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 of supplies on income statement
d) $200 of supplies on balance sheet, $2,800 of supplies expense on income statement
Homework Answers
Answer D 200 supplies on balance sheet and 2800 of supplies expenses in income statement
Opening balance supplies :500
purchases during year: 2500
total supplies in assets: 3,000
balance in hand : 200
Supplies expenses: 3,000-200 ; 2800
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AZ Plumbing Co began 2019 with $500 in its supplies account.
During the year the company...
Sheldon Company began Year 1 with $700 in its supplies account. During the year, the company...
Sheldon Company began Year 1 with $700 in its supplies account. During the year, the company purchased $2,000 of supplies on account. The company paid $1.600 on accounts payable by year end. At the end of Year 1, Sheldon counted $900 of supplies on hand. Sheldon's financial statements for Year 1 would show Multiple Choice $900 of supplies; $1,800 of supplies expense $1100 of supplies: $200 of supplies expense $1300 of supplies; $2.000 of supplies expense $900 of supplies: $1,100...
Sheldon Company began Year 1 with $2,400 in its supplies account. During the year, the company...
Sheldon Company began Year 1 with $2,400 in its supplies account. During the year, the company purchased $7,100 of supplies on account. The company paid $3,300 on accounts payable by year end. At the end of Year 1. Sheldon counted $4,300 of supplies on hand. Sheldon's financial statements for Year 1 would show: Multiple Choice nt $6,200 of supplies, $1,900 of supplies expense $4,300 of supplies: $2,800 of supplies expense $4,300 of supplies; $5,200 of supplies expense $6,200 of supplies:...
7. Sheldon Company began Year 1 with $1500 in its supplies account. During the year, the...
7. Sheldon Company began Year 1 with $1500 in its supplies account. During the year, the company purchased $4400 of supplies on account. The company paid $2400 on accounts payable by year end. At the end of Year 1, Sheldon counted $2500 of supplies on hand. Sheldon's financial statements for Year 1 would show: A) $2500 of supplies; $1900 of supplies expense B) $3500 of supplies; $4400 of supplies expense C) $2500 of supplies; $3400 of supplies expense D) $3500...
Mario and Luigi began operations of their plumbing supplies shop (M & L PS Co.) on...
Mario and Luigi began operations of their plumbing supplies shop
(M & L PS Co.) on January 1, 2010. The annual reporting period
ends December 31. The trial balance on January 1, 2018, appears
below (the amounts are rounded to thousands of dollars to
simplify).
Transactions during 2018 (summarized in thousands of dollars)
follow (no particular date sequence):
Borrowed $12 cash on a short-term note payable.
Purchased land for future building site, paid cash, $9.
Earned revenues for 2018, $160,...
Mario and Luigi began operations of their plumbing supplies shop (M & L PS Co.) on...
Mario and Luigi began operations of their plumbing supplies shop
(M & L PS Co.) on January 1, 2010. The annual reporting period
ends December 31. The trial balance on January 1, 2018, appears
below (the amounts are rounded to thousands of dollars to
simplify).
Transactions during 2018 (summarized in thousands of dollars)
follow (no particular date sequence):
Borrowed $12 cash on a short-term note payable.
Purchased land for future building site, paid cash, $9.
Earned revenues for 2018, $160,...
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
mJy1,2019, the balance in the Supplies account was $400. During the year, $11,500 of supplies was...
mJy1,2019, the balance in the Supplies account was $400. During the year, $11,500 of supplies was purchased on account. 0n December 31, 2019 the company revealed that there were supplies of $1,100 remaining in the closet Required: a) What amount of Supplies Expense will be reported on the 2019 income statement? b) What account and amount, if any, will be reported on the 2019 Balance Sheet? Account Name 47. (Pains) This company paid $24.000 for sis months'reat Angust 1. 2019....
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...
Speedy Cleaning Service began its operations on December 1, 2019. The following transactions took place during...
