On June 1st, Green Pea, Inc. purchased $1,200 worth of supplies on account. On December 31st, the fiscal year-end for Green Pea, it is determined that $700 dollars of supplies still remain. What is the balance in the supplies account after adjustment? a. $600 b. $700 c. $500 d. $1,200
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
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- Can you help me wit the spreadsheet in the picture attached. this is the rest of the information given. for my homeowrk please help asap The fiscal period is one month. Merchandise Inventory at November 30 is $265 000. Supplies on hand November 30 are valued at $11 400. Equipment depreciation is 25 percent per year, using the declining-balance method. Round off the depreciation to the nearest dollar. $450 interest is owed on the bank loan. $1300 is owed to employees.Wiset Company completes these transactions during April of the current year (the terms of all Its credit sales are 2/10, n/30). Apr. 2 Purchased $14, 200 of nerchandise on credit from Noth Company, terms 2/10, n/68. 3 (a) Sold nerchandise on credit to Page Alistair, Invoice No. 768, for $4,200 (cost is $3,700). 3 (b) Purchased $1,410 of office supplies on credit from Custer, Inc. terms n/30. Issued Check No. 587 to World View for advertising expense of $915. Sold merchandise on credit to Paula Kohr, Invoice No. 761, for $10,000 (cost is $7,2e8). Returned $70 of office supplies purchased on April 3 to Custer, Inc. Wiset reduces accounts payable by that anount. Purchased $10,510 of store equipment on credit from Hal's Supply, terms n/30. Sold merchandise on credit to Nic Nelson, Invoice No. 762, for $13,600 (cost is $7,1e8). Issued Check No. 588 to Noth Company in paynent of its April 2 purchase less the discount of $284. 4 5 6 11 12 13 (a) Received payment from Page Alistair for the…Oswego Clay Pipe Company sold $45,300 of pipe to Southeast Water District 45 on April 12 of the current year with terms 2/15 , n/60 . Oswego uses the gross method of accounting for sales discounts. What entry would Oswego make on April 12?
- Georgetown purchased supplies on August 8, 20X2, for $4,400. At the fiscal year-end on September 30, the inventory of suppiles was $3,150. Required: a Assume that Georgetown uses the consumption method of accounting for inventortes. (If no entry is r transaction/event, select "No journal entry required" in the first account field.) Prepare the entry for the purchase on August 8, 20x2. Prepare the entries required on September 30, 20x2, including the closing of the Expenditures account. Assuming the supplies were used during 20X3, prepare the entries on September 30, 20X3. View transaction list Journal entry worksheet CreifilHow do I do the journal entries, adjusting entries, and closing entries ( assuming FIFO for inventory) Transactions and information for the year: Jan 1st. Spent $3,500 to improve the first piece of equipment purchased in Year 1. Revised useful life is 5 more years while the new salvage value is $2,000. Jan 2nd, ordered and received 200 units of inventory purchased on account for $13 each Jan 15th, paid $100 to settle a warranty claim from a customer. Feb 3rd, ordered and received 150 units of inventory purchased on account for $12 each Feb 22nd, sold 250 units of inventory at $65 each. $10,000 was on account. The inventory came with a 1 year warranty. The company expects that providing the warranty will cost 1% of the sales made. March 1st, incurred and paid $900 of wages expense Mar 30th, collected $5000 of accounts receivable April 1st, paid $50 to settle a warranty claim from a customer. May 2nd, Paid $4000 of accounts payable. June 1st, Paid $409 of taxes payable June 30th, made…Levchenko Company purchased inventories from a vendor for $16,000 on July 1. The purchase was financed through a $10,000 note with the remainder paid in cash. The vendor charged an additional $400 for shipping, on account. Levchenko paid a moving company $700 cash to move the inventory to a different warehouse. Interest on the note totaled $50, payable in August. a. Determine the cost to be assigned to the inventory. $ b. Record the transactions using the financial statement effects template. Note: Use negative signs with your answers, when appropriate. Select "N/A" as your answer if a part of the accounting equation is not affected. Transaction a. Inventory purchase b. Shipping charge c. Moving cost d. Interest incurred Totals Cash Asset ♦ ◆ ◆ ◆ 0 + Noncash Asset ◆ ◆ ◆ ◆ 0 Balance Sheet Liabilities ◆ ◆ ◆ 0 Contributed + Capital + Earned Capital ♦ ◆ ♦ ♦ 0 Revenues Income Statement Expenses ◆ ◆ ◆ 0 Net = Income 0
