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Anna007 [38]
3 years ago
12

During their first year, Austin and Associates bought $32,000 worth of supplies for their CPA firm. When purchased, the supplies

were debited to Supplies and credited to Accounts Payable. What adjusting entry would Austin and Associates make if $8,000 worth of supplies were on hand at year-end?
Business
1 answer:
tia_tia [17]3 years ago
3 0

Answer:

Supplies Expense  = $24,000

Supplies  = $24,000

Explanation:

given data

bought for CPA firm = $32,000

supplies on hand = $8,000

solution

we know here that when $8000 supplies available out of $32,000  

so supplier during period will be = $32,000  - $8000

supplies expense = $24000

and that is express as

     Accounts title                            Debit              Credit

    Supplies expense                     $24,000  

    Supplies                                                             $24,000

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Presented below is information related to Vaughn Company. Cost Retail Beginning inventory $252,960 $281,000 Purchases 1,368,000
viva [34]

Answer:

                               Conventional Retail Method

                                               Cost        Retail      Cost to Retail ratio

Beginning Inventory          252,960    281,000

Add: Net Purchases          1,368,000  2,097,000

Add: Net Markups                                <u>78,000    </u>

                                                              2,456,000

Cost-to-retail Percentage                                        66.00% (1620960/2456000)

Less: Net Markdowns      <u>                  </u>  <u>-32,000    </u>

Goods Available for Sale  1,620,960   2,424,000

Less: Net Sales                                     -<u>2,243,000</u>

Estimated Ending Inventory at Retail <u>$181,000</u>

Estimated Ending Inventory at Cost  = $181,000*66% = $119,460

5 0
3 years ago
Lee Ray bought 250 shares of a mutual fund with a NAV of $13.85. This fund also has a load charge of 7%.
kolezko [41]

Answer: a. $14.9

b. $3725

Explanation:

a. What is the offer price?

This will be calculated as:

= NAV / (1 - load charge %)

= 13.85 / (1 - 7%)

= 13.85 / (1 - 0.07)

= 13.85 / (0.93)

= $14.9

B. What did Lee pay for his investment?

This will be:

= Number of shares bought × Offer price

= 250 × $14.9

= $3725

3 0
3 years ago
Ma Barker Company has a job-order costing system and uses a predetermined overhead rate based on direct labor-hours to apply man
Sophie [7]

Answer:

Job 334 total cost:    $  8,400

Unit cost: 8,400 / 200 = $  42

Explanation:

Total cost: Material + Labor + Overhead

Material: 5,000

Labor:     2,400

<u></u>

<u>Overhead:</u>

\frac{Cost\: Of \:Manufacturing \:Overhead}{Cost \:Driver}= Overhead \:Rate

We distribute the expected cost over the expected base:

expected cost: 100,000

cost driver: 40,000 labor hours

cost per hour: 100,000 / 40,000 = <u>2.5 predetermined overhead</u>

Now we multiply this rate by the hours of the job to know Applied Overhead:

job labor hours x overhead rate:

Job #334 had 2,400 labor cost / $6 rate per hour = 400 hours

400 x 2.5 = 1,000

Total cost: 5,000 + 2,400 + 1,000 = 8,400

7 0
3 years ago
Elliott has the following capital gain and loss transactions for 2021. a. Short-term capital gain $1,500 b. Short-term capital l
vazorg [7]

The net short term capital loss for Elliott for 2021 will be $(2100); and the net long term capital gain will be $9,300.

<h3>What is capital gain?</h3>

The gain or positive returns made on the investment or engagement of money during a particular period is known as a capital gain. A short term capital gain is derived within 1 year; and long term is more than a year.

Hence, the capital gains and losses made by Elliott are aforementioned.

Learn more about capital gain here:

brainly.com/question/24084696

#SPJ1

4 0
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Albert decided that it was time to invest his money. he was quite excited and told his friends about his new financial venture.
NemiM [27]
Financial venture. even his wife was supportive. albert liked a number of riskier company
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