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
Agata [3.3K]
3 years ago
13

During the first year of Wilkinson Co.'s operations, all purchases were recorded as assets. Store supplies in the amount of $19,

350 were purchased. Actual year-end store supplies amounted to $6,450. The adjusting entry for store supplies willa. increase net income by $12,900.b. increase expenses by $12,900.c. decrease store supplies by $6,450.d. debit Accounts Payable for $6,450.
Business
1 answer:
kherson [118]3 years ago
5 0

Answer:

b. increase expenses by $12,900

Explanation:

The final balance of Store Supplies were 19,350, but the actual year-end store supplies inventory were 6,450. That means that from all purchase 12,900 (19,350 – 6450) were used during the accountable year, therefore, those were expenses that should be recognized.

The adjusting entry is: Debit supplies expense for 12,900 and credit supplies for an equal amount.

You might be interested in
Marvin Gaye's song "Gotta Give It Up" was protected by ___________ .
monitta

Answer:

d. not selected option d copyright

6 0
3 years ago
Read 2 more answers
Feemster Corporation manufactures and sells a single product. The company uses units as the measure of activity in its budgets a
damaskus [11]

Answer:

$288 (F)

Explanation:

In order to calculate activity variance we subtract actual results from the flexible budget. Moreover, the flexible budget is determined by taken into account both fixed and variable expense of the activity. This is shown below:

Flexible Budget of Selling and Administrative Expense = 25,900 + (2.1 x 5,980) = $38,458

Variance = 38,170 - 38,458 = $288 (F)

Because the actual expense is less than the flexible budget, the variance is favorable (F).

Note: Variable flexible budget is calculated by multiplying the variable rate with the actual units produced.

5 0
3 years ago
Short Company purchased land by paying $10,000 cash on the purchase date and agreeing to pay $10,000 for each of the next ten ye
romanna [79]

Answer:

(D) $71,446

Explanation:

we will calcualte the present value for an 11 payments  annuity-due (there is eleven payment of 10,000 if we count the one at purchase date) which couta is 10,000 discounted at 10%

C \times \frac{1-(1+r)^{-time} }{rate} (1 +r ) = PV\\

C 10,000

time 11

rate 0.1

10000 \times \frac{1-(1+0.1)^{-11} }{0.1} (1 + 0.10) = PV\\

PV $71,445.6711

rounding to the nearest dollars: 71,446

6 0
3 years ago
g "If the unit sales price is $16, variable costs are $4 per unit and fixed costs are $14,000, how many units must be sold to ea
lutik1710 [3]

Answer:

14,500

Explanation:

Income = Total revenue - Total cost

Total cost = total Fixed cost + Total variable cost

total Fixed cost = $14,000

Total Variable costs = variable cost per unit x quantity = $4q

Total cost = $14,000 + $4q

Total revenue = price x quantity = $16q

$160,000 = = $16q - $14,000 - $4q

$174,000 = $12q

Q = 14,500

I hope my answer helps you

4 0
3 years ago
The balance in Discount on Bonds Payable that is applicable to bonds due in three years would be reported on the balance sheet i
tankabanditka [31]

The balance in Discount on Bonds Payable that is applicable to bonds due in three years would be reported on the balance sheet in the section entitled of Long-term liabilities.

What is Long-term liabilities?

Long-term liabilities can be regarded as loans aa well as other financial obligations that the repayment schedule would be expected to last over a year.

Some of the examples long-term liabilities are;

  1. deferred revenues
  2. post-retirement healthcare liabilities.
  3. bonds payable
  4. long-term loans
  5. pension liabilities

It should be noted that balance in Discount on Bonds Payable that has a due time of three years would be reported at Long-term liabilities section.

Learn more about Long-term liabilities at:brainly.com/question/25596583

4 0
2 years ago
Other questions:
  • Which of the following is the objective of life insurance?
    14·1 answer
  • What type of relationship do two people who work the same job share?
    11·1 answer
  • Lewis Co. sold merchandise to AdCo for $48,000 and received $48,000 for that sale one month later. One week prior to receiving p
    7·1 answer
  • The balance sheet of Cattleman's Steakhouse shows assets of $86,800 and liabilities of $14,800. The fair value of the assets is
    15·1 answer
  • Which Swing Era bandleader was a virtuoso clarinetist, included a string section in his dance band, was married eight times, and
    10·1 answer
  • Tuity fruity beverage​ company's operating activities for the year are listed below. purchases ​$140 comma 500 operating expense
    11·1 answer
  • Suppose the mean income of firms in the industry for a year is 75 million dollars with a standard deviation of 17 million dollar
    5·1 answer
  • In the context of financial management information systems, transaction processing systems or enterprise systems capture transac
    14·1 answer
  • Transactions Concrete Consulting Co. has the following accounts in its ledger: Cash; Accounts Receivable; Supplies; Office Equip
    13·1 answer
  • If an agreement can not be made, a democratic leader will
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!