The supplies account had a balance of $1,075 at the beginning of the year and was debited during the year for $2,800, repr the year. If $2,973 of supplies are on hand at the end of the year, the supplies expense to be reported on the income staten Oa. $3,875 Ob. $902 O c. c. $5,773 Od. $2,973

The supplies account had a balance of $1,075 at the beginning of the year and was debited during the year for $2,800, repr the year. If $2,973 of supplies are on hand at the end of the year, the supplies expense to be reported on the income staten Oa. $3,875 Ob. $902 O c. c. $5,773 Od. $2,973

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: can I get some help with this question

A: Given information is: Billing amount = $1100 Excise tax = 8% State Sales Tax = 2%

Q: These figures relate to receivables: Balance at 1/1/X1 $2,500 Balance at 31/12/X1 $2,000 Cash…

A: We have the following information: Balance at 1/1/X1: $2,500 Balance at 31/12/X1: $2,000 Cash from…

Q: The following item appeared on a balance sheet: Accounts Receivable, less allowance of…

A: Balance sheet is a financial statement that shows list of final ending balances of assets,…

Q: A company reports the following: Sales $1,156, 320 Average accounts receivable (net) 87,600…

A: Lets understand the basics.Account receivable turnover ratio indicates number of times account…

Q: Waste Disposal, Inc. provided the following information concerning its accounting records: Sales…

A: >Account receivables are the balances of customers or borrowers who owe the business certain…

Q: 1. 2. 3. 4. 5. 6. 7. Swifty's cash register showed the following totals at the end of the day on…

A: Given that, Total pre tax sales = $56,000 GST = $2,800 PST = $3,920 Sales tax remitted to…

Q: Oswego Clay Pipe Company provides services of $50,000 to Southeast Water District #45 on April 12 of…

A: Journal Entry :— It is an act of recording transactions in books of account when transaction…

Q: P11-2C The following are selected transactions of Glazer Company. Glazer prepares financial…

A: (a) Date Particulars Debit Credit Jan. 2 Merchandise Inventory or Purchases $18000…

Q: Alfa completed the following transactions during the year ended 31 December 20x7 Credit sales during…

A: The problem is asking us to calculate the balance of receivables that will appear in the Statement…

Q: The following information relates to ReDo Corporation: $28,184,000 $316,199,000 $64,115,000 What is…

A: Receivables collection period is the average time required to receive payment from debtors. It is…

Q: OA $27,800 OB. $3,100 OC. $3,140 OD. $3,000

A: Answer : Cash receipt for interest = Beginning interest received + Interest revenue - Ending…

Q: A company reports the following: Sales $1,180,410 Average accounts receivable (net) 56,210…

A: Given: Sales = $1,180,410 Average accounts receivables = $56,210

Q: The following data are taken from the financial statements of Basinger Inc. Terms of all sales are…

A: Accounts receivables turnover ratio = Credit sales / Average accounts receivables number of days…

Q: An invoice received from Royal Exporters totaled $ 695.50$695.50, was dated October 33, and…

A: Credit term is 2 / 12 ROG.The interpretation is if the payment is done within 12 days of "Receipt Of…

Q: Want Correct Answer with calculation

A: Step 1: Identify the formula for credit sales and the given valuesCredit Sales = Customer payments -…

Q: Apr. 1 Sold merchandise for $4,800, with credit terms n/30; invoice dated April 1. The cost of the…

A: A journal entry is the core and foremost record that a transaction has taken place in the business.…

Q: Marie's Clothing Store had an acounts receivable balance of $440,.000 at the beginning of the year…

A: Accounts receivable turnover = Net credit sales / average Accounts receivable =…

Q: Write journal entries in proper form for the following economic transactions for the entity…

A: It is a method of recording financial transactions in the book of original entry by debiting and…

Q: On 1 August 20X5, Hans had an opening balance on the sales tax account as $6,360 credit. During the…

A: The sales tax payable is the excess amount collected by a business entity over the sales tax paid.…

Q: A company reports the following: Sales $838,040 Average accounts receivable (net) 51,100 Round your…

A: Formula: Accounts receivable turnover ratio = Net sales / Average accounts receivable Average…

Q: Q6. Pujols Lumber Yard has a current accounts receivable balance of $394,539. Credit sales for the…

A: First, find the receivable turnover ratio ( RTOR) = Credit Sales / Accounts receivable Given credit…

Q: Mar. Apr. Jun. Jul. Aug. Dec. 1 Purchased merchandise on account from Kirkwood Co., $396,000, terms…

A: Expenses are recorded as and when incurred, irrespective of whether they are paid in cash or not.

