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finlep [7]
3 years ago
6

A company's Office Supplies account shows a beginning balance of $720 and an ending balance of $640. If office supplies expense

for the year is $3,700, what amount of office supplies was purchased during the period
Business
1 answer:
Svetllana [295]3 years ago
3 0

Answer:

Purchases= $3,620

Explanation:

Giving the following information:

Beginning inventory= $720

Ending inventory= $640

Purchase= ?

Used in the period= $3,700

<u>To calculate the purchases, we need to use the following formula:</u>

Purchases= used in the period + desired ending inventory - beginning inventory

Purchases= 3,700 + 640 - 720

Purchases= $3,620

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gavmur [86]

Answer:You are so right I can't learn anything either Good day

Explanation:YOU CHOOSE THE SMARTEST

5 0
3 years ago
Turnadot &amp; Sons is a small wholesaler of decorative cast iron objects. The following events, related to a special customer o
Katena32 [7]

Answer:

Gross Margin = $6,000

Explanation:

Gross margin refers to the Sales price - Direct cost associated with the product.

Here, Sales Value = 200 outdoor planters for $50 each = $50 \times 200 = $10,000

Cost associated with this outdoor planters = Purchase cost as paid to supplier = $4,000

Thus, gross margin = $10,000 - $4,000 = $6,000

Note: Time period and dates provided for such sales and collection of amount or payment to supplier is of no relevance.

Final Answer

Gross Margin = $6,000

4 0
3 years ago
Determining Net Cash Flow from Operating Activities: Burch Company reported the following items in its balance sheet and income
Tanya [424]

Answer:

$9,000

Explanation:

The cash flow statement is the financial statement where the cash flows from the various activities of a business are recorded. These activities include Operating, Investing and Financing. The statement may be shown using gthe direct or indirect method.

The operating activities include the changes to current assets and liabilities. Increases in assets (apart from cash) represents an out flow of cash while increases in liability represents and in flow of cash and vice versa.

The net cash flows from operating activities using the indirect method

= -5000 - 20,000  + 10,000 + 25,000 - 1,000 (all amounts in $)

= $9,000

This represents a net inflow.

3 0
3 years ago
Natalie promises Brett that she will pay him $1,000 for painting her house. Brett then agrees and purchases the painting materia
erma4kov [3.2K]

Answer:

Yes

Explanation:

There was an agreement or promise between Brett and Natalie which made Brett purchase the materials with his own money

3 0
2 years ago
Read 2 more answers
Suppose the fed sells $50 million of government securities to the bank of america. complete the sentences. the fed's total asset
abruzzese [7]

Suppose the fed sells $50 million of government securities to the bank of America. complete the sentences. the fed's total assets increase by​ $50 million and its total liabilities do not​ change.

<h3></h3><h3>What are liabilities?</h3>
  • A liability is defined in financial accounting as the future forfeitures of economic benefits that an entity must make to other entities as a result of previous transactions or other previous events, the resolution of which may result in the transfer or use of assets, the provision of services, or another future yielding of economic benefits.
  • Financial accounting liabilities might be based on equitable duties or constructive obligations rather than having to be legally enforceable.
  • A responsibility based on moral or ethical principles is referred to as an equitable obligation.
  • Contrary to an obligation that is founded on a contract, a constructive duty is one that is suggested by a particular combination of circumstances.

To learn more about the liability, refer to the following link:

brainly.com/question/24534918

#SPJ4

7 0
1 year ago
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