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
My name is Ann [436]
2 years ago
15

Greese Company purchased office supplies costing $4,000 and debited Supplies for the full amount. At the end of the accounting p

eriod, a physical count of office supplies revealed $1,500 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be:_________.
a. debit Supplies Expense, $1,500; credit Supplies, $1,500.
b. debit Supplies, $2,500; credit Supplies Expense, $2,500.
c. debit Supplies Expense, $2,500; credit Supplies, $2,500.
d. debit Supplies, $1,500; credit Supplies Expense, $1,500.
Business
1 answer:
tiny-mole [99]2 years ago
6 0

Answer:

D) debit Supplies, $1,500; credit Supplies Expense, $1,500.

Explanation:

The first journal entry was:

Dr Supplies expense 4,000

    Cr Cash 4,000

If at the end of the year the supplies inventory equals $1,500, then the supplies expense must decrease. Expenses have a debit balance, if we want to decrease them, we must credit them.

The adjusting entry would be:

Dr Supplies 1,500

    Cr Supplies expense 1,500

This way the supplies account (asset) increases, while the expenses decrease.

You might be interested in
The management of Nebraska Corporation is considering the purchase of a new machine costing $490,000. The company's desired rate
ankoles [38]

Answer:

The payback period is more than 5 years

Explanation:

Net present value is the Net value of all cash inflows and outflows in present value term. All the cash flows are discounted using a required rate of return.

Year  Cash flow    PV factor   Present Value

0       ($490,000)       1              ($490,000)

1         $40,000       0.909         $36,360

2        $10,000        0.826         $8,260

3        $120,000      0.751          $90,120

4        $90,000       0.683         $61,470

5        $180,000      0.621        <u> $111,780 </u>

Net Present Value                   ($182,010)

NPV of this Investment is negative so, it is not acceptable.  

Payback period

Total Net cash inflow of the investment is $440,000 and Initial investment is $490,000. This investment will take more than 5 years to payback the initial investment.

6 0
3 years ago
how does the IoT and Big Data currently play into your job, your organization and the industry? Are these two things connected a
emmainna [20.7K]

<u>Explanation:</u>

The term IoT is an acronym for 'Internet of Things' which refers to a modern technology that allows certain physical objects or “things” as we may call it to connect to the internet.

While Big Data refers not just to large data, but to an innovative field of technology that specializes in analyzing very large (big) data sets.

Consider the education industry, by means of IoT, it is possible for school management to effectively track their student's academic progress in real-time.

IoT and Big Data connected in the sense that, as these physical things (objects) communicate over the internet, a mass amount of data ("Big Data") is been generated which could then be analyzed using specialized software. In other words, they are mutually beneficial.

4 0
3 years ago
g Given the information below: ASSETS LIABILITIES Cash and cash equivalents $10,000 Current debts for the year $15,000 Other liq
artcher [175]

Answer:

The solvency ratio is closest to: B. 33%.

Explanation:

<em>The solvency ratio = After tax Net Operating Income ÷ Total Debt</em>

Thus,

The solvency ratio = $75,000 ÷ ($15,000 + $200,000)

                               = 35.88%

Therefore this is closest to B. 33%.

6 0
3 years ago
FIRST SCENARIO: The economy has taken a turn for the worse. The president believes the government should get the economy moving
Deffense [45]

The proposed response of Adam Smith based on each scenario is given below:

<h3>Scenario 1</h3>

He would say that the pricing system should remain the main determinant of the market and the interference of the government was uncalled for.

<h3>Scenario 2</h3>

He would side with the free market system and be an opponent of the law that frowns on importation.

<h3>Scenario 3</h3>

He would support the suspension of the antitrust laws.

<h3>Scenario 4</h3>

He would believe that markets should not be regulated and the free market system should continue.

<h3>Who is Adam Smith?</h3>

He is the father of modern economics for his work in pioneering ideas such as free trade and the gross domestic product

Hence, we can see that the proposed response of Adam Smith based on each scenario is given above.

Read more about Adam Smith here:

brainly.com/question/50

#SPJ1

8 0
1 year ago
On January 1, 20X1, the Moody Company entered into a transaction for 100% of the outstanding common stock of Osorio Company. To
Paha777 [63]

Answer:

B. $1,760

Explanation:

Given that:

Liabilities = $400, shares = 40 shares, par value = $1 per share, undervalued building asset = $60, net building amount = $1260

amount of consolidated buildings (net) at date of acquisition = net amount for buildings + amount of undervalued building asset + $400 + ($1.00 x 40 shares)  

amount of consolidated buildings (net) at date of acquisition = $1260 + $60 + $400 + $40 = $1760

3 0
3 years ago
Other questions:
  • Name one of the three functions of money.
    8·1 answer
  • Which of the following would be a closed question?
    15·2 answers
  • People live for four periods. They can choose to work for all four periods, or can attend school in the first period and then wo
    11·1 answer
  • Scarbrough Corp. factored $600,000 of accounts receivable to Duff Corp. on October 1, year 2. Control was surrendered by Scarbro
    6·1 answer
  • Digby's Elite product Don has an awareness of 72%. Digby's Don product manager for the Elite segment is determined to have more
    12·1 answer
  • In a small, closed economy, national income (GDP) is $350.00 million for the current quarter. Individuals have spent $100.00 mil
    5·1 answer
  • Maria spends all of her money on paperback novels and beignets. In 2011 she earned $27.00 per hour, the price of a paperback nov
    5·1 answer
  • You are given the following information concerning Parrothead Enterprises: Debt: 9,300 7.4 percent coupon bonds outstanding, wit
    7·1 answer
  • A company reported total stockholders' equity of $540,000 on its balance sheet dated December 31, 2016. During the year ended De
    15·1 answer
  • An investment project has the following cash flows:_________.
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!