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gulaghasi [49]
3 years ago
9

During the accounting​ period, office supplies were purchased on account for $ 3 comma 000. A physical​ count, on the last day o

f the accounting​ period, shows $ 1 comma 400 of office supplies on hand. Supplies Expense for the accounting period is $ 3 comma 400. What was the beginning balance of Office​ Supplies?A. $4,000B. $600C. $2,200D. There is not enough information to answer this question.

Business
1 answer:
Lena [83]3 years ago
7 0

Answer:

B. $600

Explanation:

* Data given in the Question is inconsistent with the options provided. A similar and accurate question which has the same option as given above is attached with the answer. Following answer is made accordingly.

Data Provided in the attached question is as follow:

Office supplies balance at the end of the year = $1,200

Purchases for the period = $3,400

Expense for the period = $2,800

Inventory account balance at the beginning of the year =

Use following formula to calculate beginning balance of office supplies:

Inventory account balance at the end of the year = Inventory account balance at the beginning of the year + Purchases for the period - Expense for the period

$1,200 = Inventory account balance at the beginning of the year + $3,400 - $2,800

$1,200 = Inventory account balance at the beginning of the year + $600

Inventory account balance at the beginning of the year = $1,200 - $600

Inventory account balance at the beginning of the year = $600

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Youngstown Rubber reports the following data for its first year of operation. Direct materials used $710,200 Direct Labor 350,00
ser-zykov [4K]

Answer:

$1,160,300

Explanation:

Total Manufacturing Costs are all costs related to the production of goods to be sold. This consists of direct costs such as labor and material and other indirect costs such as electricity and rentals.

<u>Calculation  of total manufacturing costs :</u>

Cost of goods manufactured         1,030,300

Add Closing Work In Process           130,000

Less Beginning Work In Process                 0

Total manufacturing costs            $1,160,300

6 0
3 years ago
StoreAge Inc. recently paid its annual dividend ($3.00), and reported an ROE of 15%, of which 50% is paid as dividends. The stoc
Igoryamba
The correct answer is c) $79.43
8 0
3 years ago
The electric utility rate for a facility during the months of May through October is 4.5 cents per kilowatt-hour for energy, $11
Minchanka [31]

Answer: $11564

Explanation:

Total units consumed for August = 96000

There's a peak demand of 624kw

Also, the May through October is 4.5 cents per kilowatt-hour for energy.

The August electric bill will then be:

= 96000 × 4.5/100 + 624 × 11.50 + 68

= (96000 × 0.045) + (624 × 11.50) + 68

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4 0
2 years ago
Grand River Corporation reported taxable income of $600,000 in year 1 and paid federal income taxes of $155,000. Not included in
Paul [167]

Answer:

$444,000

Explanation:

current earnings and profits = (taxable income - income taxes) - meals expense + tax exempt income = ($600,000 - $155,000) - $3,000 + $2,000 = $444,000

Disallowed expenses are expenses made by an individual or company that the IRS doesn't allow to be deducted, e.g. meals. Tax exempt income is income that is not taxed by the IRS, e.g. DRD includes at least 70% of dividends received.

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Which economic goal is a major one of command economies?
pickupchik [31]

Answer:

the answer is equity.

Explanation:

the social equity in resource allocation and distribution is the main concern of an command economy. The entire "command" function is there for this purpose. Opposing to the market system, in which the efficiency of the market is of primary concern, the command system argues that while following to achieve the maximum market effeciency, these economies miss out on the fainress and unbiasedness in economic benefit destribution and therefore creates many social problems such as poverty, rich and poor gap, etc as a result.

The command economy tries to overcome this problem of Equity in market economies.

4 0
3 years ago
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