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padilas [110]
2 years ago
9

On December 31, the balance in the office supplies account is $1,300. A physical count shows $510 worth of supplies on hand. Req

uired: Prepare the adjusting entry for supplies. Refer to the Chart of Accounts for exact wording of account titles.
Business
1 answer:
madam [21]2 years ago
3 0

Answer:

Date                    Account title                                               Debit          Credit

December 1        Office Supplies Expense                           $790

                            Office Supplies                                                             $790

Explanation:

Office supplies is an asset but when it is used it should be debited to the office supplies expense account because it becomes an expense that should be catered for in the Income statement.

The office expense that is used for the year is:

= Book balance - Physical inventory

= 1,300 - 510

= $790

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2 years ago
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l a fixed asset for $72,376 when its book value is $43,070. If your company's marginal tax rate is 25 percent, what will be the
tiny-mole [99]

Answer:

Cash flow= $64,847

Explanation:

Giving the following information:

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Tax rate= 25%

Book value= $43,070

<u>First, we need to calculate the gain from the sale and the tax:</u>

Gain= 72,376 - 43,070= $29,036

Tax= gain*tax rate

Tax= 29,036*0.25= $7,259

<u>Now, we can calculate the after-tax cash flow:</u>

<u></u>

Gain= 29,036

Tax= (7,259)

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Cash flow= $64,847

4 0
3 years ago
Which of the following is a function of a commercial bank? *
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Answer:

lending of depositor's funds

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2 years ago
What is a beneficiary? Question 50 options: The person who files insurance claims on your behalf The person who determines wheth
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6 0
2 years ago
When sold at a 40% discount, a sweater nets the merchant a 20% profit on the wholesale cost at which he initially purchased the
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Answer:

100%

Explanation:

Let the normal retail price of the sweater be 'SP' and the cost price be 'CP'

Therefore,

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Now,

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also,

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or

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or

1.2CP = 0.6SP

Or

CP = 0.5SP

or

SP = 2CP

thus,

Increase percentage in sweater marked up from wholesale at its normal retail price

= \frac{SP-CP}{CP}\times 100

or

=  \frac{2CP-CP}{CP}\times 100

= 100%

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2 years ago
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