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sweet [91]
2 years ago
9

supplies expense is ______ and supplies is ______ for the amount of supplies used during the period that were originally recorde

d as an asset when purchased.
Business
1 answer:
LuckyWell [14K]2 years ago
4 0

Supplies expense is debited and supplies is credited for the amount of supplies used during the period that were originally recorded as an asset when purchased.

<h3>What is supply?</h3>

It should be noted that supply simply means the amount of goods and services that the seller is willing to sell at a price.

In this case, supplies expense is debited and supplies is credited for the amount of supplies used during the period that were originally recorded as an asset when purchased.

Learn more about supply on:

brainly.com/question/4803223

#SPJ11

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Bob Shockey borrowed $25,000 from his $250,000 cash value life insurance policy to send his daughter to private college. Assumin
MissTica

Answer:

e. $225,000.

Explanation:

Since Bob Shockey pays interest as in accrues, the amount the  beneficiary will receive if he dies before the debt is repaid will be the cash value of his life insurance policy minus amount borrowed to send his daughter to private college. This can be calculated as follows:

Amount to receive by beneficiary = $250,000 - $25,000 = $225,000

Therefore, his beneficiary will receive $225,000.

3 0
3 years ago
Which of the following best describes the principle of asset allocation?
faltersainse [42]
<span>The primary goal of a strategic asset allocation is to create an asset mix that seeks to provide the optimal balance between expected risk and return for a long-term

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6 0
3 years ago
Gantner Company had the following department information about physical units and percentage of completion: Ch21_Q64 If material
Basile [38]

Answer:

200,000 units

Explanation:

The computation of the total no of equivalent units for material during may month is given below:

Units added during May is

= 150,000 + 50,000

= 200,000 units.

Hence, the total no of equivalent units for material during may month is 200,000 units

The same should be considered and relevant  

6 0
2 years ago
Rudy's, Inc. and Blackstone, Inc. are all-equity firms. Rudy's has 1,500 shares outstanding at a market price of $22 a share. Bl
aleksandr82 [10.1K]

Answer:

Merger premium per share is equal to $2

Explanation:

Step 1. Given information.

  • 1500 shares outstanding
  • market price of 22
  • Blackstone has 2.500 shares
  • Outstanding price 38
  • Blackstone acquire Rudy's for $36.000

Step 2. Formulas needed to solve the exercise.

Merger premium per share = (Blackstone acquire Rudy's /shares outstanding) - market price

Step 3. Calculation.

Merger premium per share = ($36,000/1,500) - $22 = $2

Step 4. Solution.

Merger premium per share is equal to $2

8 0
3 years ago
Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. During Jun
Leya [2.2K]

Answer:

The accounting equation holds as follows:

Asset = Liabilities + Equity = $80,000

Explanation:

Note: See the attached excel file for the analysis of the Effect of June Transactions on the Accounting Equation

From the last balances in the attached excel file, we have:

Assets = Cash + Receivable + Equipment = $41,000 + $8,000 + $31,000 = $80,000

Liabilities = Payable = $0

Equity = M. Chen, Capital - M. Chen, Withdrawals + Revenue - Expenses = $75,000 - $1,000 + $10,500 - $4,500 = $80,000

Liabilities + Equity = $0 + $80,000 = $80,000

Therefore, the accounting equation holds as follows:

Asset = Liabilities + Equity = $80,000

Download xlsx
4 0
2 years ago
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