The supplies account had a balance of $1,011 at the beginning of the year and was debited during the year for $3,868, representing the total of supplies purchased duringthe year. If $3,275 of supplies are on hand at the end of the year, the supplies expense to be reported on the income statement for the year isOa. $3,275Ob. $1,604Oc. $7,143Od. $4,879

Solution: Beginning Supplies = $1,011 Supplies purchased during this year = $3,868 Ending supplies =…

The supplies account had a balance of $1,011 at the beginning of the year and was debited during the year for $3,868, representing the total of supplies purchased durin the year. If $3,275 of supplies are on hand at the end of the year, the supplies expense to be reported on the income statement for the year is Oa. $3,275 Ob. S1,604 Oc. $7,143 d. $4,879

The supplies account had a balance of $1,011 at the beginning of the year and was debited during the year for $3,868, representing the total of supplies purchased durin the year. If $3,275 of supplies are on hand at the end of the year, the supplies expense to be reported on the income statement for the year is Oa. $3,275 Ob. S1,604 Oc. $7,143 d. $4,879

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Selected accounts from Lue Co.'s adjusted trial balance for the year ended December 31 follow. Prepare a classified balance sheet. Total equity. .... .. $30,000 Employee federal income taxes payable $9,000 Equipment.... Salaries payable ... Accounts receivable. Cash ... Current portion of long-term debt Notes payable (due in 6 years) . 40,000 Federal unemployment taxes payable ... .00 . 34,000 FICA–Medicare taxes payable... 5,100 FICA–Social Security taxes payable ... 50,000 Employee medical insurance payable . . 4,000 State unemployment taxes payable . . 10,000 Sales tax payable (due in 2 weeks) . . 725 3,100 .2,000 1,800 ... .... .... ... •. 275
(29) On December 31st, Datton, Inc. has cost of goods sold of $540,000. ending inventory is $100,000, beginning inventory is $128,000; and average accounts payable is $102,000. What is the accounts payable turnover? A. 8.53 B. 5.02 C. 3.06 D. 5.57
A company reports the following: Cost of merchandise sold $3,120,750Average merchandise inventory 182,500 Determine (a) the inventory turnover and (b) the number of days' sales in inventory. Assume a 365-day year. Round your answers to one decimal place.
The supplies account had a balance of $1,257 at the beginning of the year and was debited during the year for $3,286, representing the total of supplies purchased during the year. If $2,560 of supplies are on hand at the end of the year, the supplies expense to be reported on the income statement for the year is $5,846 $1,983 $4,543 $2,560
Tauros Company’s usual sales terms are net 60 days, FOB Shipping point. Sales, net of returns and allowances, totaled P2,300,000 for the year ended December 31, 2022, before year-end adjustments. Additional data are as follows: · On December 27, 2022, Taurus authorized a customer to return, for full credit, goods shipped and billed at P50,000 on December 15, 2022. The returned goods were received by Taurus on January 4, 2023, and a P50,000 credit memo was issued and recorded on the same date. · Goods with an invoice amount of P80,000 were billed and recorded on January 3, 2023. The goods were shipped on December 30, 2022. · Goods with an invoice amount of P100,000 were billed and recorded on December 30, 2022. The goods were shipped on January 3, 2023. The adjusted net sales for 2022 should be? a. 2,300,000b. 2,250,000c. 2,230,000d. 2,070,000
Cash basis. Revenue on the income statement was $140,800. Accounts receivable were $3,500 on January 1 and $3,540 on December 31. Unearned revenue was $1,050 on January 1 and $1,670 on December 31. Show the computation of revenue for the year on a cash basis.
The following data was taken from recent annual reports of Wonka Bar Co.: Cost of goods sold $ 15,750 Inventory, end of year $ 6,000 Inventory, beginning of the yea $ 5,000 Determine the inventory turnover for Wonka Bar Co. Round to one decimal place.
The supplies account had a balance of $1,443 at the beginning of the year and was debited during the year for $3,065, representing the total of supplies purchased during the year. If $2,666 of supplies are on hand at the end of the year, the supplies expense to be reported on the income statement for the year is a.$2,666 b.$1,842 c.$5,731 d.$4,508
1. During December, A Company started doing business and had gross credit trade sales of $800,000, terms 2/10 Net 30. The cost of goods sold of $480,000, selling general administration costs of $100,000, Interest Expense of $10,000; and an income tax rate of 30%. a. Prepare an income statement b. Prepare journal entries Assuming gross method and all payments for the trade sales were made within 10 days.
Selected account balances from the adjusted trial balance for Olinda Corporation as of its calendar year-end December 31 follow. Assume that the company’s income tax rate is 40% for all items. Debit Credit a. Interest revenue $ 14,400 b. Depreciation expense—Equipment $ 34,400 c. Loss on sale of equipment 26,250 d. Accounts payable 44,400 e. Other operating expenses 106,800 f. Accumulated depreciation—Equipment 72,000 g. Gain from settlement of lawsuit 44,400 h. Accumulated depreciation—Buildings 175,300 i. Loss from operating a discontinued segment (pretax) 18,650 j. Gain on insurance recovery of tornado damage 29,520 k. Net sales 1,002,500 l. Depreciation expense—Buildings 52,400 m. Correction of overstatement of prior year’s sales (pretax) 16,400 n. Gain on sale of discontinued segment’s assets (pretax) 36,000 o. Loss from settlement of lawsuit 24,150 p. Income tax expense ? q. Cost of goods sold 486,500…