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vlabodo [156]
3 years ago
14

The balance in the supplies account before adjustment at the end of the year is $873. The proper adjusting entry if the amount o

f supplies on hand at the end of the year is $270 would be
Business
1 answer:
yan [13]3 years ago
7 0

Answer:

Explanation:

The proper adjusting entry is as follows

Supplies expense A/c Dr $603

             To Supplies A/c $603

(Being supplies account is adjusted)

The supplies expense is computed by

= Supplies account balance - supplies on hand  at the end of the year

= $873 - $270

= $603

Basically we debited the supplies expense account and credited the supplies account so that the proper posting could be done.

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A company borrowed $15,000 by signing a 120-day promissory note at 10%. The total interest due on the maturity date is: (Use 360
topjm [15]

Answer: $500

Explanation:

Interest for the period = Amount borrowed * Interest rate * 120/360 days

= 15,000 * 10% * 120/360

= $500

7 0
3 years ago
A corporation has perpetual life, until one of its shareholder dies true or false
Svetach [21]
False

A corporation wouldn't have perpetual, or everlasting, life if the death of one of its shareholder could end it. Perpetual means never ending.
7 0
3 years ago
What skills does being an accessory designer require that being a sales representative does not?
FinnZ [79.3K]
The accessory designer is required to actually design accessories with their knowledge of fadhion, while the sales representative only needs the ability to sell the accessory.
5 0
3 years ago
The following income statement is provided for Vargas, Inc. Sales revenue (2,600 units × $20.10 per unit) $ 52,260 Cost of goods
leva [86]

Answer: 3.91

Explanation: We can calculate operating leverage by using following formula:-

operating\:leverage=\frac{contribution}{net\:income}

where,

contribution = sales - variable cost

                     =  sales - ( variable cost of goods sold + supplies )

                     =  $52,260 - ( $26,260 + $5460)

                     = $20,540

Now, putting the values into equation we get :-

operating\:leverage=\frac{20,540}{5,240}

                                          = 3.91

3 0
3 years ago
Emily Corporation purchased all of Ace Company's common stock on January 1, 2020, for $1,000,000 cash. The investee's stockholde
Reika [66]

Answer:

$ 1,125,000

Explanation:

Calculation for the amount of Equity Income that Emily will record

First step is to find the Net equity income using this formula

Net equity income= Net income +Dividends

Let plug in the formula

Net equity income=$250,000+$25,000

Net equity income=$225,000

Second step is to find the balance of investment using this formula

Balance of investment= (Common stock + Net equity income )- Amortization of unrecorded patent

Let plug in the formula

Balance of investment =($1,000,000+$225,000 )-($600,000/6)

Balance of investment=$1,225,000-$100,000

Balance of investment = $ 1,125,000

Therefore the amount of Equity Income that Emily will record will be $ 1,125,000

5 0
3 years ago
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