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padilas [110]
3 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]3 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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27) Cooley Landscaping Company needs to borrow $30,000 for a new front-end dirt loader. The bank is willing to loan the funds at
viva [34]

Answer:

The annual payment at the end of each year: $4,572.23

Explanation:

The formular for calculating Present value of Annuity is applied in this case to help us find the equal annual payment.

Applying information in the question, we have the annuity that have:

n= 10 as there are 10 equal annual payments paid at the end of each year during 10 years;

i = 8.5% per annum compounded annually, as stated in the question;

PV = Borrowed amount = $30,000;

C = the equal annual payment.

The formular for PV of Annuity: PV = (C/i) x [ 1- (1+i)^(-n)] <=> C = (PV x i) / [ 1- (1+i)^(-n)]

Thus, C = (30,000 x 8.5%) / [ 1- 1.085^(-10) ] = $4,572.23

7 0
3 years ago
Soft drink manufacturers face (a) ________.
Ilya [14]

Answer:

The correct answer is (A)

Explanation:

Soft drink manufacturing industry faces a high threat of substitutes. Not many soft drink brand exit the market but many new companies and brand enter. Similarly, that is the reason why prices of soft drink do not fluctuate as compare to other food items. The competitive environment in the soft drink industry creates a high threat of substitutes.

6 0
3 years ago
Forensic Scientists are part of the career pathway known as
AfilCa [17]
The correct answer is known as "The Law Enforcement Services".

Law Enforcement Services is the system of the society wherein its members act in a organized and well-trained manners, wherein they enforce the law by investigating, stopping and changing or may also lead to punishing the individuals who violates or break the rules and norms laid out by the government for the betterment of the society.
5 0
3 years ago
Read 2 more answers
JavaPro Systems is a​ start-up company that makes connectors for​ high-speed Internet connections. JavaPro Systems has budgeted
Iteru [2.4K]

Answer:

$429.60 Favorable

Explanation:

Provided information,

Standard Hours for each product = 3 hours

Standard Cost per hour = $14.00

Actual hours used = 198

Actual output = 80 connectors

Standard hours for actual output = 80 \times 3 = 240 hours

Actual Rate = $14.80 per hour

Direct labor cost variance = Standard Cost - Actual Cost

Standard Cost = Standard hours \times Standard Rae

= 240 \times $14 = $3,360

Actual Cost = 198 \times $14.80 = $2,930.40

Variance = $3,360 - $2,930.40 = $429.60

Since actual cost is less than standard variance is favorable.

$429.60 Favorable

3 0
3 years ago
Philippe Organic Farms has total assets of $689,400, long-term debt of $198,375, total equity of $364.182, net fixed assets of $
Margarita [4]

Answer:

correct option is  B. 1.40

Explanation:

given data

total assets = $689,400

long-term debt = $198,375

total equity = $364.182

net fixed assets = $512,100

sales = $1,021,500

profit margin = 6.2 percent

solution

we get here first current assets that is express as

current assets = Total assets - net fixed assets   ...................1

put here value

current assets = $689,400 - $512,100

current assets = $177300

and now we get Current liabilities that is express as

Total liabilities  = Total assets - Total equity .............2

Current liabilities + Long term debt = Total assets - Total equity    

Current liabilities = Total assets - Total equity - Long term debt ...........3

put here value

Current liabilities = $689400 - $364182 - $198,375

Current liabilities = $126843  

so here Current ratio will be

Current ratio = current assets ÷ Current liabilities  .............4

Current ratio = \frac{177300}{126843}  

Current ratio = 1.40

so correct option is  B. 1.40

6 0
3 years ago
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