Speedy Cleaning Service began its operations on December 1, 2019. The following transactions took place during its first month of operations. The company uses the calendar year as its reporting period. During December, the company completed the following transactions. Summary of Transactions: Dec. 1 Stockholders invested $14,000 cash in the business in exchange for common stock. Dec. 2 Purchased a used truck for $10,000, paying $3,000 cash and the balance on account Dec. 3 Dec. 5 Dec. 12 Purchased cleaning...
Microchip began the year with $3,200 in its asset account, supplies. During the year, $7,700 in...
Microchip began the year with $3,200 in its asset account, supplies. During the year, $7,700 in supplies were purchased and debited to supplies. At year-end, supplies costing $3,850 remain on hand. Note: Enter debits before credits. Transaction General Journal Debit Credit 6
Sheldon Company began Year 1 with $700 in its supplies account. During the year, the company purchased $2,000 of supplies on account. The company paid $1.600 on accounts payable by year end. At the end of Year 1, Sheldon counted $900 of supplies on hand. Sheldon's financial statements for Year 1 would show Multiple Choice $900 of supplies; $1,800 of supplies expense $1100 of supplies: $200 of supplies expense $1300 of supplies; $2.000 of supplies expense $900 of supplies: $1,100...
Sheldon Company began Year 1 with $2,400 in its supplies account. During the year, the company purchased $7,100 of supplies on account. The company paid $3,300 on accounts payable by year end. At the end of Year 1. Sheldon counted $4,300 of supplies on hand. Sheldon's financial statements for Year 1 would show: Multiple Choice nt $6,200 of supplies, $1,900 of supplies expense $4,300 of supplies: $2,800 of supplies expense $4,300 of supplies; $5,200 of supplies expense $6,200 of supplies:...
7. Sheldon Company began Year 1 with $1500 in its supplies account. During the year, the company purchased $4400 of supplies on account. The company paid $2400 on accounts payable by year end. At the end of Year 1, Sheldon counted $2500 of supplies on hand. Sheldon's financial statements for Year 1 would show: A) $2500 of supplies; $1900 of supplies expense B) $3500 of supplies; $4400 of supplies expense C) $2500 of supplies; $3400 of supplies expense D) $3500...
Mario and Luigi began operations of their plumbing supplies shop
(M & L PS Co.) on January 1, 2010. The annual reporting period
ends December 31. The trial balance on January 1, 2018, appears
below (the amounts are rounded to thousands of dollars to
simplify).
Transactions during 2018 (summarized in thousands of dollars)
follow (no particular date sequence):
Borrowed $12 cash on a short-term note payable.
Purchased land for future building site, paid cash, $9.
Earned revenues for 2018, $160,...
Mario and Luigi began operations of their plumbing supplies shop
(M & L PS Co.) on January 1, 2010. The annual reporting period
ends December 31. The trial balance on January 1, 2018, appears
below (the amounts are rounded to thousands of dollars to
simplify).
Transactions during 2018 (summarized in thousands of dollars)
follow (no particular date sequence):
Borrowed $12 cash on a short-term note payable.
Purchased land for future building site, paid cash, $9.
Earned revenues for 2018, $160,...
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
mJy1,2019, the balance in the Supplies account was $400. During the year, $11,500 of supplies was purchased on account. 0n December 31, 2019 the company revealed that there were supplies of $1,100 remaining in the closet Required: a) What amount of Supplies Expense will be reported on the 2019 income statement? b) What account and amount, if any, will be reported on the 2019 Balance Sheet? Account Name 47. (Pains) This company paid $24.000 for sis months'reat Angust 1. 2019....
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...
Speedy Cleaning Service began its operations on December 1, 2019. The following transactions took place during its first month of operations. The company uses the calendar year as its reporting period. During December, the company completed the following transactions. Summary of Transactions: Dec. 1 Stockholders invested $14,000 cash in the business in exchange for common stock. Dec. 2 Purchased a used truck for $10,000, paying $3,000 cash and the balance on account Dec. 3 Dec. 5 Dec. 12 Purchased cleaning...
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