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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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Your birthday is next week and instead of other presents, your parents promised to give you $2,200 in cash. Since you have a par
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Answer:

Interest revenue from the CD 470.04

Explanation:

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rate 0.02450 (9.8% divided by 4 quarter per year)

This divisions and multiplication are done to make time and rate be express i nthe same metric.

2200 \: (1+ 0.0245)^{8} = Amount

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3 0
3 years ago
Total assets were $78,000 and total liabilities were $42,000 at the beginning of the year. Net income for the year was $15,500,
Vaselesa [24]

Answer:

$46,500

Explanation:

Accounting equation is stated as :

Assets = Equity + Liabilities

therefore,

Equity = Assets - Liabilities

Equity at Beginning of the Period :

Equity = Assets - Liabilities

           = $78,000 - $42,000

           = $36,000

Equity at end of the Period

Closing Equity Balance = Opening Balance + Net Income - Dividends

                                       = $36,000 + $15,500 - $5,000

                                       = $46,500

6 0
3 years ago
A financier plans to invest up to $400,000 in two projects. Project A yields a return of 11% on the investment of x dollars, whe
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Answer:

Profit = $  49,600.

Explanation:

Given data:

Total investment $400,000

First, A + B = $400,000, since total money to invest $400,000.

from data given we  have

Secondly, your revenue equation would be 1.1x + 1.15y = R

Since you earn the most from the B investment, use the max of 35% of 400,000 for y:

35% of 400,000 = 140,000 = y ;

400,000 - 140,000 = 260,000 = x

from revenue equation we have

1.11(260,000) + 1.15(140,000) = 449,600 = R

Profit = revenue - investment = 449,600 - 400,000 = 49,600.

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3 years ago
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