Homework Answers
Supplies purchased on account = $1,000
Payment made to the suppliers = 75%
= 1,000 x 75%
= $750
Accounts payable balance on December 31 = Supplies purchased on account - Payment made to the suppliers
= 1,000 - 750
= $250
Supplies remaining at December 31 = 20%
= 1,000 x 20%
= $200
| Supplies on hand = $200, Accounts payable = $250 |
Correct option is (D)
Kindly give a positive rating if you are satisfied with the answer. Feel free to ask if you have any doubt. Thanks.
Add Answer to:
od During December, Henry Corp purchased $1,000 of supplies on account for use in its business....
ortunity to Excel (UTE) Une it: 1:15:00 Time Left:0:35:25 Ryan Shackleford: Attempt 1 : 2 3...
ortunity to Excel (UTE) Une it: 1:15:00 Time Left:0:35:25 Ryan Shackleford: Attempt 1 : 2 3 Question 33 (2 points) Daring December, Horn Inc. purchased $800 of supplies on account for use in its business. At the end of December 20% of the supplies were still on hand, but only 75% had been paid. What amounts will appear on the company's balance sheet on December 319 5 6 Supplies on Hand Accounts Payable 8 9 1 O 5500 5600 10...
1. Aspen Co. began 2018 with Supplies of $1,000. Aspen purchased $7,400 of supplies during the...
1. Aspen Co. began 2018 with Supplies of $1,000. Aspen purchased $7,400 of supplies during the year. A physical count at December 31 showed supplies on hand of $450. How much Supplies Expenses should be reported on the 2018 Income Statement? 2. Aspen’s 2018 Income Statement reflects Service Revenue = $12,000. Deferred Revenue on January 1 was $2,400 and $800 at December 31. How much cash was collected from customers in advance during 2018? 3. Aspen began 2018 with Prepaid...
a. During the month, the Supplies (asset) account was debited $3,600 for supplies purchased. The cost...
a. During the month, the Supplies (asset) account was debited $3,600 for supplies purchased. The cost of supplies used during the month was $2,800. Record the adjustment to properly reflect the amount of supplies used and supplies still on hand at the end of the month b. An insurance premium of $960 was paid for the coming year. Prepaid Insurance was debited. c. Wages of $6,400 were paid for the current month. d. Interest revenue of $500 was received for the current month. e....
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...
AZ Plumbing Co began 2019 with $500 in its supplies account. During the year the company...
AZ Plumbing Co began 2019 with $500 in its supplies account. During the year the company purchased an additional $2,500 of supplies on account. On December 31, 2019, AZ Plumbing counted $200 of supplies on hand. AZ Plumbing's financial statements for 2019 would show: a) $2,800 of supplies on balance sheet, $200 of supplies expense on income statement b) $700 of supplies on balance sheet, $3,200 of supplies expense on income statement c) $3,200 of supplies on balance sheet, $200...
19 Cougar Company, who sells college logo memorabilia, purchased $110,000 of supplies on account during 2020....
19 Cougar Company, who sells college logo memorabilia, purchased $110,000 of supplies on account during 2020. On January 1, 2020, ABC had $44,000 in the supplies account and on December 31, 2020 a physical count of supplies revealed $38,000 still on hand. In the adjusting entry on December 31, 2020, what is the debit to supplies expense? X 01:33:12 Multiple Choice 0 $ 66,000 0 $ 72,000 0 $116,000 0 $154,000
A company started the year with $200 of supplies. During the year the company purchased additional...
A company started the year with $200 of supplies. During the year the company purchased additional supplies costing 91.400. There were $1,000 of supplies on hand at the end of the year. An adjusted trial balance, prepared at the end of the accounting period, will show the following balance in Supplies Expense DA $800 OB. 51.000 C. $1.400 OD $600 Requirement 1. Calculate the total amounts of dividends to both preferred and common stockholders for 2018 and 2019 if total...
Required information Business Sim Corp. (BSC) issued 1,000 common shares to Kelly in exchange for $10,000....
Required information
Business Sim Corp. (BSC) issued 1,000 common shares to Kelly in
exchange for $10,000. BSC borrowed $31,000 from the bank, promising
to repay it in two years. BSC paid $36,000 for computer equipment
with check number 101 and signed a note for $3,000 due in six
months. BSC received $500 of supplies purchased on account. BSC’s
loan contains a clause (“covenant”) that requires BSC to maintain a
ratio of current assets to current liabilities of at least 1.4....
QUESTION 1 Rudy purchased the entire business of Russell including all its assets and liabilities for...
QUESTION 1 Rudy purchased the entire business of Russell including all its assets and liabilities for $750 on December 31, 2021. Below is information related to the two companies that date: Rudy Fair value of assets Russell 900 1,050 575 150 800 650 Fair value of liabilities Reported assets Reported liabilities Net Income for the year 500 250 60 50 Required: 1. What is the fair value of the net assets of Navarro Corp? 750 2. Write the journal entry...
COMPREHENSIVE ACCOUNTING CYCLE REVIEW ACR5-1 On December 1, 2018, Devine Distributing Company had the following account...
