1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
natima [27]
3 years ago
12

On-Time Truckers prepares monthly financial statements. On July 1, the Supplies account had a balance of $3,500. During July, ad

ditional supplies were purchased for $4,800 and that amount was debited to Supplies Expense. On July 31, a physical count of supplies revealed that there was $2,200 on hand.Prepare the adjusting journal entry that On-Time Truckers should make on July 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Business
1 answer:
serious [3.7K]3 years ago
7 0

Answer:

Explanation:

The adjusting entry is shown below:

Supplies expense A/c Dr  $6,100

              To supplies A/c  $6,100

(Being supplies account is adjusted)

The supplies expense is computed by

= Supplies beginning balance + purchase of supplies - supplies on hand

= $3,500 + $4,800 - $2,200

= $6,100

To find out the adjusting balance we added the purchase of supplies and deducted the supplies on hand from the beginning balance of supplies account

You might be interested in
During the​ year, direct labor costs of​ $30,000 were​ incurred, manufacturing overhead totaled ​$42,000, materials purchased we
andriy [413]

Answer:

Total Manufacturing Cost = $96,347

Explanation:

Total manufacturing cost include all the costs related directly to the production, and does not include any indirect costs, or cost of selling and administration.

Thus, for the information provided we have,

Since not provided assumed no opening and closing inventory.

Total manufacturing cost =

Direct Labor Cost $30,000

Add: Manufacturing Overhead $42,000

Add: Materials Purchased $27,000

Less: Indirect Material included = ($2,653)

Total Manufacturing Cost = $96,347

4 0
3 years ago
Sid purchased an automobile for personal
Aloiza [94]

Answer:

Part A. $1200

Part B. $1200  

Explanation:

Part A.

Under MACRS rules, the depreciation rate for the 5 year recovery period asset would be:

Year 1    20%

Year 2   32%

Year 3   19.2%

Year 4   11.52%

Year 5   11.52%

Year 6   5.76%

This means that the first year MACRS depreciation deduction would be 20% which is $1200 ($6000 * 20%).

Part B.

If Sid does not elect Section 179 expensing then the depreciation would be calculated using straight line basis.

The depreciation would be:

Depreciaiton Expense = $6000 / 5 Years life   = $1200

8 0
3 years ago
A manager invests $400,000 in a technology that should reduce the overall costs of production. The company managed to reduce the
Ainat [17]

Answer:

a. Considered sunk costs, not relevant in further decision making

Explanation:

the missing options are:

  • a. Considered sunk costs, not relevant in further decision making
  • b. Considered sunk costs, but still relevant in further decision making
  • c. Considered a loss
  • d. Considered a profit

After the investment in new technology has been made, it will be considered a sunk cost, because they are no longer relevant or important when considering or evaluating future investments and projects. Sunk costs are expenses that have already been made and incurred, and cannot be recouped.

5 0
3 years ago
Danner Company expects to have a cash balance of $58,050 on January 1, 2017. Relevant monthly budget data for the first 2 months
Alina [70]

Answer:

                                                                             January                  February

Beginning Cash Balance                                     58,050                  35,475

Add: Receipts

Collections from Customers                               109,650                 193,500

Sale of Marketable Securities                              <u>15,480</u>                 <u>       0      </u>

Total Receipts                                                   <u>   125,130    </u>             <u>  193,500</u>

Total Available Cash                                            183,180                  228,975

Less: Disbursements

Direct Materials                                                  64,500                      96,750

Direct Labour                                                      38,700                       58,050

Manufacturing Overhead                                  25,155                        30,315

Selling and Administrative                                 19,350                        25,800

Total Disbursements                                       <u>  147,705       </u>             <u>   210,915</u>

Cash Balance                                                     35,475                        18,060

Financing

Add: Borrowings                                                   0                                  7,740

Less: Repayments                                          <u>       0           </u>                    <u>      0    </u>

Ending Cash Balance                                        35,475                         25,800

The company wants to maintain a minimum monthly cash balance of $25,800 so in February they will have to borrow;

= 25,800 - 18,060

= $7,740

8 0
3 years ago
Is heronation valid will i make money from them
mars1129 [50]
I would definitely be weary. If you can't answer if they're valid on your own, it's probably not!
5 0
3 years ago
Other questions:
  • If a court ordered you to pay for a pizza that was mistakenly delivered to your home and which you ate, they would be issuing an
    11·1 answer
  • An S corporation earns per share before taxes. The corporate tax rate is​ 35%, the personal tax rate on dividends is​ 20%, and t
    6·1 answer
  • Why is it relevant that finance tends to attract large amounts of money? a. Money can be used for good or evil b. Finance attrac
    7·1 answer
  • In one version of the experiment, the professor plans to put a ceiling of $11 on prices. That is, no one will be permitted to su
    5·1 answer
  • At the beginning of a year, a company predicts total direct materials costs of $1,020,000 and total overhead costs of $1,220,000
    8·1 answer
  • Currently, Glasgow Importers sells 280 units a month at a price of $729 a unit. The firm believes it can increase its sales by a
    12·1 answer
  • If real GDP per capita measured in 2009 dollars was​ $6,000 in 1950 and​ $48,000 in​ 2018, we would say that in​ 2018, the avera
    12·1 answer
  • ASAP! Giving brainliest for CORRECT awnser.
    15·2 answers
  • Swifty Corporation expects direct materials cost of $6 per unit for 150000 units (a total of $900000 of direct materials costs).
    7·1 answer
  • The following are the transactions of Spotlighter, Incorporated, for the month of January. a. Borrowed $4,390 from a local bank
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!