Question General Information You had been given the following information: 1. On 31/12/2017 ABC Company has $10,000 worth of supplies on hand 2. On 10/4/2018 the company purchased supplies for $11,000 that was recorded as supplies 3. Moreover, on 16/8/2018 additional supplies was purchased for $5,000 that was recorded as supplies. 4. At the end of the year the amount of supplies on hand on was $5000 Based on the above given information, answer the following questions 1. What is the amount of the supplies expense that must be presented on the company's income statemet for the year 20187 • The Answer is 2. The debit side of the adjusting entry must incude amount of 3. What is the amount of the supplies that must be presented on the company's statement of teandal position as on 31/12/2018 The Answer is

Question General Information You had been given the following information: 1. On 31/12/2017 ABC Company has $10,000 worth of supplies on hand 2. On 10/4/2018 the company purchased supplies for $11,000 that was recorded as supplies 3. Moreover, on 16/8/2018 additional supplies was purchased for $5,000 that was recorded as supplies. 4. At the end of the year the amount of supplies on hand on was $5000 Based on the above given information, answer the following questions 1. What is the amount of the supplies expense that must be presented on the company's income statemet for the year 20187 • The Answer is 2. The debit side of the adjusting entry must incude amount of 3. What is the amount of the supplies that must be presented on the company's statement of teandal position as on 31/12/2018 The Answer is

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Zaman Zoom Ltd have 500 employees with an average salary of $3,000 per month. Their average age are 30. The company is planning to start an Endowment scheme as the company pension scheme for all the company’s employees. The period of investment is expected to be for 30 years before the first batch of employees will go for retirment. The company is going to set aside a salary deduction system to deduct 50% of the required installment for the endowment scheme. The installment payment will be invested in the endowment scheme with a target to achieve a capital endowment sufficient to generate income to take care of the pension payment at 50% of the last drawn salaries expected to averaged at RM10,000 in 40 years time. A fund management with a good reputation had assured that the endowment fund will generate an average return at 6% per annum. a. Estimate the monthly installment required by the company to the endowment fund.b. How much will each employee will have to…
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