what was my supply exspense for the month if i spent $14,000 on supplies and wrote a check, I return $1500.00 in damaged supplies for a cash refund, spent $10,000.00 more on supplies on company credit payable in 30 days not immediately. After inventory it shows I have $9400.00 in supplies left at the end of the month
Q: Question 1- Chapter 1 Identify the activities and users associated with accounting: Identify the…
A: An accounting cycle is a process of recording, identifying, and analysing accounting transactions in…
Q: Your audit of the petty cash (P10,000) of Juliet Company as of December 31, 2006 revealed the…
A: Cash shortage refers to the deficit of cash which is available in actual compared to the cash to be…
Q: Income Statement and Balance Sheet The records of R. Levy, Interior Decorator, show the following…
A: Income statement is one of the financial statements that shows profitability, total revenue and…
Q: The FASB has carefully avoided the issue of discounting deferred taxes. SFAS No.109, “Accounting for…
A: Deferred taxes are a concept in accounting that's kind of like dealing with the way taxes show up on…
Q: Assume that Western Exploration Corp. is considering the acquisition of Ogden Drilling Company. The…
A: Answer:-The term "income available to stockholders" refers to the money that remains after taxes and…
Q: On January 1, 2023, Culver Corp. purchased at par 12% bonds with a maturity value of $309,000. They…
A: Answer:- Journal entry:- A journal entry is basically the act of recording all the transactions…
Q: During the current year, USACO (a domestic corporation) sold equipment to FrenchCo, a non-U.S.…
A: Sourcing of income refers to determining the country or jurisdiction where income is considered to…
Q: Flint Hills, Incorporated has prepared a year-end 2024 trial balance. Certain accounts in the trial…
A: Answer:- After the accounting period has ended, the adjustment entries are created. By using these…
Q: Skip to question [The following information applies to the questions displayed below.] The…
A: Lets understand the basics.Cost of goods manufactured indicates all the costs incurred to…
Q: On January 1, 2023, ABC Company sold a office equipment with a cost of P5,400,000 and accumulated…
A: A note receivable is a financial instrument that represents a formal promise by one party to pay a…
Q: At her death, Chow owned 55% of the stock in Finch Corporation, with the balance held by family…
A: Answer:- Goodwill meaning:- An intangible asset called goodwill is used to account for the excessive…
Q: QUESTION 2 Companies can spend 40% or more of their revenue with suppliers True O False
A: In today's intricate web of global commerce, businesses rely heavily on their suppliers to provide…
Q: Required: Compute Berclair's basic and diluted earnings per share for the year ended December 31,…
A: The basic earnings per share (EPS) calculation calculates the profit each outstanding common share…
Q: Back Mountain Industries (BMI) has two divisions: East and West. BMI has a cost-of-capital of 15.8%.…
A: Economic value added is the difference between operating profit and amount of return on invested…
Q: SFAS No. 87, “Employers’ Accounting for Pensions,” requires an understanding of certain terms…
A: The minimum liability provision is a financial requirement imposed on employers by accounting…
Q: 1st Q Gross Income 600,000 per Quarter Deductions per 280,000 Quarter W/tax at source 2,000 per…
A: It is the amount of tax a taxpayer is liable to pay on the taxable income earned. The tax liability…
Q: Carl made the following transfers during the current year. What are Carl’s taxable gifts for the…
A: The IRS imposes a gift tax on the transfer of property or money from one individual to another if…
Q: Journal entry worksheet < 2 Record amortization of the goodwill (an intangible asset with an…
A: In an acquisition, goodwill is an intangible asset that reflects the difference between the purchase…
Q: During Burns Company's first year of operations, credit sales totaled $180,000 and collections on…
A: A general journal is defined as a book in which the raw data pertaining to the transactions or…
Q: In accounting, identify
A: Accruals occur when the exchange of cash follows the delivery of goods or services (accrued…
Q: Prepare a cash budget for Zinc for 20X3. Prepare an income statement for Zinc for the year ending…
A: Particulars CalculationsAmount ($)Opening cash balance $25,550,000Receipts+Sales ( Note…
