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lara [203]
3 years ago
14

At the beginning of the​ month, supplies were $ 6 comma 000. During the​ month, $ 7 comma 000 of supplies were purchased. At​ mo

nth's end, 2 comma 000 of supplies are still on hand. What is the bullet adjusting​ entry? bullet ending balance in the Supplies​ account? ​First, prepare the adjusting journal entry for Supplies. ​ (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Date Accounts and Explanations Debit Credit The ending balance in the Supplies account was $ .
Business
1 answer:
Lena [83]3 years ago
6 0

Answer:

Adjusting Entry

Cost of goods sold (Dr.) $11,000

Beginning Inventory (Cr.) $6,000

Purchases (Cr.)   $5,000

Closing Entry

Ending Inventory (Dr.)  $2,000

Income Summary (Cr.)         $2,000

Explanation:

The adjusting entry is made by debiting cost of goods sold account which reflects the amount of inventory sold during the month and the entry is credited by beginning inventory of $6,000 and the remaining amount which is $5,000 is credited in purchases account.

The closing entry is made by debiting the ending inventory by the amount of $2,000 and Income Summary account is credited by the same amount to close the inventory account.

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Beball camp example covered in the class, let's assume the segment size is 9000, price per participant is $90, frequency is 1, v
stealth61 [152]

Answer:

<u>The correct answer is D. About 1.37%</u>

Explanation:

1. Let's review the information given to us to answer the question correctly:

Segment size = 9,000

Number of participants in the camp = x

Total Fixed Cost (TFC) = $ 9,000  

Variable Cost per Person = $ 5  

Price per Person = $ 90

Profit = $ 1,500

2. Based on the assumption provided above, what percentage of the segment should participate if the program wants to make $1500 profit?

We can calculate the variable cost, this way:

Total Variable Cost = Variable cost per person * Number of participants

Total Variable Cost = $ 5 * x

Total Variable Cost = $ 5x

We can calculate the total cost of the program, this way:

Total Cost of the program = Total Variable cost + Total Fixed Cost  

Total Cost of the program = $ 5x+ $ 9,000

Total cost of the program = $ 9,000 + 5x

We can calculate the revenue of the program, this way:

Total revenue of the program = Price per person * Number of participants + Profit

Total revenue of the program = $ 90 * x + $ 1,500

Total revenue of the program = $ 90x + $ 1,500

For Break-even:

Total Variable cost + Total Fixed Cost = Price per person * Number of participants

Replacing with the values we know and solving for x:

9,000 + 5x =  90x

5x - 90x = - 9,000  (Like terms)

-85x = -9,000

x =  -9,000/-85

x = 106 (rounding to the next whole)

For $ 1,500 of profits:

Number of participants at break-even + Profits/Price per participant

106 + 1,500/90 = 106 + 16.7 = 123

123/1,500 = 0.0137 = 1.37% (Rounding to two decimal places)

<u>The correct answer is D. About 1.37%</u>

5 0
3 years ago
Clampett, Inc., has been an S corporation since its inception. On July 15, 2020, Clampett, Inc., distributed $44,000 to J.D. His
Serjik [45]

Answer:

-$8,600

Explanation:

Data provided in the question:

Distributions = $44,000

Basis = $42,000

Amount of ordinary income allocated = $10,600

Now,

Capital gain from distribution in excess of basis

= Distribution - Basis -  Amount of ordinary income allocated

= $44,000 - $42,000 - $10,600

= -$8,600

here, negative sign depicts there is a capital loss

8 0
3 years ago
question 1 a data analyst identifies and classifies keywords from customer reviews to improve customer satisfaction. this is an
ehidna [41]

When a data analyst identifies and classifies keywords from customer reviews to improve customer satisfaction, this is an example of categorizing things.

<h3>What is data?</h3>

Data can be defined as a representation of factual instructions (information) in a formalized and structured manner, especially as a series of binary digits (bits) or strings that are used on computer systems in a company.

<h3>Who is a data analyst?</h3>

A data analyst can be defined as an expert or professional who is saddled with the responsibility of inspecting, transforming, analyzing, and modelling data with the sole aim of discovering useful information, providing insights, and creating informed conclusions, so as to support decision-making.

<h3>The data analyst six (6) problem types.</h3>

Generally, there are six (6) problem types that are associated with a data analyst and this include the following:

  • Making predictions
  • Categorizing things
  • Spotting something unusual
  • Identifying themes
  • Discovering connections
  • Finding patterns

In this context, we can infer and logically deduce that a data analyst identifying and classifying keywords from customer reviews in order to improve customer satisfaction is an example of categorizing things.

Read more on data analyst here: brainly.com/question/27853454

#SPJ1

3 0
1 year ago
If a firm's expected growth rate increased then its required rate of return woulda. decrease.b. fluctuate less than before.c. fl
labwork [276]

Answer:

D. possibly increase, possibly decrease, or possibly remain constant

Explanation:

If a firm's expected growth rate increased then its required rate of return would possibly increase, possibly decrease, or possibly remain constant

6 0
3 years ago
Incurring an expense for advertising on account would be recorded by:
Roman55 [17]

Complete Question:

Incurring an expense for advertising on account would be recorded by:

Group of answer choices

A) Debiting a liability account.

B) Crediting an asset account.

C) Debiting an expense account.

D) Debiting an asset account.

Answer:

C) Debiting an expense account.

Explanation:

Incurring an expense for advertising on account would be recorded by debiting an expense account.

This ultimately implies that, when a business firm incurs an expense such as on advertising its goods or services, the appropriate account on the balance sheet to record this will be to debit the advertising expense account and then credit the account payable.

5 0
3 years ago
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