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Serjik [45]
2 years ago
9

At the beginning of the period, a company reports a balance in office supplies of $450. During the period, the company purchases

an additional $3,400 of office supplies for cash. By the end of the period, only $900 of office supplies remains. Record the period-end adjusting entry. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Business
1 answer:
Hoochie [10]2 years ago
4 0

Answer:

Explanation:

Before passing the journal entry, first, we have to compute the total supplies consumed. The formula to compute the total supplies consumed is shown below:

= Beginning balance of supplies + Purchase of supplies - ending balance if supplies

= $450+ $3,400 - $900

= $2,950

Now the journal entry would be

Supplies expense A/c Dr   $2,950

      To Supplies A/c                            $2,950

(Being supplies consumed recorded)

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Tema [17]

Answer:

an electronics store

Explanation:

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Hope this answer helps you :)

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8 0
3 years ago
Market Research Reading Quiz QUESTION 5 of 10: Market research concerns what aspects of your target market: a Characteristics b)
Sedaia [141]

Answer:

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Explanation:

6 0
3 years ago
Activity-Based Product Costing
nikklg [1K]

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5 0
2 years ago
On May 15, 2000 you enter into a 1-year forward rate agreement (FRA) with a bank for the period starting November 15, 2000 to Ma
Artyom0805 [142]

Answer:

a.

3.51%

b.

0%

Explanation:

a.

First, we need to calculate the YTM of 6 months zero-coupon bond by using the following formula

Price = Face value / ( 1 + YTM )^numbers of years

96.79 = 100 / ( 1 + YTM )^1

1 + YTM = 100 / 96.79

1 + YTM = 1.0331646

Now calculate the YTM of 1 Year zero-coupon bond

93.51 = 100 / ( 1 + YTM )^1

YTM = 1.0331646 - 1

YTM = 0.0331646

YTM = 3.31646%

YTM = 3.316%

1 + YTM = 100 / 93.51

1 + YTM = 1.06940

YTM = 1.06940 - 1

YTM = 0.06940

YTM = 6.940%

YTM = 6.94%

Hence the forward rate is calculated as follow

Forward rate = [ (1 + YTM of 1 year zero coupon bond ) / ( 1 + YTM of 6 months year zero coupon bond ) ] - 1 = ( 1 + 6.94% ) / ( 1 + 3.316% ) = [ 1.0694 / 1.03316 ] - 1 = 1.03508 - 1 = 0.03508 = 3.508% = 3.51%

b.

At the time of inception the formward rate is 0.

7 0
2 years ago
Exercise 06-2 Computing unit and inventory costs under variable costing LO P1 Trio Company reports the following information for
storchak [24]

Answer:

Trio Company

1. Using Variable Costing:

a. Product Cost per unit = $35 (see below)

b. Cost per unit of finished goods = $35 (see below)

2. Using variable cost, the cost of ending finished goods inventory = 6,000 * $35 = $210,000

b. Using total cost, the cost of ending finished goods inventory =

6,000 * $43 = $258,000

Explanation:

a) Calculation of Costs:

                              Cost per unit            Total Costs

Direct materials        $15                          $300,000

Direct labor                 $16                        $320,000

Variable overhead       $4                          $80,000

Total Variable             $35                       $700,000

Fixed Cost                    $8                        $160,000

Total Cost                  $43                       $860,000

b) Cost of Goods sold 14,000 x $43 = $602,000 using total cost per unit.

c) Cost of Goods sold 14,000 x $35 = $490,000 using variable cost per unit.

d) Variable costing is a method of assigning only variable costs to a product while the fixed overheads are treated as period expenses.

8 0
3 years ago
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