Answer:
Supplies Used = $2475
Explanation:
<u>Bruce Company</u>
Supplies Purchases $4,300
Supplies on hand $1,825
Supplies Used = $ 4300- $ 1825 = $2475
The amount of Supplies used ( $ 4300- $ 1825 = $2475) will be shown in the income statement as an expense and the amount of unused supplies or Supplies on hand $1,825 will be shown in the Balance sheet as an asset account. The both of which will total the supplies actually purchased.
The relating <u>adjusting entry </u>will be
Supplies Expense $ 2475 Debit
Supplies Account $ 2475 Credit
This means the supplies of the amount $ 2475 have been used and is recorded as an expense in the income statement. It will be deducted from the gross profit. The remaining amount $ 1825 is for future use so recorded as an asset in the Balance Sheet and added to the total assets.
Answer:
b.when the unemployment rate begins to decline following a recession.
Explanation:
In a recession there is usually a general decline in economic activities and a resultant decrease in spending. When recession occurs people will have less money to spend on buying stock so prices will fall s a result of reduced demand.
If however the economy is coming out of recession, economic activities are picking up, and unemployment begins to decline. This will lead to greater economic wealth, people will have more money to spend and demand for shares will rise. This will in turn lead to rise in price of shares.
Sales Budget
- Sales Budget is mainly based on sales forecast.
- It is the starting point of master budget and helps the company to determine that how much number of units to be sold in a coming year and its selling price.
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Answer:
D. Provides that bonuses and commissions paid as compensation are included as wages in the calculation of employer-employee contributions.
Explanation:
As with reference to Sec 312(a) - it clearly states that all the amount rendered by the employer to the employee as in the nature of wages shall be included for computing the value of contributions.
Thus, as the bonuses and commissions are part of wages.
This clearly it creates the understanding that all the bonus and commissions received by the employee shall form part of wages for calculating the value of employer employee contributions towards the funds.