COMPREHENSIVE ACCOUNTING CYCLE REVIEW ACR5-1 On December 1, 2018, Devine Distributing Company had the following account balances. Credit Debit Cash S 7,200 Accumulated Depreciation-Equipment S 2,200 Accounts Receivable 4,600 Inventory 4,500 12,000 Accounts Payable 1,000 Supplies Equipment Salaries and Wages Payable 1,200 15,000 22,000 Common Stock 24,300 $47,000 Retained Earnings $47,000 During December, the company completed the following summary transactions Dec. 6 Paid S1,600 for salaries due employees, of which $600 is for December and $1,000 is for November salaries...
ortunity to Excel (UTE) Une it: 1:15:00 Time Left:0:35:25 Ryan Shackleford: Attempt 1 : 2 3 Question 33 (2 points) Daring December, Horn Inc. purchased $800 of supplies on account for use in its business. At the end of December 20% of the supplies were still on hand, but only 75% had been paid. What amounts will appear on the company's balance sheet on December 319 5 6 Supplies on Hand Accounts Payable 8 9 1 O 5500 5600 10...
1. Aspen Co. began 2018 with Supplies of $1,000. Aspen purchased $7,400 of supplies during the year. A physical count at December 31 showed supplies on hand of $450. How much Supplies Expenses should be reported on the 2018 Income Statement? 2. Aspen’s 2018 Income Statement reflects Service Revenue = $12,000. Deferred Revenue on January 1 was $2,400 and $800 at December 31. How much cash was collected from customers in advance during 2018? 3. Aspen began 2018 with Prepaid...
a. During the month, the Supplies (asset) account was debited $3,600 for supplies purchased. The cost of supplies used during the month was $2,800. Record the adjustment to properly reflect the amount of supplies used and supplies still on hand at the end of the month b. An insurance premium of $960 was paid for the coming year. Prepaid Insurance was debited. c. Wages of $6,400 were paid for the current month. d. Interest revenue of $500 was received for the current month. e....
19 Cougar Company, who sells college logo memorabilia, purchased $110,000 of supplies on account during 2020. On January 1, 2020, ABC had $44,000 in the supplies account and on December 31, 2020 a physical count of supplies revealed $38,000 still on hand. In the adjusting entry on December 31, 2020, what is the debit to supplies expense? X 01:33:12 Multiple Choice 0 $ 66,000 0 $ 72,000 0 $116,000 0 $154,000
A company started the year with $200 of supplies. During the year the company purchased additional supplies costing 91.400. There were $1,000 of supplies on hand at the end of the year. An adjusted trial balance, prepared at the end of the accounting period, will show the following balance in Supplies Expense DA $800 OB. 51.000 C. $1.400 OD $600 Requirement 1. Calculate the total amounts of dividends to both preferred and common stockholders for 2018 and 2019 if total...
Required information
Business Sim Corp. (BSC) issued 1,000 common shares to Kelly in
exchange for $10,000. BSC borrowed $31,000 from the bank, promising
to repay it in two years. BSC paid $36,000 for computer equipment
with check number 101 and signed a note for $3,000 due in six
months. BSC received $500 of supplies purchased on account. BSC’s
loan contains a clause (“covenant”) that requires BSC to maintain a
ratio of current assets to current liabilities of at least 1.4....
QUESTION 1 Rudy purchased the entire business of Russell including all its assets and liabilities for $750 on December 31, 2021. Below is information related to the two companies that date: Rudy Fair value of assets Russell 900 1,050 575 150 800 650 Fair value of liabilities Reported assets Reported liabilities Net Income for the year 500 250 60 50 Required: 1. What is the fair value of the net assets of Navarro Corp? 750 2. Write the journal entry...
COMPREHENSIVE ACCOUNTING CYCLE REVIEW ACR5-1 On December 1, 2018, Devine Distributing Company had the following account balances. Credit Debit Cash S 7,200 Accumulated Depreciation-Equipment S 2,200 Accounts Receivable 4,600 Inventory 4,500 12,000 Accounts Payable 1,000 Supplies Equipment Salaries and Wages Payable 1,200 15,000 22,000 Common Stock 24,300 $47,000 Retained Earnings $47,000 During December, the company completed the following summary transactions Dec. 6 Paid S1,600 for salaries due employees, of which $600 is for December and $1,000 is for November salaries...
Most questions answered within 3 hours.
-
The fact that there are high cache miss rates for programs with
binary executables of 100s...
asked 2 minutes from now -
ACME manufacturing is a low-cost producer of a single, commodity
product: RGL-01. Standard overhead cost information...
asked 19 seconds from now -
answer the below qestion in term of marketing in “personal
selling steps”
( Question )
Consider...
asked 19 minutes ago -
Why
are large,multinational firms more likely to be concerned about
CSR?Why are lifestyle brands more susceptible...
asked 19 minutes ago -
Under normal use conditions, the Mean Time To Failure of a
heating coil can be modeled...
asked 21 minutes ago -
A student holds a ruler by one end (x=0 where the student holds
it). The student...
asked 21 minutes ago -
People are most likely to believe their ancestors play an active
role in their lives in...
asked 21 minutes ago -
A speeding car is traveling along a straight road with a
constant speed of 100 km/hour....
asked 39 minutes ago -
When 60.1 gg of calcium is reacted with nitrogen gas, 31.7 gg of
calcium nitride is...
asked 44 minutes ago -
The random variable X is exponentially distributed, where X
represents the time it takes for a...
asked 59 minutes ago -
a) Write a verilog module for 1:4 Demultiplexer using verilog
primitives.
b) Design 1-to-4 DEMUX using...
asked 53 minutes ago -
MATLAB
write a MATLAB function (1) output a third-order polynomial
function with the coefficients as the...
asked 1 hour ago