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. Accurate Answer
Q: Financial Accounting
A: Concept of Cash Flow to Creditors:Cash flow to creditors measures the amount of cash a company has…
Q: How much long-term debt did the firm have? fINANCIAL ACCOUNT
A: To determine the amount of long-term debt, we use the accounting equation:…
Q: Hello tutor provide correct answer general accounting question
A: Step 1: Define Cash Flow StatementThe statement of cash flows is an accounting schedule that lists…
Q: I don't need ai answer accounting questions
A: Calculation of Payables PeriodPayables Period = Operating Cycle - Cash Cycle…
Q: Dunbar Corporation can either purchase an asset for $38,000, which will have no value after 13…
A: Step 1: Given Value for Calculation Purchase Price of Asset = $38,000Time = t = 13Annual Lease…
Q: Provide answer financial accounting question
A: Step 1: Average Total Assets.= (beginning assets + ending assets) / 2= (3,892.5 + 4,128.3) / 2=…
Q: When using the allowance method
A: Concept of Allowance for Doubtful AccountsThe Allowance for Doubtful Accounts is a contra-asset…
Q: General Accounting
A: 1. Overview of the ProblemThunder Road Guitars needs to determine the number of units and dollars to…
Q: The methods of accounting for a lease by the lessor are:
A: The correct answer is:a. operating and finance lease method. Explanation:The lessor accounts for…
Q: What were the Company Y's retained earnings?
A: Step 1: Total Equity.= total assets - total liabilities= $124.231 million - $76.767 million= $47.464…
Q: Quick answer of this accounting questions
A: Step 1: Definition of Cost of Goods Sold (COGS)The Cost of Goods Sold (COGS) represents the cost of…
Q: account of finance
A: Beginning Inventory = Cost of Goods Sold + Ending Inventory - Purchases Beginning Inventory =…
Q: The following cost data relate to the manufacturing activities of Newberry Company during the just…
A: Explanation of Manufacturing Overhead Costs: These are indirect production costs that cannot be…
Q: What is its average payment period?
A: Step 1: Recall the Cash Cycle formula.Cash Cycle = Operating Cycle - Average Payment Period Step 2:…
Q: Answer? ? General Accounting question
A: Step 1: Define LiabilityThe debt a business owes to settle previous transactions is termed a…
Q: Correct answer
A: Explanation of Units to Be Produced:Units to be produced refer to the total quantity of goods a…
Q: General account tutor your help want
A: Step 1: Given InformationUnits transferred out: 800,000 unitsEnding WIP inventory: 208,000 units…
Q: For Flynn Company, variable costs are 70% of sales, and fixed costs are $195,000. Management's net…
A: Step 1:First, calculate the contribution margin ratio: Contribution margin ratio = 100% - Variable…
Q: Hello tutor provide solution for this financial accounting question
A: Step 1: Define Dividend YieldDividend Yield is a financial ratio that measures the annual dividend…
Q: You own 560 shares of Maslyn Tours stock that sells for $64.57 per share. If the stock has a…
A: To calculate the expected dividend income, we use the formula: Dividend Income = Number of Shares ×…
Q: Based on this information, what is the division assets turnover??
A: Step 1: Define Asset TurnoverThe ratio determines the number of times a company's sales exceeds its…
Q: Help
A: Explanation of Activity-Based Costing (ABC):Activity-Based Costing (ABC) is a costing methodology…
Q: Hello, tutor please give me answer financial accounting problem
A: Step 1:First calculate the contribution margin per unit: Contribution margin per unit = Selling…
Q: what must have been the balance in inventory on January 1 (the beginning of the period)? (financial…
A: To calculate the beginning inventory balance, we can use the inventory formula:Beginning Inventory +…
Q: Sub - General Account
A: 1. Introduction to the ConceptEconomies of scale are a critical concept in economics and business,…
Q: Financial Account: A company has a net income of $790,000 and 55,300 outstanding shares. What is the…
A: Explanation of Earnings Per Share (EPS): Earnings Per Share is a fundamental financial metric that…
Q: Cost account
A: Explanation of Average Cost:Average cost is a financial metric used to calculate the cost per unit…
Q: Blue ocean corp. Had total sales solve this accounting questions
A: To calculate the net income after tax, let's go step by step:Step 1: Calculate Gross ProfitGross…
Q: What is wilsin gross profit answer accounting questions
A: Step 1: Definition of Gross ProfitGross Profit is the difference between the sales revenue and the…
Q: I need this question answer general Accounting question
A: Step 1: Formula Cash received from customers = Sales - Increase in accounts receivable Step 2:…
Q: Get correct answer general accounting questions
A: Step 1: Define Bad DebtBad debt is an expense that reduces the profitability of a company Bad debt…
Q: General Account
A: Step 1: Analyze the Cost BehaviorThe given data shows the cost at different activity levels:At 1,000…
Q: ?
A:
Q: I need this question answer general accounting question
A: Step 1: Define Capital ExpenditureCapital expenditure refers to the sum of capitalized expenses that…
Q: Need help with this accounting questions
A: Step 1: Definition of Unit Product Cost Under Variable CostingThe unit product cost under variable…
Q: Do fast answer of this general accounting question
A: Step 1: Define Debt-to-Equity RatioThe debt-to-equity ratio measures a company's financial leverage…
Q: GIRU Company
A: Step 1:First calculate the standard direct labor rate: Direct labor efficiency variance = (Actual…
Q: Sub: accounting
A: Step 1: Calculation of Net IncomeNet Income = Annual Sales × Profit MarginNet Income = $415,200 ×…
Q: What is the equity at the end of the year? for this general account questions.
