Answer:
Supplies expense $2200 Dr
Supplies $2200 Cr
Explanation:
The adjusting entries are made at the end of the accounting period under the accrual basis of accounting. The accrual principle states that the revenue and expenses for a period should be matched and recorded in that particular period.
Supplies expense is calculated by determining the amount of supplies at start of the year and adding the purchases of supplies. At the end of the year, the closing inventory of supplies is determined and the difference between supplies available and the closing inventory is charged as supplies expense.
Supplies expense = Opening Inventory + Purchases - Closing inventory
Supplies expense = 3700 - 1500 = $2200
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Answer:
The company's earnings per share is $3.25.
Explanation:
Earnings per share (EPS) refers to a financial metric that shows an indication of the amount of money that is made a company for each share of its stock.
The earnings per share of Mayan Company can be calculated using the formula for calculating earnings per share as follows:
Earnings per share = Net income / Weighted-average common shares outstanding ..................... (1)
Where;
Net income = $32,500
Weighted-average common shares outstanding = 10,000
Substituting the values into equation (1), we have:
Earnings per share = $32,500 / 10,000
Earnings per share = $3.25
Therefore, the company's earnings per share is $3.25.