- Jack Hammer Company completed the following transactions. The annual accounting period ends December 31. Apr. 30 Received $465,000 from Commerce Bank after signing a 12-month, 7 percent, promissory note. June 6 Purchased merchandise on account at a cost of $66,000. (Assume a perpetual inventory system.) July 15 Paid for the June 6 purchase. Aug. 31 Signed a contract to provide security service to a small apartment complex starting in September, and collected six months' fees in advance amounting to $18,600. Dec. 31 Determined salary and wages of $31,000 were earned but not yet paid as of December 31 (ignore payroll taxes). Dec. 31 Adjusted the accounts at year-end, relating to interest. Dec. 31 Adjusted the accounts at year-end, relating to security service. Required: 1. & 2. Make journal entries for each of the transactions through August 31 and adjusting entries required on December 31. 3. Show how all of the liabilities arising from these items are reported on the balance sheet…If Answered within 40mins,it would be appreciable!!Jack Hammer Company completed the following transactions. The annual accounting period ends December 31. Apr. 30 Received $672,000 from Commerce Bank after signing a 12-month, 9.00 percent, promissory note. June 6 Purchased merchandise on account at a cost of $81,000. (Assume a perpetual inventory system.) July 15 Paid for the June 6 purchase. Aug. 31 Signed a contract to provide security service to a small apartment complex starting in September, and collected six months' fees in advance, amounting to $27,000. Dec. 31 Determined salary and wages of $46,000 were earned but not yet paid as of December 31 (ignore payroll taxes). Dec. 31 Adjusted the accounts at year-end, relating to interest. Dec. 31 Adjusted the accounts at year-end, relating to security service. Required: For each listed transaction and related adjusting entry, indicate the accounts, amounts, and effects on the accounting equation. For each item, indicate whether the debt-to-assets ratio is increased or decreased…
- Prepare the necessary journal entries related to the parts inventory. Maintenance and Parts During the year, Red Robin bills clients for parts for a total of $114,258. The cost of these parts to Red Robin (on a FIFO basis) was $90,322. At the end of the year, clients did not owe Red Robin for any of these parts. During the year, Red Robin purchased new parts for a total of $62,684. It has not paid for $27,493 of this by December 31. Red Robin did not owe for any parts at the beginning of the year. Red Robin does not get a discount on parts inventory. Tax Considerations For the sake of simplicity, we will assume that the uniform capitalization rules do not exist. Business and Accounting Policies Red Robin uses a perpetual inventory system. It uses FIFO for all inventory except finished goods. It uses dollar-value LIFO for its finished goods inventory. Dollar-value LIFO is implemented the same for book and tax purposes. Red Robin sells all goods f.o.b. destination. Red Robin uses…The following accounts appear in the ledger of Celso and Company as of June 30, the end of this fiscal year. The data needed for the adjustments on June 30 are as follows: ab.Merchandise inventory, June 30, 54,600. c.Insurance expired for the year, 475. d.Depreciation for the year, 4,380. e.Accrued wages on June 30, 1,492. f.Supplies on hand at the end of the year, 100. Required 1. Prepare a work sheet for the fiscal year ended June 30. Ignore this step if using CLGL. 2. Prepare an income statement. 3. Prepare a statement of owners equity. No additional investments were made during the year. 4. Prepare a balance sheet. 5. Journalize the adjusting entries. 6. Journalize the closing entries. 7. Journalize the reversing entry as of July 1, for the wages that were accrued in the June adjusting entry. Check Figure Net income, 14,066The balance in Ashwood Companys accounts payable account at December 31, 2019, was 1,200,000 before any necessary year-end adjustment relating to the following: Goods were in transit from a vendor to Ashwood on December 31, 2019. The invoice cost was 85,000, and the goods were shipped FOB shipping point on December 29, 2019. The goods were received on January 2, 2020. Goods shipped FOB shipping point on December 20, 2019, from a vendor to Ashwood were lost in transit. The invoice cost was 40,000. On January 5, 2020, Ashwood filed a 40,000 claim against the common carrier. Goods shipped FOB destination on December 22, 2019, from a vendor to Ashwood were received on January 6, 2020. The invoice cost was 20,000, What amount should Ashwood report as accounts payable on its December 31,2019, balance sheet? a. 1,260,000 b. 1,285,000 c. 1,325,000 d. 1,345,000
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