A: Step 1: Information providedAssets at the end = $60,000Liabilities at the end = $26,000Step 2:…
Q: None
A: Step 1: Define Contribution MarginThe contribution margin is the difference between total sales and…
Q: What is the estimated variable order filling cost component per order?
A: Step 1: To apply the high-low method we use the below formula to compute the estimated variable cost…
Q: Quick answer of this accounting questions
A: Step 1: Definition of Net Income After TaxNet income after tax is the profit a company earns after…
Q: what is the contribution margin ratio? accounting.
A: To calculate the contribution margin ratio, we use the formula: Contribution Margin…
Q: Provide correct answer the following requirements for this general accounting question
A: Step 1: Define Overhead ApplicationOverhead application involves assigning indirect costs to jobs…
Q: Quick answer of this accounting questions
A: To determine the amount and character of Mark's recognized gain or loss on the sale of his…
Q: Don't use ai given answer accounting questions
A: Step 1: Definition of Gross Margin as a Percentage of Net Sales RevenuesThe gross margin percentage…
Q: Financial Accounting
A: Step 1: Define Return on Invested Capital (ROIC) Return on Invested Capital (ROIC) is a measure of…
Q: If a business has a net income of $44,700 and total equity of $111,750, what is the ROE? a.10% b.…
A: Explanation of Net Income:Net income is the profit a business earns after all expenses, taxes, and…
Q: The company's only product is sold for $276 per unit. The unit product cost under super-variable…
A: To calculate the unit product cost under super-variable costing, note that only direct materials are…
Q: Answer this financial accounting question
A: Explanation of Profit Margin:Profit margin measures the percentage of revenue that a company retains…
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. Accurate Answer
Step by step
Solved in 2 steps
- Sports Haven keeps an inventory of FitBits treadmills. Assume an inventory of 35 FitBits at the beginning of the year at a cost of $350 each. Additional FitBits were purchased as follows: 15 at $345 each on March 22, 30 at $380 each on May 2, 10 at $400 each on July 14, and 40 at $300 each on September 9. What was the total number of FitBits available for sale over the year?View the data below and then answer the question below: Company Name: WaitRose Sales - $2,100 (20% cash, 80% credit) Inventory - $750 Depreciation - $1,500 Plant & Equipment - $2,000 Accounts Receivable - $225 Notes Payable - $165 Question: What is the average collection period for the year for Waitrose? (show your work and explain)can uou help wit the worksheet in the picture wit the given information 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.
- Drainee purchases direct materials each month. Its payment history shows that 65% is paid in the month of purchase with the remaining balance paid the month after purchase. Prepare a cash payment schedule for January using this data: in December through February, it purchased $22,000, $25,000, and $23,000 respectively.Polar Company purchased a Truck for the company use. The price was $48,000 plus 7% sales taxes. Company paid $5,000 in cash and signed a 4.75% note that requires 40 equal monthly payment at the end of each month for the rest. Provide answer to the following question on the Tab named Financial Accounting on the Excel file. Requirement: a) Provide the journal entry that must be made on the purchase date of truck. b) Determine the amount of monthly payment that must be made. c) Prepare Amortization Schedule. d) Provide the journal entry that company must make the for 2nd monthly payment. e) Provide the journal entry that company must make on the last monthly payment. Problem 5. Excel Sheet Formatting for Data Entry Elizabet wants to use the Excel Sheet in Tab called “Formatting” for compiling and recording company sales. You have been asked to help her in formatting the sheet in order (a) to reduce the chance of errors in typing, and (b) speedup data entry. Elizabet only will be typing…Need help with this general accounting question
- 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…Sports Haven keeps an inventory of FITBIT Wearable Technology. Assume an inventory of 35 FitBits at the beginning of the year at a cost of $44.32 each. Additional FitBits were purchased as follows: 15 at $45.50 each on March 22, 30 at $45.80 each on May 2, 10 at $46.20 each on July 14, and 40 at $43.90 each on September 9. Refer to the previous problem's answer. What was the Cost of Goods Sold (COGS)?What is the average collection period for the year for company ERT ( show your work) Sales-$2,600(30% cash, 70% credit); Inventory-$700;Depreciation -$1,200; Plant & Equipment $3,000; Accounts Receivable - $245; Notes Payable- $155
- Vigeland Company completed the following transactions during Year 1. Vigeland’s fiscal year ends on December 31. January 15 Purchased and paid for merchandise. The invoice amount was $15,400; assume a perpetual inventory system. April 1 Borrowed $660,000 from Summit Bank for general use; signed a 10-month, 13% annual interest-bearing note for the money. June 14 Received a $34,000 customer deposit for services to be performed in the future. July 15 Performed $3,950 of the services paid for on June 14. December 12 Received electric bill for $26,260. Vigeland plans to pay the bill in early January. December 31 Determined wages of $18,000 were earned but not yet paid on December 31 (disregard payroll taxes).Calculate the cost of the inventory purchased for the purchasing company: Invoice price of goods is $4,000. Purchase terms are 2/10, n/30 and the invoice is paid one week after it was received. The shipping terms are FOB destination and the shipping costs are $300.Traylor Corporation began the year with three items in beginning inventory, each costing $5. During the year Traylor purchased five more items at a cost of $6 each and then two more items at a cost of $7 each. Traylor sold eight items for $10 each. If Traylor uses a periodic LIFO system, what would be Traylor’s gross profit for this year? 45 $45 $80 $80 $51 $51 $36
