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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- I want detailed answerPerfect 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.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.
- ant Sheldon Company began Year 1 with $2,400 in its supplies account. During the year, the company purchased $7,100 of supplies on account. The company paid $3,300 on accounts payable by year end. At the end of Year 1, Sheldon counted $4,300 of supplies on hand. Sheldon's financial statements for Year 1 would show: Multiple Choice $6,200 of supplies; $1,900 of supplies expense $4,300 of supplies; $2,800 of supplies expense $4,300 of supplies; $5,200 of supplies expense $6,200 of supplies; $7,100 of supplies expenseThe beginning balance of Supplies was $5,200. During the year, the company purchased supplies costing $7,600, and at December 31, the company's year-end, the inventory of supplies remaining on hand is $5,000. How much is supplies expense for the year? Your Answer: Answer DAndy Manufacturing began the year with $85,000 in inventory. During the year, they purchased additional inventory for $312,000. The ending inventory was valued at $67,000. Calculate the Cost of Goods Sold (COGS) for the year.
- General AccountingAt 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 $7,000Financial Accounting
- 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?On 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.What was criques cost of goods sold for the year?
