User Account

All Pages

What was the amount of supplies purchased

Assignment Help Accounting Basics
Reference no: EM13511960

Answer each of the following independent questions concerning supplies and the adjustment for supplies.

(a) The balance in the supplies account, before adjustment at the end of the year, is $2,100. What is the amount of the adjustment if the amount of supplies on hand at the end of the year is $385?

(b) The supplies account has a balance of $675, and the supplies expense account has a balance of $1,310 at December 31, 2007. If 2007 was the first year of operations, what was the amount of supplies purchased during the year?

Reference no: EM13511960

Questions Cloud

The distribution of multiple risk vary by race/ethnicity : When considering other risk factors such as income, insurance, education, and having a regular source of care, how does the distribution of multiple risk vary by race/ethnicity? Which group are most at risk, and which are least at risk?
Gender figures into the study of deviance : Gender figures into the study of deviance because:
Explain a chemist wants to kilute 7.50 m hno3 : A chemist wants to kilute 7.50 M HNO3 to make 800 mL of a 4.00 M HNo3 solution. What is the new volume
Explain what volume of 16m hno3 needed to prepare : What volume of 16M HNO3 will be needed to prepare 250mL of 0.50 M HNO3
What was the amount of supplies purchased : What is the amount of the adjustment if the amount of supplies on hand at the end of the year is $385?
Determine the amount of the adjusting entry : At the end of the current year, the accounts receivable account has a debit balance of $650,000, and net sales for the year total $5,500,000.
Explain how do we convert the signal into an nmr spectrum : The free induction decay of a single kind of proton is an exponentially decreasing cosine wave. Explain how this signal is obtained. How do we convert this signal into an NMR spectrum. What does the spectrum look like
Find the absolute pressure of the seawater : A submarine is located 1.000 km below the surface of the water. What is the absolute pressure of the seawater on the outside of the submarine
What is sociological imagination : What is sociological imagination? And how might one's understanding of the case of a problem influence one's plan for solving the problem?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Preparing cash budget for a corporation

Palmerin Corporation is preparing its cash budget for November. The budgeted beginning cash balance is $30,000. Budgeted cash receipts total $167,000 and budgeted cash disbursements total $171,000. The desired ending cash balance is $50,000.

  Present value of cash inflows for project

Using the net present value method, the present value of cash inflows for Project A is $44,000 and the present value of cash inflows of Project B is $24,000. If Project A and Project B require initial investments of $40,000 and $20,000, respective..

  Problem related to preliminary itemized deductions

Bela and Ricky are married taxpayers who file a joint return. In 2009, they had AGI of $350,000 and their preliminary itemized deductions totaled $20,000. In 2010, they also had AGI of $350,000 and preliminary itemized deductions of $20,000. Which..

  Kendall company has sales of 1600 units at 50 a unit

kendall company has sales of 1600 units at 50 a unit. variable expenses are 25 of the selling price. if total fixed

  Underlying rationale for the alimony rules

The underlying rationale for the alimony rules is that: 1. The fruit and tree metaphor should be rigorously applied.

  Journal entry-floral arrangements for holidays and events

Adrian's flower show provides floral arrangements for holidays and events. Adrian's sold Oxford City Hall a holiday arrangement for $10,000 on account in November of the amount due within prescribed period.

  Compute the materials price variance

(a) Compute the actual cost per foot for materials for March. (b) Compute the materials price variance and a total variance for materials.

  Compute total asset turnover ratio

Compute total asset turnover ratio for 2009 and 2010 and evalute results, would you promote me??

  Prepare ensinada purchases budgets for wax

Ensnada Mfg. Co, rpoduces candles that contain four raw materials: wax, dye, scented oil and a wick. Each candle usues eight ounces of wax and one ounce of die, which Ensinada purchase for $0.15 and $0.02 per ounce, respepctively.

  Explain the purpose of the proposal budget and budget

what is the purpose of the proposal budget and budget

  In evaluating the sample results smith determined that the

smith cpa was engaged to audit golf corporations financial statements for the years ended august 2006. smith planned

  What was the company revenue for the year

Gilkey Corporation began the year with retained earnings of $155,000. During the year, the company issued $210,000 of common stock, recorded expenses of $600,000, and paid dividends of $40,000. If Gilkey's ending retained earnings was $165,000, wh..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd