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2 years ago

A company usually determines the amount of supplies used during a period by:

1 answer:

5 0

<span>Supplies used in the period is computed by taking the difference between the balance of the Supplies account and the cost of supplies on hand. The sum of supplies that aren't used as of the balance sheet date must be stated in the asset account Supplies or Supplies on Hand. The supplies that have been used during the accounting period must be stated in the income statement account Supplies Expense. Essentially, supplies are assets until they are used. When they are used, they become an expenditure.</span>

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NEED HELP ASAP THANK YOU

solniwko [45]

Answer:

Explanation:

5 0

2 years ago

Rose has a $20,000 basis in the 60% of the Parent Corporation stock that she owns. Parent Corporation owns a 70% interest in Chi

Degger [83]

Answer:

The answer is: Rose will be taxed as receiving a $15,000 dividend distribution.

Explanation:

Since Parent Corporation owns 70% of Child Corporation, for tax purposes they are considered as one single firm. Rose is the main stockholder of Parent Co. so for tax purposes she is also a stockholder in Child Co. When Child Co. gives her $15,000 in exchange for Parent Co. stock, this would be considered as a dividend distribution rather a stock sale.

7 0

2 years ago

Which of the following in not an example for safeguarding inventory? Group of answer choices Matching receiving documents, purch

Tomtit [17]

Answer:

returning inventory that is defective or broken

Explanation:

Inventory reffered to as set of finished goods/ products as well as other goods that are used in production. It is regarded as current asset on the balance sheet of a company. Inventory safeguarding is very essential in a company to keep them safe, there are some ways in which this can be done.

With the aid of technology such as security cameras which can record any form of theft, door alarms and others can protect inventory from both external/internal threats. Some of thers common examples for safeguarding inventory are;

✓storing inventory in restricted areas

✓physical devices such as two-way mirrors, cameras, and alarms

✓matching receiving documents, purhcase orders, and vendor's invoice

3 0

2 years ago

Bill wants to give Maria a $590,000 gift in two years. If money is worth 12% compounded semiannually, what is Maria's gift worth

PtichkaEL [24]

Answer:

the present value is $467,335.2613

Explanation:

The computation of the value worth today is shown below:

= Amount in two years ÷ (1 + rate of interest)^number of years

= $590,000 ÷ (1 + 12% ÷ 2)^2×2

= $590,000 ÷ 1.06^4

= $590,000 ÷ 1.26247696

= $467,335.2613

Hence, the present value is $467,335.2613

We simply applied the above formula so that the correct value could come

And, the same is to be considered

8 0

2 years ago

According to SEC independence regulations,

Komok [63]

Answer: Option (b) is correct.

According to Securities and Exchange Commission independence code: Pre-approval of accountants' work may be in reconciliation with comprehensive policies and transaction rather than categorical.

The Commission’s code, principally through Regulations S-X, focuses on the accomplishment of accountants, counting the autonomy condition for auditors that issue audit filed with Commission.

5 0

3 years ago