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
Ainat [17]
3 years ago
8

The General Fund reported a beginning balance of inventory of materials and supplies of $122,000. The ending balance was $150,00

0. Supplies received during the year (purchases) totaled $600,000. The county uses the purchases method. The General Fund should report expenditures for materials and supplies for the year of a. $450,000. b. $572,000. c. $600,000. d. $628,000.
Business
1 answer:
Gemiola [76]3 years ago
4 0

Answer:

c. $600,000

Explanation:

Under the purchase methods of accounting, a business records assets at the fair market value. It is the price that the business paid to acquire the assets.

For the general fund, the cost incurred in acquiring the purchases is $600,000.  This is the figure that will be recorded and reported in books.  The purchase method is contrasted with the consumption method.

You might be interested in
LO 7.3What is the process for developing a budgeted balance sheet?
nasty-shy [4]

Answer and explanation:

The budgeted balance sheet is an accounting report stating the current period's initial balance for each account according to the results of the previous period. After that, managers consider the investment and expenditure plans for the current period to schedule the company inflows and outflows. Finally, government policies are taken into consideration to find out how they can affect the company's projection in the short and long run.

5 0
3 years ago
What is market power?
Sedbober [7]
I would say the correct answer is B. t<span>he ability of a company to change prices and output like a monopolist. Market power is basically the power of a particular company to manipulate the price of the product and thus affect all other participants, as well as customers. Monopolists have the greatest market power; conversely, in an ideally balanced economy, nobody would have market power. All participants would have equal chances and nobody would dictate the terms to others.</span>
8 0
3 years ago
The U.S. National Treasury issued $3 million of 2.7% bonds, due in 10 years, with interest payable annually at year-end. Calcula
lesya [120]

Answer:

$81000

Explanation:

The calculation is simple. Bond interest is simply calculated by multiplying bond value with the assorted interest rate.

For example

A bond with $1000 value with 5% interest is simply 5% of $1000 = $50

Therefore,

$3,000,000 * 2.7% = $81000

(2.7 % = 0.027)

Hope that helps.

3 0
3 years ago
What does an exchange rate tell you?
saw5 [17]

Answer:

C. How much one unit of currency is worth when converted to another currency

4 0
3 years ago
Read 2 more answers
In February 2018, Brilliant Industries purchased the Topaz Mine at a cost of $10,000,000. The mine is estimated to contain 500,0
morpeh [17]

Answer:

B. Depletion will be $950,000 during  2018

Explanation:

Cost           $10,000,000

Residual Value ($500,000)

Cost to be depleted $9,500,000

No. of Carats to be extracted over the life of mine 500,000

Per carat depletion (9,500,000/500,000)     $19

Depletion for the year 2018     $19*50,000=$950,000

This will be deducted from revenue as depletion for the year.So option B is correct.

8 0
2 years ago
Other questions:
  • Consider the following misperceptions model of the economy. AD: Y = 600 + 10(M/P) SRAS: Y equals top enclose Y plus P minus P t
    14·1 answer
  • An oligopolistic market structure is distinguished by several characteristics, one of which is either similar or identical produ
    13·1 answer
  • At the end of 2016, Nash's Trading Post, LLC has accounts receivable of $635,600 and an allowance for doubtful accounts of $23,1
    8·1 answer
  • Stock and bond markets:
    5·1 answer
  • Problem 10-3A On January 1, 2017, Evers Company purchased the following two machines for use in its production process.
    8·1 answer
  • "record revenue when goods or services are provided to customers" is the definition of which principle in accounting?
    11·1 answer
  • Last year, Alfred earned $5,000, Betty earned $50,000, and Charlie earned $500,000. If they all pay a 35% tax on all their incom
    10·1 answer
  • Goodwin Technologies, a relatively young company, has been wildly successful but has yet to pay a dividend. An analyst forecasts
    12·1 answer
  • Question #3
    8·2 answers
  • Genuineness, or reality, of agreement is said to be present in a contract when there is?
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!