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When a firm purchases supplies for use in its business, and the cost of the supplies purchased is recorded as an asset, the following adjustment to recognize the cost of supplies used will probably be required:
A. Dr Supplies
Cr Accounts payable
B. Dr Supplies
Cr Supplies expense
C. Dr Supplies expense
Cr Supplies
D. No adjustment will probably be required.
You will be asked to address a accounting failure from AMERICAN INSURANCE GROUP. Overview of the situation/accounting issue
In August, Gold Company sold 770 units of their only product. For the month, fixed costs were $10,400, variable costs were 57% of sales, and the average sales price was $62.
Carson, Letterman, and O'Brien are partners who share profits and losses 50%, 30%, and 20%, respectively. Their capital balances are $116,000, $69,000, and $34,000, respectively.
The Footwear Department of Lee's Department Store had sales of $188,000, cost of goods sold of $132,500, indirect expenses of $13,250, and direct expenses of $27,500 for the current period. The Footwear Department's contribution to overhead as a p..
Give the necessary entries for 2011 assuming all payments after the initial payment are made on December 31.
Falcon Co. produces a single product. Its normal selling price is 30.00 per unit. The variable cost are 19.00 per unit. Fixed costs are 25,000 for a normal production run of 5,000 units per month.
Prepare the stockholders' equity section of the balance sheet in proper form for Vicario Corporation as of December 31, 2012. Account for treasury stock using the cost method.
If the current level of oil changes is 6600, by what percentage can the number of oil changes decrease before Jim has to worry about having a net loss?
Shelly offers to sell Jane goods both parties know are stolen. Jane accepts the offer, and agrees to pay for the goods. Later, Jane refuses to accept or pay for the goods. If Shelly sues Jane for breach of contract, what is the probable result?
Described below are certain transactions of Edwardson Corporation. The company uses the periodic inventory system. Make all journal entries necessary to record the transactions above using appropriate dates.
There were 1,100 units in beginning goods in process inventory, and they were 70% complete with respect to both direct materials and conversion costs. Calculate the equivalent units of production for the month, assuming the company uses the weight..
Year 1 production nil. year 2 production 6000.3rd year 24000 4th year 60000 5th year 45000 prepare shortworkings accounts in the books of company for five years.
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