Jesper Co begins its next year of operations with a Beginning Supplies balance of 1,400. The...
Jesper Co begins its next year of operations with a Beginning Supplies balance of 1,400. The end of period count of inventory revealed an Ending Supply balance of 4,500. If COGS for the same period was 36,700, Purchases must have been what?
36,700
33,600
35,300
39,800
On April 1 the ABC Inc. paid $20,400 to Acme Realty for 12 months Rent beginning May 1. The company did the correct recording on April 1. If financial statements are prepared on December 31st, the rent expense for the year is:
15,300
13,600
11,900
20,400
Homework Answers
|
Cost of Goods Sold = Beginning inventory + Purchases - Ending inventory 36,700 = 1,400 + Purchases - 4,500 Purchases = 36,700 - 1,400 + 4,500 = 39,800 |
|
Rent expense for the year = (20,400/12 months) * 8 months (May to Dec) = 1,700 * 8 = 13,600 |
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Jesper Co begins its next year of operations with a Beginning
Supplies balance of 1,400. The...
Jesper Co begins its next year of operations with a Beginning Supplies balance of 1,400. The...
Jesper Co begins its next year of operations with a Beginning Supplies balance of 1,400. The end of period count of inventory revealed an Ending Supply balance of 4,500. If Supplies Expense for the same period was 36,700, Purchases must have been what? A. 39800 B. 33600 C. 35300 D. 36700
D Question 15 0.25 pts On April 1 the ABC Inc. paid $20,400 to Acme Realty...
D Question 15 0.25 pts On April 1 the ABC Inc. paid $20,400 to Acme Realty for 12 months Rent beginning May 1. The company did the correct recording on April 1. If financial statements are prepared on December 31st, what is the adjusting entry needed on the balance sheet? Decrease Cash 20,400 / Increase PrePaid Rent 20,400 Decrease PrePaid Rent 13,600/Decrease Rent Expense 13,600 Decrease Prepaid Rent 20,400 / Increase Rent Expense 20,400 Decrease PrePaid Rent 13,600 / Increase...
On April 1 the ABC Inc. paid $20,400 to Acme Realty for 12 months Rent beginning...
On April 1 the ABC Inc. paid $20,400 to Acme Realty for 12 months Rent beginning May 1. The company did the correct recording on April 1. If financial statements are prepared on December 31st, the rent expense for the year is: A 20400 B 13600 C 15300 D 11900
Jesper Co. Had a beginning Supplies balance of 3,700. Purchases throughout the year totaled 16,500. A...
Jesper Co. Had a beginning Supplies balance of 3,700. Purchases throughout the year totaled 16,500. A physical count of the inventory at the end of the accounting period revealed 1,400 on hand. What is Jesper's Cost of Goods Sold (COGS)? 0 20,200 O 18,800 O 16,500 O 14,200
1) The supplies account has a balance of $3,000 at the beginning of the year and...
1) The supplies account has a balance of $3,000 at the beginning of the year and was debited during the year for $1,400, representing the total of supplies purchased during the year. If $800 of supplies are on hand at the end of the year, the supplies expense to be reported on the income statement for the year is ______________? 2) ABC, Inc. Made a Prepaid Rent payment of $4,000 on January 1st. The company's monthly rent is $800. The...
Required Information ABC Corporation was formed at the beginning of last year. The balances on its...
Required Information ABC Corporation was formed at the beginning of last year. The balances on its post-closing trial balance prepared on December 31, at the end of its first year of operations, were as follows: Cash $21. Bee 10. eee 200 10,5ee 1,200 25,880 2,400 Accounts Receivable Allowance for Doubtful Accounts Inventory Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Salaries and Wages Payable Deferred Revenue Interest Payable Note Payable (long-term) Common Stock Additional Paid-In Capital, Common Retained Earnings 2,5ee 4,800...
How to fill out balance sheet? Required Information ABC Corporation was formed at the beginning of...
How to fill out balance sheet?
Required Information ABC Corporation was formed at the beginning of last year. The balances on its post-closing trial balance prepared on December 31, at the end of its first year of operations, were as follows: Cash $21. Bee 10. eee 200 10,5ee 1,200 25,880 2,400 Accounts Receivable Allowance for Doubtful Accounts Inventory Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Salaries and Wages Payable Deferred Revenue Interest Payable Note Payable (long-term) Common Stock Additional Paid-In...
Required Information One Product Corp. (OPC) Incorporated at the beginning of last year. The balances on Its post-closing trial balance prepared on December 31, at the end of its first year of...