Q: A company applies overhead using machine hours. Additional information follows. Standard variable…
A: The variance is the difference between the actual and standard production data. The variance can be…
Q: Derrick owns a farm in eastern North Carolina. A hurricane hit the area (a national disaster area…
A: The difference between the insurance proceeds from the item of the asset is deductible from the Fair…
Q: Exercise 15-27 (Algo) Evaluate Transfer Pricing System (LO 15-2) Lola Metals has two decentralized…
A: Lets understand the basics.transfer price is a price determine for transfer between the two…
Q: which of the following statements is true? a. Segment margin is greater than contribution margin.…
A: Hi studentSince there are multiple questions, we will answer only first questionSegmented income…
Q: Katrina is a one-third partner in the KYR partnership (calendar year-end). Katrina decides she wants…
A: Answer:- Partnership meaning:- It is referred to as a partnership when two people join forces with…
Q: Oriole Ltd. purchased a delivery truck on July 1, 2021. The list price of the new truck was $87,000.…
A: Journal entries are the foundation of double-entry bookkeeping, a fundamental concept in accounting.…
Q: On January 1, 2017, an entity showed the following shareholders' equity: Share capital, 300,000…
A: Retained earnings is that amount of earnings that is accumulated and collected over the period of…
Q: Wetherbee Tech Services (WTS) is a chain of computer maintenance technicians for households and…
A:
Q: The following transactions occurred at the Daisy King Ice Cream Company. Started business by…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: Han-7579 company manufactures 31,000 units of part T-25 each year. The company's cost per unit for…
A: The differential analysis is performed to compare the different alternatives available with…
Q: What is the Net Salary that Oscar Garza receives
A: Deductions for IMSS (Instituto Mexicano del Seguro Social) relate to the required social security…
Q: XY is a domestic corporation. The taxable period is 2020 year gross income deductions 2016…
A: When a business experiences a net operating loss (NOL) in a specific tax year and is allowed by tax…
Q: Complete the missing balance sheet entries for Travers & Co.'s balance sheets for the years ending…
A: Balance sheet :— It is one of the financial statements that shows a list of final ending balances of…
Q: Forrest Products buys cut trees and processes them into wood products. Each batch of trees that…
A: Allocation of joint costs refers to the process of assigning common costs to individual products,…
Q: Suppose that a firm is considering opening a plant on the moon, and the current exchange rate is…
A: Labor productivity means the actual units produced when compared to the expected units. Labor…
Q: 63. Shushi Bae is a Korean based in South Korea. She established Shushi Samgyup in the Philippines…
A: Value Added Tax (VAT) is like a financial relay race where businesses pass the tax baton. At each…
Q: asset and current liability accounts at the December31, 2019 and 2020 are as follows: 2020 2019 $…
A: Cash flow from operating activities is the cash inflows or cash outflows arising in normal course of…
Q: Rip Tide Company manufactures surfboards. Its standard cost information follows: Direct materials…
A: The variance is the difference between the actual data and standard cost of production. The variance…
Q: with a S policy's total coverage. Living expense coverage is 20% of the policy's total value is the…
A: The regular payment made by an individual or organization to an insurance company in exchange for…
Q: On June 1, 2023, a company began construction of a new manufacturing plant. The plant was completed…
A: Weighted average accumulated expenditure is the product of expenditure and per unit capitalization…
Q: Multiple Choice On January 1, 2024, Jingrong Corporation granted stock options to key employees for…
A: An employee stock option (ESO) is a type of equity compensation granted by companies to their…
Q: 1. On January 1, 2020, Novotna Company purchased $1,000,000, 6 % bonds of Aguirre Co. for $947,574.…
A: The potential profit or loss on an investment or asset that hasn't yet been sold is referred to as…
Q: Last year, a battery manufacturing company in Toronto incurred a loss of $716,000.00 by producing…
A: Variable costs are costs which changes with change in activity level. Fixed costs will not change…
Q: 1. Abe is single. His taxable income is $83,076. How much does Abe owe in taxes?
