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spayn [35]
3 years ago
14

During a company's first year, the asset account, Office Supplies, was debited for $2,600 for the purchases of supplies. At year

-end, office supplies on hand were counted and determined to be $975. The proper adjusting entry crediting supplies and debiting supplies expense will
Business
1 answer:
Sauron [17]3 years ago
4 0

Answer:

Supplies Expense 1625 Dr

    Supplies Account   1625 Cr

Explanation:

First, we need to determine the supplies expense for the period. The supplies expense can be calculated by deducting the year end supplies balance from the supplies account balance.

The supplies expense = 2600 - 975 = $1625

The adjusting entry that will be made at the end of the period is,

Supplies Expense 1625 Dr

    Supplies Account   1625 Cr

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Alpaca Corporation had revenues of $300000 in its first year of operations. The company has not collected on $19900 of its sales
lyudmila [28]

Answer:

$238,148

Explanation:

Total expenses:

= Inventory purchased + Salaries expense + Interest expenses + Insurance expense

= $85,000 + $15,000 + $3,300 + $3,900

= $107,200

Net income:

= Total revenue - Total expenses

= $300,000 - $107,200

= $192,800

Net income after tax:

= Net income - Taxes

= $192,800 - ($192,800 × 9%)

= $192,800 - $17,352

= $175,448

Cash balance:

= Net income after tax - Amount not collected on accounts receivable + Amount not paid on purchases - Prepaid insurance + Money invested by owners + Money borrowed

= $175,448 - $19,900 + $26,500 - $3,900 + $30,000 + $30,000

= $238,148

6 0
3 years ago
If the European subsidiary of a U.S. firm has net exposed assets of euro​200,000, and the euro increases in value from ​$1.22/eu
larisa86 [58]

Answer:

B. Gain $8,000

Explanation:

The calculation of exchange translation is shown below:-

Old exchange rate = Net exposed assets × Value of Euro

= 200,000 × ​$1.22

= $244,000

New value in euro = Net exposed assets × Increased exchange rate

= 200,000 × $1.26

= $252,000

Translation Profit  = New value in euro - Old exchange rate

= $252,000 - $244,000

= $8,000

5 0
3 years ago
A test contracting firm has agreed to create a three part social studies test intended to measure sixth graders knowledge of geo
sertanlavr [38]

Answer: <em>Internal consistency</em>

Explanation:

In discipline such as research and statistics, internal consistency is referred to as or known as typically or usually a measure that is based on correlations in between different variable and items particularly on a same test or maybe on sub-scale on the larger test. It tends to measure whether variables and items that measure same construct do produce the similar scores.

6 0
3 years ago
Read 2 more answers
Although Deutsche Bank is headquartered in Germany, it is very likely it has some U.S. banking oversight.
marishachu [46]
True, banks around the world keep an eye on foreign currency  
3 0
3 years ago
Read 2 more answers
Consider two markets the market for motorcycle and the market for pancakes the initial equilbrium for both market is the same th
Sergio [31]

To calculate the midpoint elasticity, simply use the midpoint formula: {(Q1-Q0)/ [(Q1+Q0)]/2} / {(P1-P0)/ [(P1+P0)]/2

Where P0 and Q0 are price and quantity at the initial moment and P1 and Q1 are price and quantity at the second moment.

Note: The prices are the same for both products and the initial quantity (Q0) as well. What changes is Q1.

pancakes market:

{(109-31) / [(109+31)/2] / {(11,75-5,50)/ [(11,75+5,5)]/2}

[ 78/ (140/2)] / [6,25/ (17,25/2)]

[78/70] / [6,25/8,65]

1,11/0,72 = 1,48 (elastic)

motorcycle market:

{(51-31) / [(51+31)/2] / {(11,75-5,50)/ [(11,75+5,5)]/2}

[ 20/ (82/2)] / [6,25/ (17,25/2)]

[20/41]/ [6,25/8,65]

0,48/0,72 = 0,66 (inelastic)

Conclusion: After the price increase, the quantities demanded for each product varied. The elasticity of demand for pancakes has proved elastic (very price sensitive) while the elasticity of demand for pancakes has been inelastic (not very sensitive to price changes).

Note: Demand elasticity is considered elastic when the value is greater than 1 and inelastic when less than 1.

5 0
3 years ago
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