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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General Accounting: 2.3 (7 Marks)
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- 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.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.Receiveables: A company has accounts recieveable of $6,333. Sales for the year were $9,800 . What is its average collection period? Show & expalin the work.
- 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.On January tof the current year, the furniture account had a balance of P 24.000 with accumulated depreciation of P 2,400. On May aditional furniture costing P 12,000 was baught. The furmiture is depreciated at the rate 10%6 per annum. What is the carrying amount (net book value) of the fumiture on December 31, the end of the accounting period? P 30,400 P 34,000 P 34,000 P 32,400On January 1, 2021, the general ledger of TNT Fireworks includes the following account balances: During January 2021, the following transactions occur:January 1 Purchase equipment for $19,500. The company estimates a residual value of $1,500 and a five-year service life. January 4 Pay cash on accounts payable, $9,500. January 8 Purchase additional inventory on account, $82,900. January 15 Receive cash on accounts receivable, $22,000 January 19 Pay cash for salaries, $29,800. January 28 Pay cash for January utilities, $16,500. January 30 Firework sales for January total $220,000. All of these sales are on account. The cost of the units sold is $115,000. Required: 1. Record each of the transactions listed above. 2. Record adjusting entries on January 31. a. Depreciation on the equipment for the month of January is calculated using the straightline method. b. At the end of January, $3,000 of accounts receivable are past due, and the company estimates that 50% of these accounts will…
- Doner Company Inc. begins operations on January 1, Year 1. The company’sunadjusted financial statements for the year ended December 31, Year 1,appear as follows:Date Transaction Cost Useful Life GPIJanuary 15, Year 1 . . . . . . . . . Purchase Machine X $ 20,000 4 years 100March 20, Year 1 . . . . . . . . . . Purchase Machine Y 55,000 5 years 110October 10, Year 1 . . . . . . . . Purchase Machine Z 130,000 10 years 130December 31, Year 1 . . . . . . . 140April 15, Year 2 . . . . . . . . . . . Sold Machine X 160December 31, Year 2 . . . . . . . 180Balance Sheets 1/1/Y1 12/31/Y1Cash and receivables . . . . . . . . . . . . . . . . . . . . . . $20,000 $35,000Fixed assets, net . . . . . . . . . . . . . . . . . . . . . . . . . 50,000 45,000Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $70,000 $80,000Payables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $15,000 $15,000Contributed capital . . . . . . . . . . . . . . . . . . . . . . . 55,000…At the beginning of January XYZ Company bought $10,000 of supplies. At that time they paid $3,000 for them and owed the rest. During the month they used $8,000 of supplies. What would be supplies expense under accrual accounting for January? O $3,000 O $10,000 O $8,000 O $7,000On December 1, 2022, Matthias Company had the following account balances. Debit Credit Cash $4,300 Accumulated Depreciation-Equipment $1,600 Accounts Receivable 4.100 Accounts Payable 3,100 * Inventory 1,680 Common Stock 20,600 Equipment 22,900 Retained Earnings 7,680 $32,980 $32,980 *(2,800 x $0.60) The following transactions occurred during December. Dec. 3 Purchased 3,900 units of inventory on account at a cost of $0.77 per unit. 5 Sold 4,500 units of inventory on account for $0.90 per unit. (Matthias sold 2,800 of the $0.60 units and 1,700 of the $0.77.) 7 Granted the December 5 customer $180 credit for 200 units of inventory returned costing $144. These units were returned to inventory. 17 Purchased 2,500 units of inventory for cash at $0.80 each.
- During December, Camp David Inc. purchased $5,000 of supplies for use in its business. At the end of December, 70% had been paid but only 20% of the supplies were still on hand. Under accrual accounting, what amounts will appear on the company’s balance sheet on December 31? supplies inventory: $5,000; accounts payable: $3,500 supplies inventory: $1,000; accounts payable: $1,500 supplies inventory: $1,000; accounts payable: $5,000 supplies inventory: $4,000; accounts payable: $1,500What 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- $155Need help with this general accounting question
