1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
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

You might be interested in
Jurisdiction E spends approximately $7 million each winter on snow removal. The jurisdiction is considering adding a new income
frez [133]

Answer:

'Taxes' can be defined as a compulsory contribution to the state's or country's revenues, which are levied by the governments on personal incomes of individuals or profits of the corporate, or on some transactions.

Taxes are the main source of revenues for any government, through which it receives the necessary funds to spend on various activities it undertakes for public welfare and maintaining the law and order and security of the nation.

Many theorists believe that every tax should be evaluated on certain standards and the following four standards have been mentioned for evaluating whether taxes are good or not:

  1. Taxes should be sufficient to fulfill the government's requirements
  2. Taxes should be convenient for the government to implement and for the citizens to pay
  3. Taxes should be efficient economically
  4. Taxes should be fair

There may be certain provisions introduced in the federal tax system, which are targeted to induce certain behaviors or shift people's attention towards certain activities. These provisions are called tax preferences

Does this proposed change in Jurisdiction E's tax law meet the definition of a tax preference? Explain briefly.

In the given question, the decision of the jurisdiction to give deduction to the people for the snow removal equipment they purchase, is definitely a tax preference as it induces people to invest in snow removing machines, as they are getting full deduction of such expense in income taxes.

By having this provision, the government is motivating people to invest in these machines, and people also have the benefit of having such machine with them, and also getting tax deduction for such expense, so getting such machine almost free (this applies to people who have incomes in such tax bracket only). Thus it is the way of government in encouraging people to buy snow removing machines and reduce the burden on the government. Thus it is clearly a tax preference.

Jurisdiction E forecasts that the proposed change will decrease its annual tax revenues by $250,000 but will improve the jurisdiction's financial condition by $300,000. On what assumptions is this forecast based?

The forecast regarding decrease in annual tax and improvement in financial condition is based on the assumptions of people taking benefit of such a provision, and actually investing in snow removing machines.

The jurisdiction believes that people will purchase the machines and make claims for deductions, effecting the tax revenue by $250,000. But at the same time, as many people will themselves remove the snow, the government doesn't have to spend so much on snow removal and thus make the savings of $300,000

6 0
3 years ago
Cosy corner plc case study
frosja888 [35]

Answer: https://www.igcsebusiness.co.uk/uploads/2/6/7/8/26787454/organisation_notes_final.pdf

Explanation:

4 0
2 years ago
If an advertiser places a TV commercial using a​ lonely, lost puppy to sell its​ products, then that advertiser is said to be ut
ryzh [129]

Answer:

correct answer is Sadvertising

Explanation:

these type of advertiser is said to be Sadvertising because it is that type of advertising by which advertiser creator is use some certain type of strategy by which they play on peoples emotion and feeling of sadness.

nowadays emotional advertising become popular in the recent year,  

many firms work for creating strong emotional ties about their product

they think ad. with emotional reaction is viewed  more likely to be shared  

so here the correct answer is Sadvertising

5 0
3 years ago
HELP PLEASEE!! CORRECT ANSWER GETS BRAINLIEST A cash outflow from a financing activity would be
ehidna [41]
I believe the answer is “a” or “paying cash dividends.”
5 0
3 years ago
Martha, the chief designer of StyleSmartz, is considered a role model by her design team members for her role as an effective le
Lerok [7]

Answer:

engage in management openness by encouraging members to voice their opinion.

Explanation:

An important characteristic of management is approachability and openness of the manager to ideas of employees. This gives the manager an idea of the actual state of the workplace facilitating effective resolution of issues as they arise.

When employees know they can freely express themselves without being reprimanded, they better express themselves about challenges encountered.

Also opportunities and methods of doing things better is communicated to the manager

8 0
3 years ago
Other questions:
  • 4. Miguel works as an insurance salesman, and is paid based on the number of sales he makes. He receives 10 percent of every sal
    7·1 answer
  • Haley romeros had just been appointed vice president of the rocky mountain region of the bank services corporation (bsc). the co
    13·1 answer
  • Assume that a $1,000,000 par value, semiannual coupon US Treasury note with four years to maturity has a coupon rate of 3%. The
    13·1 answer
  • The Matthews want to split their refund between savings and checking accounts. How is this accomplished, if possible?
    15·1 answer
  • How might a marketing manager for a manufacturer of turboprop engines, used in private jet planes, use the naics to help her wit
    12·1 answer
  • Consider the following information for Maynor Company, which uses a periodic inventory system:
    6·1 answer
  • Managers are important members of the organization. Within an organization, there are managers at four levels: top, middle, firs
    15·1 answer
  • Suppose that disposable income is $1,000, consumption is $700, and the marginal propensity to consume (MPC) is 0.6. If disposabl
    5·1 answer
  • As a business owner you decide to hire a new employee named Maria. You decided to pay Maria $15.00 an hour for her work. At the
    13·1 answer
  • Which subjects does the Aspire test assess?
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!