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
Paraphin [41]
3 years ago
9

A company purchased $270,000 in supplies during the year. The supplies account increased by $10,000 during the year to an ending

balance of $66,000. For what amount was the adjusting entry to supplies expense?
Business
1 answer:
LuckyWell [14K]3 years ago
7 0

Answer:

$260,000

Explanation:

Opening balance = Ending balance - Increase in ending balance

=$66,000 - $10,000

=$56,000

Supplies Expenses = Opening balance + Purchases - Closing balance

=$56,000 + $270,000 - $66,000

=$336,000 - $66,000

=$260,000

Therefore, the amount that will be the adjusting entry to supplies expenses is $260,000

You might be interested in
Indirect labor and indirect materials are classified as factory overhead and product costs factory overhead and period costs ope
Dvinal [7]

Answer:

True

Explanation:

Product costs are the costs directly incurred from the manufacturing process. The three basic categories of product costs they are;

1) direct material

2) direct labour

3) manufacturing (factory) overhead.

Manufacturing overhead cost also include the following;

a) indirect labour: Indirect labor is the labor of those who are not directly involved in the production of the products.

b) indirect material: Indirect materials are materials that are used in the production process but that are not directly traceable to the product.

4 0
3 years ago
Digital Enterprise, Inc., promises to pay its employees a year-end bonus "if profits continue to be high and management agrees a
barxatty [35]

Answer:

D) An illusory promise

Explanation:

An illusory promise is not enforceable. Illusory promises are simply illusions that seem or appear to a contract, but are not.

In this case, there is no consideration at all, therefore none of the parties is bound by a contract. It would be different if the company promised to pay a bonus if its profits are xx%. How can someone determine what is considered high profits, and how can you be sure that management will agree?

It is basically like telling someone else that you will give them something if you are happy and willing to do it. How can someone determine if you are happy or not, and how can someone know if you are willing to do it or not?

6 0
3 years ago
Presented below is the stockholders' equity section of Oaks Corporation at December 31, 2012:
diamong [38]

Answer:

a. $1,765,000

Explanation:

Total stockholder’s equity on December 31, 2013  =  Total equity at end 2012 – amount paid for 3,000 shares were reacquired at $28 per share – amount paid for 3,000 shares were reacquired at $35 per share + amount collect from 1,800 shares of treasury stock were sold at $30 per share + net income of $450,000

=  $1,450,000 – 3,000 * $28 – 3,000 * $35 + 1,8000 *$30 + $450,000 = $1,765,000

4 0
3 years ago
Which of the following is NOT considered to be one of the main revenue centers at most financial institutions?
Aleks [24]

Answer:

money and credit markets,investments,financial management

Explanation:

Finance consists of three interrelated areas: (1) money and credit markets, which deals with the securities markets and financial institutions; (2) investments, which focuses on the decisions made by both individuals and institutional investors; and (3) financial management, which involves decisions made within the ...

7 0
2 years ago
Marsha and Antonio make a contract in which Marsha agrees to sell Antonio an expensive and rare piece of art. In the contract, M
kramer

Marsha and Antonio's statements are examples of representations and warranties, as in a contract for the purchase and sale of a work of art there must be agreements that protect and benefit the parties.

<h3 /><h3>Features of a contract</h3>

Corresponds to a formal and consensual document that must be based on legality to identify an economic transaction between two or more parties, establishing the rights and obligations of both.

Therefore, for it to be valid, the parties must be in full capacity and competence, in addition to the need for autonomy of will, the obligation and supremacy of public order.

The correct answer is:

B. Representations and warranties

Find out more information about legal contract here:

brainly.com/question/8935110

5 0
2 years ago
Other questions:
  • George is considering an investment that will pay $3,250 a year for eight years, starting one year from today. What is the maxim
    7·1 answer
  • The balance in Discount on Bonds Payable
    15·1 answer
  • Using what you have learned in your focus group, you begin your analysis of the buyer decision process. In the first stage of th
    13·1 answer
  • Global Technology’s capital structure is as follows: Debt 35 % Preferred stock 15 Common equity 50 The aftertax cost of debt is
    10·1 answer
  • Levered, Inc., and Unlevered, Inc., are identical in every way except their capital structures. Each company expects to earn $29
    10·1 answer
  • Kodak possesses the leading imaging technology. This technology has allowed the company to differentiate its products from those
    14·1 answer
  • Social interaction is ________.a. the way in which a society is organized into predictable relationships. b. the process of lear
    8·1 answer
  • Blart Corp. recently paid a dividend of $5.00 per share. Analysts forecast future dividends will increase by 2% forever. The req
    6·1 answer
  • There are two FICA taxes withheld from your paycheck: Social Security (6.2%) and Medicare (1.45%). Your gross pay for this month
    12·1 answer
  • The effect of the declaration of a cash dividend on a company's financial statements is to:_______
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!