4. If your checking account's balance is

A partial adjusted trial balance of Piper Company at January 31, 2017, shows the following:

Fittoniya [83]

Answer:

(a) If the amount in Supplies Expense is the January 31 adjusting entry, and $850 of supplies was purchased in January, what was the balance in Supplies on January 1?

supply balance January 31 + supplies expense - purchases = $700 + $950 - $850 = $800

(b) If the amount in Insurance Expense is the January 31 adjusting entry, and the original insurance premium was for one year, what was the total premium and when was the policy purchased?

Insurance expense per month = $400 x 12 months = $4,800, beginning balance prepaid insurance January 1 = $2,800. This means that the insurance policy was purchased ($4,800 - $2,800) / $400 = 5 months before, this means it was purchased in August, 2016.

(c) If $2,500 of salaries was paid in January, what was the balance in Salaries and Wages Payable on December 31, 2016?

wages payable on December 31, 2016 = salaries expenses + wages payable balance January 31, - paid salaries = $1,800 + $800 - $2,500 = $100

(d) If $1,600 was received in January for services performed in January, what was the balance in Unearned Service Revenue at December 31, 2016?

unearned service revenue on December 31, 2016 = cash received for providing services - service revenue + unearned service revenue balance January 31 = $1,600 - $2,000 + $750 = $350

6 0

2 years ago

Powers Company reported net sales of $1,250,000, average Accounts Receivable, net of $73,500, and net income of $53,150. The acc

ipn [44]

Answer:

17 times

Explanation:

Data provided in the given question :-

Net Sales = $1,250,000

Average account Receivable = $73,500

Net Income = $53,150

So, the accounts receivable turnover ratio is given below :-

Accounts receivable turnover ratio = Net sales ÷ Average accounts receivable

= $1,250,000 ÷ $73,500

= 17 times

Hence the net income is ignored for calculating the account receivable turnover ratio.

4 0

2 years ago

Gibson Guitar Corporation has chosen to build instruments one at a time, by hand. Gibson's century-old tradition of creating inv

kow [346]

Answer:

product

Explanation:

8 0

2 years ago

Bradley is sitting on his porch enjoying his very large front yard and drinking a lemonade when chris, a kid from down the stree

Anestetic [448]

Chris may be able to recover money from the courts on the basis of quasi contract. A quasi contract is an obligation of one party to another imposed by law independently of an agreement between the parties.

3 0

3 years ago

Before you confirm the backpack shape selection, let's make sure you're reading the backpack shape information properly. Which o

Novosadov [1.4K]

Teardrop Rucksack has the highest production cost.

Production fees refer to all of the direct and oblique fees businesses face from production a product or offering a carrier. Manufacturing expenses can consist of a selection of costs, including exertions, raw substances, consumable manufacturing materials, and general overhead.

It includes 3 most important costs: uncooked substances, direct labor, and overhead. Those charges can be fixed (maximum overhead) or variable (uncooked substances and hard work). The whole product value formula is general Product price = fee of raw substances + price of Direct exertions + price of Overhead.

Blanketed inside the production fee are (1) the fee of uncooked materials, (2) the fee of direct labor, and (3) the cost of overhead. Raw substances and hard work costs are frequently variable, even as the overhead expenses are in the main fixed.

Learn more about production cost here:- brainly.com/question/13738783

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4 0

1 year ago