Homework Answers
Supplies beginning = $1,200
Supplies purchased = $3,400
Supplies ending = $1,400
Supplies expense = Supplies beginning + Supplies purchased - Supplies ending
= 1,200+3,400-1,400
= $3,200
Hence, following items should be reported on Sheldon's year 2 financial statements:
Supplies = $1,400
Supplies expense = $3,200
Third option is correct option.
Service revenue for 3 months = $6,000
Hence, Service revenue for the month of December = 6,000 x 1/3
= $2,000
Due to service revenue earned for December, equity will increase by $2,000.
Second option is correct option.
On September 1, $9,000 was received in advance for service to be provided for 1 year.
service revenue for 4 months ( From September to December) = 9,000 x 4/12
= $3,000
Revenue to be recorded on the income statement = $3,000
Cash flows from operating activities = $9,000
Third option is correct option.
Kindly comment if you need further assistance.
Thanks‼!
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On January 1, Year 2, the Supplies account of Sheldon Company had a balance of $1,200....
On January 1 Year 2, the Supplies account of Sheldon Company had a balance of $1500....
On January 1 Year 2, the Supplies account of Sheldon Company had a balance of $1500. During the year, the company purchased $3,200 of supplies on account and made partial payments totaling $2,000 on those accounts. On December 31, Year 2, Sheldon determined that there were $1700 of supplies on hand. Which of the following would be reported on Sheldon's Year 2 financial statements? Multiple Choice C S 0700 of supplies $1500 of supplies expense C $2.300 of suples 5600...
Sheldon Company began Year 1 with $1,200 in its supplies account. During the year, the company...
Sheldon Company began Year 1 with $1,200 in its supplies account. During the year, the company purchased $3,400 of supplies on account. The company paid $3,000 on accounts payable by year end. At the end of Year 1, Sheldon counted $1.400 of supplies on hand. Sheldon's financial statements for Year 1 would show: Edit Insert Format Tools Table 12pt Paragraph Β Ι Ο Α 2ν τον 1
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