Supplies Expense of $4,000 was recorded for 20x7.Assuming that $2,200 in supplies were purchasedduring the year and $640 in supplies remained atyear end, what was the cost of supplies at thebeginning of the year?

Calculation of Cost of Supplies at the Beginning of the YearSupplies at the beginning of the year=…

Answered: Supplies Expense of $4,000 was recorded…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter11: Work Sheet And Adjusting Entries

Section: Chapter Questions

Problem 8DQ

See similar textbooks

Similar questions

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
Research and development costs of $630,000 were incurred during the current fiscal year. Determine the minimum amount to be expensed for the current fiscal year. Minimum amount to be expensed for the current fiscal year $
8A. During the current year, Sokowski Manufacturing earned income of $342,385 from total sales of $6,375,343 and average capital assets of $10,106,928. What is the asset turnover? Round to the nearest to the hundredth, two decimal places and submit the answer in a percentage.
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 32,400
Shields Company is preparing its interim report for the first quarter ending March 31. The following payments were made during the first quarter: The amount that will be reported in the quarter is the Expenditure Date Amount Annual advertising January $800,000 Property tax for the fiscal year February 350,000 March 260,000 Annual equipment repairs O a $352,500 Ob$1,410,000 Oc. $0 Od $1,060,000
11. ABM company purchased 800,000 in supplies this year. Supplies account increased by ₱200,000 during the year. ₱160,000 remained at year-end. What was supplies expense for ABM company during the year? A. ₱300,000 B. ₱760,000 C. ₱200,000 D. ₱840,000
The accounts for this income year show the following:Income ($)Sales (excluding GST) 240,000Expenses ($)Cost of goods sold 130,000Interest on capital paid to Richard and Tracy 8,000Salary to Alice 25,000Superannuation to Alice 6,000Lease payments on car (excluding GST) 7,000Other deductible operating expenses (excluding GST) 14,000The leased car was used 80% of the time for business and 20% of the time for private purposes.Required:With reference to the facts above:A.Calculate the net income of the partnership.B.Show the allocation of net income to each of the three partners.C.You must refer to relevant legislation and/or case law in your answer.
Using the following information, determine the net operating income (NOI) for the first year of operations of the subject property using "above-line" treatment of capital expenditures. Subject Property Number of apartments Market rent (per month) Vacancy and collection losses Operating expenses Capital expenditures O $135,000 $162,000 $137.700 $153,900 15 1000 10% of PGI 5% of EGI 10% of EGI
The cost of goods sold for a company for the year was $1,900,000. Merchandise inventory at the beginning of the year was $125,000 and merchandise inventory at the end of the year was $133,000. The merchandise inventory turnover for the year was O a. 65.5. O b. 14.7. Oc. 0.1. Od. 33.8.
Larkspur Inc. is constructing a building. Construction began on March 1 and was completed on December 31. Expenditures were $732,000 on March 1, $976,000 on July 1, and $878,400 on December 1. Compute Larkspur's weighted-average accumulated expenditures for interest capitalization purposes. Weighted-Average Accumulated Expenditures %24
Total utility expense was recorded as $55,000 on the income statement. The utility payable account had a beginning balance of $8,000 and an ending balance of $5,000. How much cash was disbursed for utilities during the year?
Suppose a company paid $15,000 for supplies during the year and you determine that there were $2,000 and S3,000 in supplies at the beginning and end of the year, respectively. What was supplies expense for the year?

SEE MORE QUESTIONS

Recommended textbooks for you

College Accounting (Book Only): A Career Approach

Accounting

ISBN:

9781337280570

Author:

Scott, Cathy J.

Publisher:

South-Western College Pub

SWFT Comprehensive Volume 2019

Accounting

ISBN:

9780357233306

Author:

Maloney

Publisher:

Cengage

SWFT Essntl Tax Individ/Bus Entities 2020

Accounting

ISBN:

9780357391266

Author:

Nellen

Publisher:

Cengage

College Accounting (Book Only): A Career Approach

Accounting

ISBN:

9781337280570

Author:

Scott, Cathy J.

Publisher:

South-Western College Pub

SWFT Comprehensive Volume 2019

Accounting

ISBN:

9780357233306

Author:

Maloney

Publisher:

Cengage

SWFT Essntl Tax Individ/Bus Entities 2020

Accounting

ISBN:

9780357391266

Author:

Nellen

Publisher:

Cengage

SWFT Comprehensive Vol 2020

Accounting

ISBN:

9780357391723

Author:

Maloney

Publisher:

Cengage

Survey of Accounting (Accounting I)

Accounting

ISBN:

9781305961883

Author:

Carl Warren

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS

Supplies Expense of $4,000 was recorded for 20x7. Assuming that $2,200 in supplies were purchased during the year and $640 in supplies remained at year end, what was the cost of supplies at the beginning of the year?