Determine the missing amounts in each of these four separate situations a through d. Supplies available-prior year-end Supplies purchased during current year Total supplies available Supplies available-current year-end Supplies expense for current year $ GA a 375 $ 2,625 3,000 (825) b 1,988 $ 6,759 8,747 1,688 1,690 (2,170) 12,491 d 7,359 (800) 7,934

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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**Determine the missing amounts in each of these four separate situations a through d.**

|   | a   | b    | c      | d     |
|---|-----|------|--------|-------|
| Supplies available—prior year-end | $375 | $1,988 | $1,690  |   |
| Supplies purchased during current year | 2,625 | 6,759 |        | $7,359 |
| Total supplies available                     | 3,000 | 8,747 |        |   |
| Supplies available—current year-end  |       |        | (2,170) | (800) |
| Supplies expense for current year        |       | 1,688 | 12,491 | 7,934 |

**Explanation:**

This table represents a supplies accounting exercise to determine missing amounts in four different scenarios labeled a, b, c, and d. 

- The rows list various items related to supplies: 
  - "Supplies available—prior year-end" refers to the supply inventory at the end of the previous year.
  - "Supplies purchased during current year" shows the amount of supplies purchased throughout the current year.
  - "Total supplies available" is the sum of the prior year-end supplies and the purchased supplies.
  - "Supplies available—current year-end" indicates the supplies left at the end of the current year.
  - "Supplies expense for current year" is the cost related to supplies used during the year, calculated by subtracting the current year-end supplies from the total supplies available. 

- Specific cells contain blank spaces indicating missing values that need to be calculated using the given data.
Transcribed Image Text:**Determine the missing amounts in each of these four separate situations a through d.** | | a | b | c | d | |---|-----|------|--------|-------| | Supplies available—prior year-end | $375 | $1,988 | $1,690 | | | Supplies purchased during current year | 2,625 | 6,759 | | $7,359 | | Total supplies available | 3,000 | 8,747 | | | | Supplies available—current year-end | | | (2,170) | (800) | | Supplies expense for current year | | 1,688 | 12,491 | 7,934 | **Explanation:** This table represents a supplies accounting exercise to determine missing amounts in four different scenarios labeled a, b, c, and d. - The rows list various items related to supplies: - "Supplies available—prior year-end" refers to the supply inventory at the end of the previous year. - "Supplies purchased during current year" shows the amount of supplies purchased throughout the current year. - "Total supplies available" is the sum of the prior year-end supplies and the purchased supplies. - "Supplies available—current year-end" indicates the supplies left at the end of the current year. - "Supplies expense for current year" is the cost related to supplies used during the year, calculated by subtracting the current year-end supplies from the total supplies available. - Specific cells contain blank spaces indicating missing values that need to be calculated using the given data.
On December 1, Year 1, a company paid a $16,200 premium on a 36-month insurance policy for coverage beginning on that date. Refer to that policy and fill in the blanks in the following table.

**Table Explanation:**

- The table is divided into two main sections: the Balance Sheet and the Income Statement.
  
- **Balance Sheet:**
  - Under "Prepaid Insurance," which is further divided into two columns for "Accrual Basis" and "Cash Basis."
  - Rows are marked for different dates: December 31, Year 1; December 31, Year 2; December 31, Year 3; and December 31, Year 4.

- **Income Statement:**
  - Under "Insurance Expense," which is also divided into two columns: "Accrual Basis" and "Cash Basis."
  - Rows are marked as Year 1, Year 2, Year 3, and Year 4.
  - The final row is for the "Total" amount, with placeholders for dollar amounts under both "Accrual Basis" and "Cash Basis."

The table is designed to track the allocation of the insurance premium across the different periods and financial statements. It requires completion based on the accrual and cash basis accounting methods over the life of the insurance policy.
Transcribed Image Text:On December 1, Year 1, a company paid a $16,200 premium on a 36-month insurance policy for coverage beginning on that date. Refer to that policy and fill in the blanks in the following table. **Table Explanation:** - The table is divided into two main sections: the Balance Sheet and the Income Statement. - **Balance Sheet:** - Under "Prepaid Insurance," which is further divided into two columns for "Accrual Basis" and "Cash Basis." - Rows are marked for different dates: December 31, Year 1; December 31, Year 2; December 31, Year 3; and December 31, Year 4. - **Income Statement:** - Under "Insurance Expense," which is also divided into two columns: "Accrual Basis" and "Cash Basis." - Rows are marked as Year 1, Year 2, Year 3, and Year 4. - The final row is for the "Total" amount, with placeholders for dollar amounts under both "Accrual Basis" and "Cash Basis." The table is designed to track the allocation of the insurance premium across the different periods and financial statements. It requires completion based on the accrual and cash basis accounting methods over the life of the insurance policy.
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