A: The taxpayer has to pay tax on the income. The taxable income is used to determine the tax…
Q: A firm provides the following information about budgeted sale Budgeted Sales 6,800 for May units…
A: The sales budget is prepared to record the sales revenue for the period. The account receivables…
Q: expect to pay $14,000 tithing and $8,0 taxes for the next few years (these are their only itemized…
A: Tax saving is the term used to describe the lawful decrease of a person's tax liability, which…
Q: Prepare all journal entries for Bactin for 2015 and 2016, assuming no change in fair value of the…
A: A key accounting concept known as a journal entry is used to meticulously and systematically…
Q: Gilbert Canned Produce (GCP) packs and sells three varieties of canned produce: green beans; sweet…
A: The differential analysis is performed to compare the different alternatives available with the…
Q: Notes Receivable (8%, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Service…
A:
what was my supply exspense for the month if i spent $14,000 on supplies and wrote a check, I return $1500.00 in damaged supplies for a cash refund, spent $10,000.00 more on supplies on company credit payable in 30 days not immediately. After inventory it shows I have $9400.00 in supplies left at the end of the month
Step by step
Solved in 3 steps
- Nonnas Re-Appliance Store collects 55% of its accounts receivable in the month of sale and 40% in the month after the sale. Given the following sales, how much cash will be collected in February?Gear Up Co. pays 65% of its purchases in the month of purchase, 30% in the month after the purchase, and 5% in the second month following the purchase. What are the cash payments if it made the following purchases in 2018?Turkeyen Inc. had opening receivables of $5,000. With the hire of a new credit controller their collections for the period was $20,000. If the ending receivables balance was $4,000, what was the sales for the period?
- 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.what was my supply exspense for the month if i wrote a check for $14,000, then I return $1500.00 in damaged supplies for a cash refund of $1500, then spent $10,000.00 more on supplies payable in 30 days . After inventory it shows I have $9400.00 worth of supplies left on hand.Sheridan Company provided the following information for the month of October: Beginning cash balance=$34700 Cash receipts=459600 Cas disbursements=486000 Sheridan's policy is to keep a minimum end-of-the-month cash balance of $29300. How much will Sheridan need to borrow during October? $21000 $26400 $8300 $0
- At year-end, Snow has cash of $16,000, current accounts receivable of $90,000, merchandise inventory of $45,000, and prepaid expenses totaling $4,200. Liabilities of $50,000 must be paid next year. Assume accounts receivable had a beginning balance of $30,000 and net credit sales for the current year totaled $360,000. How many days did it take Snow to collect its average level of receivables? (Assume 365 days/year. Round any interim calculations to two decimal places. Round the number of days to the nearest whole number.) OA. 30 OB. 91 O C. 122 OD. 61View the data below and then answer the question below: Company Name: WaitRose Sales - $2,100 (20% cash, 80% credit) Inventory - $750 Depreciation - $1,500 Plant & Equipment - $2,000 Accounts Receivable - $225 Notes Payable - $165 Question: What is the average collection period for the year for Waitrose? (show your work and explain)Harrah Company provided the following information for the month of October: Beginning cash balance $ 35,000 Cash receipts 460,000 Cash disbursements 485,000 Harrah's policy is to keep a minimum end of the month cash balance of $30,000. How much will Harrah's need to borrow during October?
- During its first year of operations, G Company provides services on account of $250,000. By the end of the year, cash collections on these accounts total $130,000. The company estimates that 10% of accounts receivable will be uncollectible at the end of the year. On March 13, G Company writes off a customer's account of $3,800. On June 3, the customer unexpectedly pays the $3,800 balance. Required: a) Determine the uncollectible accounts expense for the year b) The balance in Allowance for Doubtful Accounts c) The net realizable value of the accounts receivable d) Explain the relationship of Accounts Receivable and Allowance for Doubtful accounts and what type of questions can be answered by analyzing these two (2) items when checking the company's balance sheetSparks Corporation has a cash balance of $18,900 on April 1. The company must maintain a minimum cash balance of $15,500. During April, expected cash receipts are $67.000. Cash disbursements during the month are expected to total $80.500. Ignoring interest payments, during April the company will need to borrow: Multiple Cholce O $10:100 $5.400 $13.500 $15.500Hickory Furniture Company paid for the following costs during the month of May: Inventory purchases $ 40,000 Advertising costs 8,000 Delivery costs 2,000 Hickory sold $32,000 of the inventory and has agreed to pay warranty expenses for its customers. These are expected to be $1,600 and occur evenly over the next four months (i.e., starting in June). What is the amount of Hickory’s cash-basis expenses for the month of May?