Perfect Print purchased supplies worth $8,500 on January 1. By December 31, they had $2,300 worth of supplies remaining. Calculate the supplies expense for the year.
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Perfect Print purchased supplies worth $8,500 on January 1. By December 31, they had $2,300 worth of supplies remaining. Calculate the supplies expense for the year.
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- Gear Up Co. pays 65% of its purchases in the month of purchase, 30% in the month after the purchase, and 5% in the second month following the purchase. What are the cash payments if it made the following purchases in 2018?Hickory Furniture Company paid for the following costs during the month of May: Inventory purchases $ 40,000 Advertising costs 8,000 Delivery costs 2,000 Hickory sold $32,000 of the inventory and has agreed to pay warranty expenses for its customers. These are expected to be $1,600 and occur evenly over the next four months (i.e., starting in June). What is the amount of Hickory’s cash-basis expenses for the month of May?Carson Print Supplies, Inc., sells laser printers and supplies. Assume Carson started the year with 100 containers of ink (average cost of $8.90 each, FIFO cost of $9.00 each, LIFO cost of $7.80 each). During the year, the company purchased 800 containers of ink at $9.80 and sold 600 units for $21.50 each. Carson paid operating expenses throughout the year, a total of $4,000. Ignore income taxes for this exercise. Prepare Carson’s income statement for the current year ended December 31 using the aver-age-cost, FIFO, and LIFO inventory costing methods. Include a complete statement heading.
- what was my supply exspense for the month if i wrote a check for $14,000, then I return $1500.00 in damaged supplies for a cash refund of $1500, then spent $10,000.00 more on supplies payable in 30 days . After inventory it shows I have $9400.00 worth of supplies left on hand.IP Company pays for purchases of materials in full in the month following the purchase. During the previous month, IP had purchases of $25,000. During the current month, IP had purchases of $30,000. The amount that IP will pay during the current month for purchases is?Chik’s Chickens has accounts receivable of $6,683. Sales for the year were $10,200. What is its average collection period? (Use 365 days in a year. Do not round intermediate calculations. Round your final answer to the nearest whole number.)
- what was my supply exspense for the month if i spent $14,000 on supplies and wrote a check, I return $1500.00 in damaged supplies for a cash refund, spent $10,000.00 more on supplies on company credit payable in 30 days not immediately. After inventory it shows I have $9400.00 in supplies left at the end of the month15. Callarman Company began operations on January 1 and has projected the following selling and administrative expenses: (Click on the icon to view the selling and administrative expenses.) Determine the cash payments for selling and administrative expenses for the first three months of operations. (Complete all answer boxes. Enter a "0" for zero amounts.) Rent Expense Utilities Expense Depreciation Expense Insurance Expense Total cash payments for selling and administrative expenses Data tables January February March Rent Expense Utilities Expense Depreciation Expense Insurance Expense $1,400 per month, paid as incurred 800 per month, paid in month after incurred 1,000 per month 50 per month, 9 months prepaid on January 1 Print DonePlease help me do a general journal entry for this scenario: Scott Blout takes a year end distribution form the Business of $5,000.
- Edmund Supplies Company sold 3,170 metal connectors on account to Door Incorporated for $200 each on September 15. Each metal connector costs Edmund $150 to make. Door has 60 days to return the unused goods. Edmund believes that Door will ultimately return 75 of the connectors. On September 29, Door returns 50 connectors. Edmund has a September 30 fiscal year end. At year end, Edmund believes 75 connectors is a good estimate of the total that will be returned. The cost of recovering these products is immaterial. Edmund expects to be able to resell these goods for a profit. Instructions Prepare the following journal entries on the books of Edmund Company: Entries to record the initial sales on September 15. Entries to record the return of goods September 29. Entries to record the year-end adjustment based on estimated returns on September 30.Blossom Technology's operating cycle is 71 days. Its inventory was $111,000 at the end of last year, and the company had cost of goods sold of $1.4 million. How long does it take Blossom to collect its receivables on average? (Use 365 days for calculation. Round intermediate calculations and final answer to 1 decimal place, e.g. 25.1.) It takes Blossom days to collect on its accounts receivable.Logo Gear purchased $2,250 worth of merchandise during the month, and its monthly income statement shows cost of goods sold of $2,000. What was the beginning inventory if the ending inventory was $1,000?
