MacBook Air Score answer Show less A
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