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White raven [17]
3 years ago
15

At March 1, 2017, Candy Inc. had supplies on hand of $2,000. During the month, Candy purchased supplies of $2,900 and used suppl

ies of $2,800. The March 31 balance sheet should report what balance in the supplies account?
Business
1 answer:
steposvetlana [31]3 years ago
7 0

Answer:

The March 31st balance sheet should have $2100.

Explanation:

Candy Inc. had $2000 of supplies on hand. They purchased $2900 more.

Therefore at this time, Candy Inc. had a total of $4900 supplies.  See below.

Total amount of supplies = supplies on hand + supplies purchased

Total amount of supplies = $2000+$2900

Total amount of supplies= $4900

They used $2800 in March. Therefore, the March 31st balance sheet should have $2100.

Balance=total amount of supplies-supplies used

Balance=$4900-$2800

Balance=$2100

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Answer: A. stay outta debt

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3 years ago
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Venzuela Company’s net income for 2020 is $50,000. The only potentially dilutive securities outstanding were 1,000 options issue
aev [14]

Answer:

$4.67 per share

Explanation:

The calculation of the diluted earning per share is given below:

= (Total income - preference dividends) ÷ (outstanding shares + diluted shares)

where,

Total income is $50,000

Outstanding shares is 10,000

And, the diluted shares is computed by following calculations

Amount paid towards shares = Options issued × Exercise price per share

= 1,000 × $6

= $6,000

And,

Value of options = Amount paid towards shares ÷ Current market price

= $6,000 ÷ $20

= 300

Therefore,

Diluted shares is

= Options issued - value of options

= 1,000 - 300

= 700

So Diluted Earnings per share is

= ($50,000) ÷ (10,000 + 700)

= $4.67 per share

4 0
3 years ago
Stores such as T. J. Maxx, Burlington Coat Factory, and Marshalls buy manufacturers' seconds, overruns, returns, and off-season
Rama09 [41]

Answer: off price retailers

Explanation:  In simple words, it refers to the retailers that sells high quality products at relatively lower prices than market. The key to their business structure is the discount they offer as the majority of product they sell are of second hand quality or are off seasoned.

    They procure material directly from the suppliers in the form of scrap etc and then sells it to retailer at heavy discounts. Hence from the above we can conclude that the correct answer is off price retailers.

4 0
3 years ago
On July 1, 2021, Markwell Company acquired equipment. Markwell paid $185,000 in cash on July 1, 2021, and signed a $740,000 noni
Alenkasestr [34]

Answer:

c. Debit: Discount on notes payable, $41,884.

Explanation:

The journal entry is shown below:

Equipment    $883,116  

Discount on Notes payable $41,884  ($740,000 - $698,116)

        To Notes payable       $740,000  

        To Cash                       $185,000

(Being the amount paid in cash and note payable is recorded)

Working note

= Note payable amount × PVF factor at 6% for one year

= $740,000 × 0.94340

= $698,116

For recording this we debited the equipment as it increased the assets and discount is always debited while the note payable and cash is credited as it increased the liabilities and reduced the assets

7 0
3 years ago
A local college is deciding whether to conduct a campus beautification initiative that would involve various projects, such as p
Jet001 [13]

Answer:

Students believe that if the initiative does not happen, the funds for the initiative will not be spent elsewhere.

Explanation:

The visual appearance is both non rival and non excludable I.e. Pure public good

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Benefit is greater than cost so college administrators should undertake the beautification initiative

7 0
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