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- Abbott Corporation had a balance of $1,800 in Prepaid Supplies at the beginning of the year. The company purchased $1,200 of supplies during the year. At year end, Prepaid Supplies had a balance of $2,100. What is the amount of Supplies Expense that Abbott Corporation will recognize for the year? A. $2,100 B. $1,200 C. $900 D. $1,500In a business with financial years ended 31 December. A machine is bought for 420,000 on 1 January Year 1. The estimated useful life is 9years. In Year 5, the machinery has been sold for 280,000. Show the accounting entries for each year up to Year 5 using sinking fund at 18%. You are to show for each year up to 31 Dec Year 5: (a) Machinery account (b) Provision for depreciation (c) Disposal account (d) Profit and loss account (e) Balance sheetDoner Company Inc. begins operations on January 1, Year 1. The company’sunadjusted financial statements for the year ended December 31, Year 1,appear as follows:Date Transaction Cost Useful Life GPIJanuary 15, Year 1 . . . . . . . . . Purchase Machine X $ 20,000 4 years 100March 20, Year 1 . . . . . . . . . . Purchase Machine Y 55,000 5 years 110October 10, Year 1 . . . . . . . . Purchase Machine Z 130,000 10 years 130December 31, Year 1 . . . . . . . 140April 15, Year 2 . . . . . . . . . . . Sold Machine X 160December 31, Year 2 . . . . . . . 180Balance Sheets 1/1/Y1 12/31/Y1Cash and receivables . . . . . . . . . . . . . . . . . . . . . . $20,000 $35,000Fixed assets, net . . . . . . . . . . . . . . . . . . . . . . . . . 50,000 45,000Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $70,000 $80,000Payables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $15,000 $15,000Contributed capital . . . . . . . . . . . . . . . . . . . . . . . 55,000…
- During the month of January, Alpha, Inc. purchased supplies worth $450. At the end of January, Alpha, Inc. determined it had supplies worth $125 remaining. Compute the worth of supplies used in January. a.$325 b.$575 c.$125 d.$450At the beginning of December, Camp David, Inc. purchased $5,000 of supplies on account for use in its business. At the end of December, 20% of the supplies were still on hand, but only 70% had been paid for. What amounts will appear on the company’s income statement and balance sheet on December 31? A. Supplies Expense Supplies Accounts Payable $4,000 $1,000 $3,500 B. Supplies Expense Supplies Accounts Payable $1,000 $4,000 $5,000 C. Supplies Expense Supplies Accounts Payable $4,000 $4,000 $1,500 D. Supplies Expense Supplies Accounts Payable $4,000 $1,000 $1,500On March 17, Fox Lumber sells materials to Whitney Construction for $12,000, terms 2/10, n/30. Whitney pays for the materials on March 23. What amount would Fox record as revenue on March 17? a. $12,400.b. $11,760.c. $12,000.d. $12,240.
- Consider the following transactions for Huskies Insurance Company: 1. Equipment costing $42,000 is purchased at the beginning of the year for cash. Depreciation on the equipment is $7,000 per year. 2. On June 30, the company lends its chief financial officer $50,000; principal and interest at 7% are due in one year. 3. On October 1, the company receives $16,000 from a customer for a one-year property insurance policy. Deferred Revenue is credited.Required: For each item, record the necessary adjusting entry for Huskies Insurance at its year-end of December 31. No adjusting entries were made during the year.The asset account Office Supplies has a balance of $820 at the beginning of the year. The amount on hand at the end of the year is $540. The company has calculated the Supplies Expense for the year to be $3,900. Based on this information, what amount of office supplies was purchased during the year? Multiple Choice $3,360 $4,440 $3,620 $0Answer both subparts i,ii.if answered within 40mins,it would be great You were hired as a junior accountant at Byron Manufacturing Company. The following transactions relate to the company’s operations for the year 2020. A. On February 8, the company purchased raw materials from Cetal Company for $80,000 with related terms 2/10, n/30. Byron paid for this purchase on February 15. Purchases and accounts payable are recorded at net amounts. B. On March 1, the company purchased equipment for$500,000 from Machines and More Company. It paid$100,000 in cash and used a one-year, 7% note for the balance. C. On June30, the company borrowed $200,000 by signing a one-year zero-interest-bearing $240,000 note at FSC Bank. D. The company sells smart speakers at an average price of $15,000. Each customer is offered a separate 5-year service type warranty contract of $1500. With this contract, the company would carry out periodic services and replace defective parts. During 2020, the company sold 40…