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Firdavs [7]
2 years ago
12

The policy at Sunland Company is to expense all office supplies at the time of purchase. On the last day of the accounting perio

d, there are $1060 of unused office supplies on hand and the balance of supplies expense is $3360. What should the accountant do?
Business
1 answer:
Step2247 [10]2 years ago
7 0

Answer:

debit Supplies and credit Supplies Expense for $1,060

Explanation:

Based on the information provided within the question it can be said that the best option in this scenario would be to debit Supplies and credit Supplies Expense for $1,060. Since the policy states that they need to expense all office supplies then they must do that, but since they still have $1060 which they do not have then they will need to credit that supply expense and pay it back later.

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The following is information for Palmer Company. Year 3 Year 2 Year 1 Cost of goods sold $ 643,825 $ 426,650 $ 391,300 Ending in
Vlad1618 [11]

If  Palmer Company. Year 3 Year 2 Year 1 Cost of goods sold $ 643,825 $ 426,650 $ 391,300 Ending inventory 97,400 87,750 92,500 compute inventory turnover for Year 3 and Year 2, and its days' sales in inventory at December 31, Year 3 and Year 2:

a) Inventory turnover for Year 2, and its days' sales in inventory at December 31, Year 2

Inventory turnover =$426,650/($92,500+$87,750)/2

Inventory turnover=$426,650/$90,125

Inventory turnover=4.7 times

Days' sales in inventory=$87,750/$ 426,650×365 days

Days' sales in inventory=$87,750

Days' sales in inventory=75.07 days

b) Inventory turnover for Year 3, and its days' sales in inventory at December 31, Year 3

Inventory turnover=$643,825 /($87,750+$97,400)/2

Inventory turnover=$643,825/$92,575

Inventory turnover=6.95 times

 

Days' sales in inventory=$97,400/$643,825×365 days

Days' sales in inventory=55.22 days

Learn more here:

brainly.com/question/15520316

4 0
2 years ago
What role did patents play in the work of inventors such as Thomas Edison? Patents protected inventors and let them profit from
umka21 [38]

<em>Patents protected inventors and let them profit from their inventions</em>

<em>~Luis~</em>

5 0
2 years ago
Information necessary to prepare the year-end adjusting entries appears below. a. Depreciation on the machines for the year is $
lilavasa [31]

Answer:

Jaguar

Adjusting Journal Entries:

General Journal

Date Description                                     Debit       Credit

a.   Depreciation Expense-Equipment $9,900

     Accumulated Depreciation-Equipment         $9,900

To record depreciation expense for the year.

b.   Wages & Salaries Expense           $3,900

     Wages & Salaries Payable                             $,3900

To record unpaid salaries.

c.   Interest on Notes Expense         $1,380

    Interest on Notes Payable                             $1,380

To accrue interest on notes for 4 months to December 31.

d.  Insurance Expense                     $19,500

    Prepaid Insurance                                         $19,500

To accrue insurance expense for 10 months

e.  Supplies Expense                      $

    Supplies                                                        $

To record supplies expense for the year (difference between Supplies balance and Supplies remaining at the end ($4,900).

f.  Utilities Expense                        $2,150

   Utilities Payable                                           $2,150

To record utilities expense for the month.

Explanation:

Adjusting journal entries are prepared at the end of an accounting period.  They adjust the expense and revenue accounts in line with the accrual concept and the matching principle of generally accepted accounting principles.

The adjusting entries are for unpaid expenses, unreceived earned revenue, prepaid expenses, deferred revenue, and depreciation expenses, and correction of errors in posting transactions to the general ledger.

7 0
2 years ago
Performance Obligation Fulfilled Over Time Philbrick Company signed a three-year contract to develop custom sales training mater
MAXImum [283]

Answer:

Philbrick Company

Performance Obligation Fulfilled Over Time

Computation of the revenue, expense, and gross profit:

Year    Number of     Development     Sales            Gross

          Employees    /Training Cost     Value            Profit

2019          150            $ 55,000           $165,000      $110,000

2020       250               70,000             275,000      205,000

2021         100               20,000               110,000        90,000

Total       500          $145,000          $550,000   $405,000

Explanation:

a) Data and Calculations:

Contract price = $1,100 per employee

No. of employees to be trained = 500

Total contract value = $550,000 ($1,100 * 500)

Expected Development and Training Costs:

Year    Number of     Development

          Employees    /Training Cost

2019          150                $ 55,000

2020       250                    70,000

2021         100                    20,000

Total       500               $145,000

6 0
3 years ago
Katherine explains that she did tell the truth and that there was not available funding for employee wage increases. Alisa most
aleksandrvk [35]

Answer:

Katherine was lying and/or hiding something

Explanation:

Alisa most likely decoded Katherine's explanation in such a way that she believed Katherine was lying and/or hiding something. This is because based on psychological studies, individuals tend to state that they are "telling the truth" and yet still provide no actual proof when they are lying. In this scenario, Katherine simply states that she is "telling the truth" but has not shown Alisa any financial reports or other valuable data that proves that there was not enough funding, which would be easy to provide if they actually existed.

6 0
2 years ago
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