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mezya [45]
3 years ago
7

A physical count of supplies on hand at the end of May for Masters, Inc. Indicated $1,245 of supplies on hand. The general ledge

r balance before any adjustment is $2,050. What is the adjusting entry for office supplies that should be recorded on May 31?
Business
2 answers:
ira [324]3 years ago
8 0

Answer: In your entry you should debit a loss account and credit a reduction in your asset. Eg

Office Suplies Loss       805

Office Supplies                        805

Explanation: Once you record the entry above the balance of account Office Suplies should be reduced from 2050 to 1245. By this way, the reality (physical count) and the accounting match.

Elis [28]3 years ago
8 0

Answer:

Debit Supplies Expense $805 and credit Supplies $805.

Explanation:

The variance or discrepancy between the physical count of supplies on hand and the general ledger balance must be corrected. this is done by passing an adjustment entry that will bring the general ledger balance in line with the physical inventory.

The difference between the physical count and the system balance is $805,  To bring the book balance to reflect the physical count value, we need to reduce the value from $2,050 to $1,245 by passing a credit entry to Supplies account and a corresponding debit to Supplies expenses account.

The International Accounting standard requires inventories be measured at the lower of cost and net realisable value (NRV).

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Liana Amiri (single with no dependents) has the following transactions in 2021: AGI (exclusive of capital gains and losses) $540
Alika [10]

In this situation where Liana Amiri, who is single with no dependents, carried out the stated capital transactions in 2021, her net capital gain or loss is <u>$0</u>.

<h3>What is capital gain or loss?</h3>

The capital gain or loss is the difference between the selling price and the cost or purchase price of an investment or property.

When the selling price is more than the cost, a capital gain arises.  When the cost is more than the selling price, a capital loss arises.

<h3>Data and Calculations?</h3>

AGI (exclusive of capital gains and losses) $540,000

Long-term capital gain          $22,000

Long-term capital loss              (8,000)

Net long-term capital gain = $4,000

Short-term capital gain         $19,000

Short-term capital loss          (23,000)

Net short-term capital loss $4,000

Thus, Liana Amiri's net capital gain or loss is $0 ($4,000 - $4,000).

Learn more about capital gain or loss at brainly.com/question/25117603

8 0
2 years ago
When conducting a capital budgeting analysis and attempting to account for effects of exchange rate movements for a foreign proj
mrs_skeptik [129]

Answer:

inflation <u>SHOULD BE</u> included explicitly in the cash flow analysis, and debt payments by the subsidiary <u>SHOULD BE</u> included explicitly in the cash flow analysis.

Explanation:

A capital budgeting analysis is carried out in order to determine how a company should invest their capital assets.

The discounted cash flow method is the primary tools used in this type of analysis. Cash flows from foreign countries that have high inflation rates will be negatively affected since high inflation tends to currency depreciation which in turn leads to lower cash flows in US dollars. The same applies to debt payments made by the subsidiaries since they also reduce net cash flows. Lower net cash flows result in lower NPV and IRR.

4 0
3 years ago
Bishop, Inc., is obligated to pay its creditors $8,900 during the year. a.What is the market value of the shareholders' equity i
Contact [7]

Answer:

The answer is $1,500

Explanation:

Accounting equation can be stated as follows:

Equity = Asset - Liability

Asset = Equity + Liability

Liability = Asset - Equity.

What a firm is obligated to pay its creditors is known as a liability and its value in the question is $8,900

The assets owned by the company totalled $10,400

Now to find market value of the shareholders' equity, we use:

Equity = Asset - Liability

$10,400 - $8,900

= $1,500

7 0
3 years ago
According to the long-run Phillips Curve:
Oxana [17]

Answer:

c. fiscal and monetary policies that impact aggregate demand do not impact the natural rate of unemployment.

Explanation:

Short run Philips Curve is downward sloping, due to inverse relationship between unemployment rate & inflation rate. High economic activity implies more inflation rate, less unemployment. Low economic activity implies less inflation rate, more unemployment.

However, the inverse relationship between inflation & unemployment is only in short run & not in long run. In long run, this inflation - unemployment trade off doesn't exist. So, any fiscal or monetary policy affecting aggregate demand & consecutively inflation rate, do not affect the natural rate of unemployment (combination of frictional & structural unemployment rate) in long run.

7 0
3 years ago
Manufacturing overhead costs incurred for the month​ are: Utilities $ 39 comma 000 Depreciation on equipment $ 24 comma 000 Repa
Alchen [17]

Answer:

Expense accounts are debited

Explanation:

4 0
3 years ago
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