The 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:
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- 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.2. January 1-You have a beginning balance in inventory of $100,000 (10 items). During the year you purchase an additional 5 items for $12,000 each with terms of 50% down and the balance due next year. You sell 13 items during the year for $20,000 each. Customers paid you 60% at the time of purchase and the remaining balance will be paid next year. Using FIFO, prepare the journal entries and t-accounts related to these transactions. Ref # Cash Journal Entry/Description Acct Pay Acct Sales Rec Debit Credit Invent COGSWhat 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
- 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.Rapoo Inc. sells gift certificates. One-half of the gift certificates outstanding on January 1 unredeemed as of yearend expired during the year. The Unearned Revenue from Gift Certificates account increased to P210,000 at yearend. The gross profit rate based on cost is 25%. Information on gift certificates is shown below: How much of the gift certificates sold during the year was redeemed? How much is the net income for the year arising from the gift certificates?Baxley Brother has a DSO of 23 days, and its annual sales are $3,650,000. What is its accounts receivable balance? Assume that is uses a 365 day year. I must show the work. How you arrive at the answer.
- Russell Retail Group begins the year with inventory of $55000 and ends the year with inventory of $45,000. During the year, the company has four purchases for the following amounts. Purchase on February 17 Purchase on May 6 Purchase on September 8 Purchase on December 4 $210,000 130,000 160,000 410,000 Required: Calculate cost of goods sold for the year.A company reports the following amounts at the end of the year: Total sales revenue = $510,000; sales discounts = $18,000; sales returns = $35,000; sales allowances = $20,000. Compute net revenues. Net revenuesAmmer Products has an average accounts payable balance of $850,000 and its annual cost of goods sold is $8,750,000. Assume there are 365 days per year. What is Ammer's payables deferral period? * 50.00 days O 35.46 days O 25.50 days O 30.50 days O 42.33 days
- 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 $15,200; assume a perpetual inventory system. April 1 Borrowed $774,000 from Summit Bank for general use; signed a 10-month, 9% annual interest-bearing note for the money. June 14 Received a $24,000 customer deposit for services to be performed in the future. July 15 Performed $3,450 of the services paid for on June 14. December 12 Received electric bill for $26,160. Vigeland plans to pay the bill in early January. December 31 Determined wages of $15,000 were earned but not yet paid on December 31 (disregard payroll taxes). Required: Prepare journal entries for each of these transactions. Prepare the adjusting entries required on December 31.Kelly's Jewelry has the following transactions during the year: total jewelry sales = $740,000; sales discounts = $19,500; sales returns = $49,000; sales allowances = $29,000. In addition, at the end of the year the company estimates the following transactions associated with jewelry sales in the current year will occur next year: sales discounts = $1,950; sales returns = $5,880; sales allowances = $3,870. Compute net sales. Total sales Less: Sales discounts Less: Sales returns Less: Sales allowances Add: Sales allowances Net sales ♥ 1111 740,000 17,550 43,120 25,130 S 642.500a. Record Navis, Incorporated's sales for a month at $75,000. The items sold cost $62,500. Navis records sales at the total invoice amount. b. Record the return of $7,500 of the above sales within the 30-day return period. c. Record the receipt of payment on the remainder of the month's sales, assuming that customers purchasing $50,000 took advantage of a 2 percent cash discount for early payment. None of the customers taking advantage of the cash discount were among those that returned their purchases. Complete this question by entering your answers in the tabs below. Required A Required B Required C Record the receipt of payment on the remainder of the month's sales, assuming that customers purchasing $50,000 took advantage of a 2 percent cash discount for early payment. None of the customers taking advantage of the cash discount were among those that returned their purchases. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first…