Required Information One Product Corp. (OPC) Incorporated at the beginning of last year. The balances on Its post-closing trial balance prepared on December 31, at the end of its first year of operations, were: Cash Accounts Receivable Allowance for Doubtful Accounts Inventory Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Sales Tax Payable FICA Payable Withheld Income Taxes Payable Salaries and Wages Payable Unemployment Tax Payable Deferred Revenue Interest Payable Note Payable (long-term) Common Stock Additional Paid-In Capital, Common 19,385 Retained...
One Product Corp. (OPC) incorporated at the beginning of last year. The balances on its postclosing...
One Product Corp. (OPC) incorporated at the beginning of last
year. The balances on its postclosing trial balance prepared on
December 31, at the end of its first year of operations, were:
Cash $ 19,500
Accounts Receivable 8,250
Allowance for Doubtful Accounts 885
Inventory 12,060
Prepaid Rent 1,600
Equipment 25,000
Accumulated Depreciation 2,400
Accounts Payable 0
Sales Tax Payable 500
FICA Payable 600
Withheld Income Taxes Payable 500
Salaries and Wages Payable 1,600
Unemployment Tax Payable 300
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One Product Corporation (OPC) incorporated at the beginning of last year. The balances on its post-closing...
One Product Corporation (OPC) incorporated at the beginning of last year. The balances on its post-closing trial balance prepared on December 31, at the end of its first year of operations, were: Cash 20,080 Accounts Receivable 8,240 Allowance for Doubtful Accounts 955 Inventory 12,600 Prepaid Rent 1,740 Equipment 33,400 Accumulated Depreciation 3,240 Accounts Payable 0 Sales Tax Payable 500 FICA Payable 600 Withheld Income Taxes Payable 500 Salaries and Wages Payable 1,600 Unemployment Tax Payable 300 Deferred Revenue 4,500 Interest...
D Question 15 0.25 pts On April 1 the ABC Inc. paid $20,400 to Acme Realty for 12 months Rent beginning May 1. The company did the correct recording on April 1. If financial statements are prepared on December 31st, what is the adjusting entry needed on the balance sheet? Decrease Cash 20,400 / Increase PrePaid Rent 20,400 Decrease PrePaid Rent 13,600/Decrease Rent Expense 13,600 Decrease Prepaid Rent 20,400 / Increase Rent Expense 20,400 Decrease PrePaid Rent 13,600 / Increase...
Jesper Co. Had a beginning Supplies balance of 3,700. Purchases throughout the year totaled 16,500. A physical count of the inventory at the end of the accounting period revealed 1,400 on hand. What is Jesper's Cost of Goods Sold (COGS)? 0 20,200 O 18,800 O 16,500 O 14,200
Required Information ABC Corporation was formed at the beginning of last year. The balances on its post-closing trial balance prepared on December 31, at the end of its first year of operations, were as follows: Cash $21. Bee 10. eee 200 10,5ee 1,200 25,880 2,400 Accounts Receivable Allowance for Doubtful Accounts Inventory Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Salaries and Wages Payable Deferred Revenue Interest Payable Note Payable (long-term) Common Stock Additional Paid-In Capital, Common Retained Earnings 2,5ee 4,800...
How to fill out balance sheet?
Required Information ABC Corporation was formed at the beginning of last year. The balances on its post-closing trial balance prepared on December 31, at the end of its first year of operations, were as follows: Cash $21. Bee 10. eee 200 10,5ee 1,200 25,880 2,400 Accounts Receivable Allowance for Doubtful Accounts Inventory Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Salaries and Wages Payable Deferred Revenue Interest Payable Note Payable (long-term) Common Stock Additional Paid-In...
Required Information One Product Corp. (OPC) Incorporated at the beginning of last year. The balances on Its post-closing trial balance prepared on December 31, at the end of its first year of operations, were: Cash Accounts Receivable Allowance for Doubtful Accounts Inventory Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Sales Tax Payable FICA Payable Withheld Income Taxes Payable Salaries and Wages Payable Unemployment Tax Payable Deferred Revenue Interest Payable Note Payable (long-term) Common Stock Additional Paid-In Capital, Common 19,385 Retained...
One Product Corp. (OPC) incorporated at the beginning of last
year. The balances on its postclosing trial balance prepared on
December 31, at the end of its first year of operations, were:
Cash $ 19,500
Accounts Receivable 8,250
Allowance for Doubtful Accounts 885
Inventory 12,060
Prepaid Rent 1,600
Equipment 25,000
Accumulated Depreciation 2,400
Accounts Payable 0
Sales Tax Payable 500
FICA Payable 600
Withheld Income Taxes Payable 500
Salaries and Wages Payable 1,600
Unemployment Tax Payable 300
Unearned Revenue 4,500...
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