Q: A company reports the following: Line Item Description Amount Sales $235,060 Average accounts…

A: The account receivables turnover is calculated as net sales divided by average account…

Q: Gandi brothers has DSO of 22 days and its annual sales on account are $7,665,000. Assume number of…

A: Days sales outstanding = 22 days Annual sales = $7,665,000 Number of days in a year = 365 days…

Q: The following information is available for Market, Incorporated and Supply, Incorporated at December…

A: The Financial ratios are calculated to analyze the relationship between the various elements of the…

Q: Accounts Receivable Turnover and Average Collection Period The Forrester Corporation disclosed the…

A: The account receivables turnover ratio tells about the efficiency of the business to convert its…

Q: A company reports the following: Sales $1,359,990 Average accounts receivable (net) 83,950…

A: Accounts receivable turnover = Sales/Average accounts receivable Number of days' sales in…

Q: Marie's Clothing Store had an accounts receivable balance of $410,000 at the beginning of the year…

A: Accounts Receivable turnover shows efficiency of the business in collecting its accounts…

Q: The following data was generated as of December 31 Accounts receivable, Jan 1 550,000.00…

A: Account Receivable :— Account Receivable Account is also Known As Debtors account. Account…

Q: The following data are taken from the financial statements of Sigmon Inc. Terms of all sales are…

A: Accounts receivable turnover indicate the effectiveness of the company in recovering receivable…

Question

pm.4

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1: Suplies Expense

VIEW

Step 2: Computation of the amount of supplies expense to be reported on the income statement:

VIEW

Solution

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

December 31, current year. Balances January 1, current year Accounts receivable (various customers) $ 120,000 Allowance for doubtful accounts 9,000 In the following order, except for cash sales, the company sold merchandise and made collections on credit terms 4/10, n30 (assume a unit sales price of $700 in all transactions). Transactions during current year a. Sold merchandise for cash, $260,000. b. Sold merchandise to R. Smith; invoice price, $9,000. c. Sold merchandise to K. Miller; invoice price, $23,000. d. Two days after purchase date, R. Smith returned one of the units purchased in (b) and received account credit. e. Sold merchandise to B. Sears; invoice price, $26,000. f. R. Smith paid his account in full within the discount period. g. Collected $93,000 cash from customer sales on credit in prior year, all within the discount periods. h. K. Miller paid the invoice in (c) within the discount period. i. Sold merchandise to R. Roy; invoice price, $25,500. j. Three days after…
The following data are taken from the financial statements of Rise and Shine Company. Terms of all sales are 2/10, n/30. Year 3 Year 2 Year 1 Accounts receivable, end of year $113,600 $120,000 $128,200 Sales 700,800 682,550 a. For Years 2 and 3, determine (1) the accounts receivable turnover and (2) the number of days' sales in receivables. Assume there are 365 days in the year. Round intermediate calculations to the nearest whole dollar and final answers to one decimal place. Year 3 Year 2 1. Accounts receivable turnover fill in the blank 1 fill in the blank 2 2. Number of days' sales in receivables fill in the blank 3 days fill in the blank 4 days b. What conclusion can be drawn from these data concerning accounts receivable and credit policies?The collection of accounts receivable has . This can be seen in the in accounts receivable turnover and the in the collection period. The company either became aggressive in…
The accounts payable balance at the beginning of the year was $98,000. The company purchased $445,000 worth of goods on account, and the ending balance of the payables account was $135,000. What were the total payments on account? Multiple Choice $548,000 $463,000 $408.000 $478.000
Below are amounts (in millions) from three companies' annual reports. Beginning Accounts Ending Accounts Receivable $2,722 6,494 625 WalCo TarMart CostGet Receivable $1,775 5,966 589 Net Sales $318,427 63,878 64,963 Required: 1. Calculate the receivables turnover ratio and the average collection period for WalCo, TarMart and CostGet. 2. Which company appears most efficient in collecting cash from sales?
Please help
kk. Subject :- Accounting
A company reports the following: Sales $1,057,770 Average accounts receivable (net) 83,950 Determine the (a) accounts receivable turnover, and (b) number of days' sales in receivables. When required, round your answers to one decimal place. Assume a 365-day year. a. Accounts receivable turnover b. Number of days' sales in receivables days
jjj
the first journal goes up to 29 not 7
Journal adjusting entry for Office supplies on hand at 30 Sept is $6,050 incl. GST.