The following information relates to the supplies account of ABC Company: January 1, 2019 32,000 December...

Question

Question

The following information relates to the supplies account of ABC Company: January 1, 2019 32,000 December 31, 2019 38,000 Sup

business accounting

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

Ending supplies=Beginning supplies+supplies purchased-supplies expense

38000=32000+supplies purchased-17000

supplies purchased=(38000+17000-32000)

=$23000

Add a comment

Answer 2

Similar Homework Help Questions

The following information relates to the supplies account of ABC Company: January 1, 2019 32,000 December...

The following information relates to the supplies account of ABC Company: January 1, 2019 32,000 December 31, 2019 38,000 Supplies ABC Company reported supplies expense of $17,000 in its 2019 income statement. Calculate the amount of supplies purchased by ABC Company during 2019.
PART 1 XYZ Company began operations in May, 2022 by selling common stock to owners in...

PART 1 XYZ Company began operations in May, 2022 by selling common stock to owners in exchange for $90,000 cash. During 2022, ABC Company entered into the following transactions: 1. On May 23, ABC Company purchased inventory for $50,000 cash. 2. On June 1, ABC Company purchased a three-year insurance policy for $32,400 cash. 3. On July 1, ABC Company received $49,000 cash from a customer for services to be performed over the next 8 months. 4. On August 1,...
ABC Company recorded the following information related to their inventory accounts for 2019: January 1, 2019...

ABC Company recorded the following information related to their inventory accounts for 2019: January 1, 2019 December 31, 2019 Direct materials 50,000 37,000 Work in process 38,000 41,000 Finished goods 22,000 35,000 ABC Company's accounting records for 2019 indicated the following costs had been incurred: Direct materials purchased ................... $124,000 Depreciation, factory equipment .............. 30,000 Direct labor ................................. 97,000 Utilities..................................... 18,000 Sales commissions............................. 65,000 Indirect materials............................ 25,000 Depreciation, office equipment ............... 17,000 Production supervisor's salary ............... 76,000 Advertising................................... 61,000 60%...

Question 3 The following selected account balances were taken from ABC Company's general ledgers for 2019: January...

Question 3 The following selected account balances were taken from ABC Company's general ledgers for 2019: January 1, 2019 Inventory 61,000 Notes payable 95,000 Unearned revenue 18,000 Accounts payable 49,000 Retained earnings 23,000 Land 80,000 Common stock 38,000 Accounts receivable 53,000 December 31, 2019 36,000 81,000 25,000 53,000 42,000 92,000 77,000 ABC Company's 2019 income statement included sales revenue of $420,000, loss on sale of land of $14,000, and net income of $32,000. ABC Company's 2019 statement of cash flows...
The following selected account balances were taken from ABC Company's general ledgers for 2019: January 1,...

The following selected account balances were taken from ABC Company's general ledgers for 2019: January 1, 2019 December 31, 2019 Inventory 74,000 56,000 Accounts payable 50,000 28,000 Salaries payable 9,000 4,000 Investments 68,000 75,000 Accounts receivable 69,000 35,000 Land 58,000 88,000 Notes payable 195,000 120,000 Unearned revenue 17,000 25,000 Common stock 100,000 190,000 Retained earnings 23,000 63,000 The following information was taken from ABC Company's 2019 income statement: Sales revenue $420,000 Cost of goods sold 300,000 Salaries expense 68,000 Net...
The following selected account balances were taken from ABC Company's general ledgers for 2019: January 1,...

The following selected account balances were taken from ABC Company's general ledgers for 2019: January 1, 2019 December 31, 2019 Inventory 74,000 56,000 Accounts payable 50,000 28,000 Salaries payable 9,000 4,000 Investments 68,000 75,000 Accounts receivable 69,000 35,000 Land 58,000 88,000 Notes payable 195,000 120,000 Unearned revenue 17,000 25,000 Common stock 100,000 190,000 Retained earnings 23,000 63,000 The following information was taken from ABC Company's 2019 income statement: Sales revenue $420,000 Cost of goods sold 300,000 Salaries expense 68,000 Net...

The following selected account balances were taken from ABC Company's general ledgers for 2019: January 1,...

The following selected account balances were taken from ABC Company's general ledgers for 2019: January 1, 2019 December 31, 2019 Inventory 74,000 56,000 Accounts payable 50,000 28,000 Salaries payable 9,000 4,000 Investments 68,000 75,000 Accounts receivable 69,000 35,000 Land 58,000 88,000 Notes payable 195,000 120,000 Unearned revenue 17,000 25,000 Common stock 100,000 190,000 Retained earnings 23,000 63,000 The following information was taken from ABC Company's 2019 income statement: Sales revenue $420,000 Cost of goods sold 300,000 Salaries expense 68,000 Net...
The following selected account balances were taken from ABC Company's general ledgers for 2019: January 1,...

The following selected account balances were taken from ABC Company's general ledgers for 2019: January 1, 2019 December 31, 2019 Inventory 74,000 56,000 Accounts payable 50,000 28,000 Salaries payable 9,000 4,000 Investments 68,000 75,000 Accounts receivable 69,000 35,000 Land 58,000 88,000 Notes payable 195,000 120,000 Unearned revenue 17,000 25,000 Common stock 100,000 190,000 Retained earnings 23,000 63,000 The following information was taken from ABC Company's 2019 income statement: Sales revenue $420,000 Cost of goods sold 300,000 Salaries expense 68,000 Net...
The following selected account balances were taken from ABC Company's general ledgers for 2019: January 1,...

The following selected account balances were taken from ABC Company's general ledgers for 2019: January 1, 2019 December 31, 2019 Inventory 74,000 56,000 Accounts payable 50,000 28,000 Salaries payable 9,000 4,000 Investments 68,000 75,000 Accounts receivable 69,000 35,000 Land 58,000 88,000 Notes payable 195,000 120,000 Unearned revenue 17,000 25,000 Common stock 100,000 190,000 Retained earnings 23,000 63,000 The following information was taken from ABC Company's 2019 income statement: Sales revenue $420,000 Cost of goods sold 300,000 Salaries expense 68,000 Net...

The following selected account balances were taken from ABC Company's general ledgers for 2019: January 1,...

The following selected account balances were taken from ABC Company's general ledgers for 2019: January 1, 2019 December 31, 2019 Inventory 74,000 56,000 Accounts payable 50,000 28,000 Salaries payable 9,000 4,000 Investments 68,000 75,000 Accounts receivable 69,000 35,000 Land 58,000 88,000 Notes payable 195,000 120,000 Unearned revenue 17,000 25,000 Common stock 100,000 190,000 Retained earnings 23,000 63,000 The following information was taken from ABC Company's 2019 income statement: Sales revenue $420,000 Cost of goods sold 300,000 Salaries expense 68,000 Net...

The following information relates to the supplies account of ABC Company: January 1, 2019 32,000 December...

Homework Answers