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3 years ago

When should supplies be recorded as an expense?

Business

1 answer:

Crazy boy [7]3 years ago

7 0

Answer:

Supplies should be recorded as an expense when it is used up during an accounting period.

Explanation:

Supplies which is also refers to as office supplies can be described as consumables and equipment which are used from time to time by company. Examples of office supplies include printer paper, pencils, notebooks, binders, pens and among others.

When supplies are bought before they are used, they are recorded as office supplies by adding them to office supplies on hand at the beginning of to obtain total supplies for an accounting period under the current asset in the balance sheet. Any part of the office supplies used up during an accounting period is recorded an expense during that accounting period in the income statement. The part used is deducted from the total supplies obtained supplies on hand at the an accounting period to be recorded under the current asset in the balance sheet.

Therefore, supplies should be recorded as an expense when it is used up during an accounting period.

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Marco and Fred enter into a contract for the sale of Marco's apartment for which Fred agrees to pay him $100,000. Marco cannot p

VLD [36.1K]

Answer:

The correct answer is the option A: unconscionable

Explanation:

To begin with, the reason why such prohibition from Marco to Fred is unconscionable is due to the fact that Marco already stated in a private contract that he agreed to sell the apartment to Fred by a certain price, therefore establishing that the property of the real estate now belongs to the other party, letting everyone else external to the contract know that the proper and new owner is Fred.

Secondly, it is understandable that now that Fred is the new owner of the apartment by contract then it is unfair and unreasonable that the old owner Marco prohibits him to do what he wants with the apartment.

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4 years ago

Buckette co. owned 60% of shuvelle corp. and 40% of tayle corp., and shuvelle owned 35% of tayle. what is this pattern of owners

zzz [600]

Buckette co. owned 60% of shuvelle corp. and 40% of tayle corp., and shuvelle owned 35% of tayle.

<span>This pattern of ownership is called a connecting Affiliation. This a type of mutual owner ship, like many people have their family business and have shares in the business. If a company of someone, who has his son and grandson and they are also have shares in that company or owned by percentage, this is mutual ownership and the pattern is connecting affiliation.</span>

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3 years ago

A company has decided that it no longer needs to extensively count and inspect the products it buys from a particular supplier.

agasfer [191]

Answer: False

Explanation:

The VOLUME CONSOLIDATION Stage is where a company attempts to reduce the number of suppliers that it has and consolidates the volume of sales it does through them.

This strategy helps in having a better relationship with suppliers as well as earning a claim on their business which would go a long way in price negotiation.

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3 years ago

A coupon bond that pays interest of 4% annually has a par value of $1,000, matures in 5 years, and is selling today at $785. The

olganol [36]

Answer:

9.62%.

Explanation:

Set the values of the bond on the financial calculator as follows :

PV = - $785

FV = $1,000

PMT = $1,000 x 4% = $40

P/YR = 1

N = 5

I/YR = ??

Here the question requires us to determine the value of the yield to maturity or I/YR.

Inputting the values as above in the financial calculator gives the I/YR as 9.62%.

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Reptile [31]

They are called the revenue agency
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The agency is a federal owned organization that founded in 2003, and has been expanded ever sicne from around 3,000 employees to the 40,000 employees that we see today.

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4 years ago