Question General Information You had been given the following information: 1. On 31/12/2017 ABC Company has $10,000 worth of supplies on hand 2. On 10/4/2018 the company purchased supplies for $11,000 that was recorded as supplies 3. Moreover, on 16/8/2018 additional supplies was purchased for $5,000 that was recorded as supplies. 4. At the end of the year the amount of supplies on hand on was $5000 Based on the above given information, answer the following questions 1. What is the amount of the supplies expense that must be presented on the company's income statemet for the year 20187 • The Answer is 2. The debit side of the adjusting entry must incude amount of 3. What is the amount of the supplies that must be presented on the company's statement of teandal position as on 31/12/2018 The Answer is

Question
Question General Information
You had been given the following information:
1. On 31/12/2017 ABC Company has $10,000 worth of supplies on hand
2. On 10/4/2018 the company purchased supplies for $11,000 that was recorded as supplies
3. Moreover, on 16/8/2018 additional supplies was purchased for $5,000 that was recorded as
supplies.
4. At the end of the year the amount of supplies on hand on was $5000
Based on the above given information, answer the following questions
1. What is the amount of the supplies expense that must be presented on the company's income statemet
for the year 20187
• The Answer is
2. The debit side of the adjusting entry must incude
amount of
3. What is the amount of the supplies that must be presented on the company's statement of teandal
position as on 31/12/2018
The Answer is
Expand
Transcribed Image Text

Question General Information You had been given the following information: 1. On 31/12/2017 ABC Company has $10,000 worth of supplies on hand 2. On 10/4/2018 the company purchased supplies for $11,000 that was recorded as supplies 3. Moreover, on 16/8/2018 additional supplies was purchased for $5,000 that was recorded as supplies. 4. At the end of the year the amount of supplies on hand on was $5000 Based on the above given information, answer the following questions 1. What is the amount of the supplies expense that must be presented on the company's income statemet for the year 20187 • The Answer is 2. The debit side of the adjusting entry must incude amount of 3. What is the amount of the supplies that must be presented on the company's statement of teandal position as on 31/12/2018 The Answer is

Expert Answer

Want to see the step-by-step answer?

Check out a sample Q&A here.

Want to see this answer and more?

Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*

*Response times may vary by subject and question complexity. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers.
Tagged in
Business
Accounting

Inventory costing

Related Accounting Q&A

Find answers to questions asked by students like you.

Q: At the beginning of the period, the Grinding Department budgeted direct labor of $72,600 and propert...

A: Budgeted direct labor cost per hour = budgeted direct labor cost / Budgeted hours = $72,600 / 6,600 ...

Q: 3. Suppose it costs $3.50 to produce a prerecorded cassette with the overhead of $10,000, which sell...

A: In cost accounting, the break-even point equation is controlled by partitioning the total fixed expe...

Q: An alternative concept of fairness in cost allocation, absent the cause-and-effect basis, includes?

A: A cause and effect allocation basis is the cost allocation method in which the allocation base is ve...

Q: The income and expense accounts of Rosie Corp. for the year ended 2019 are listed below. Sales 1,150...

A: For calculating closing capital , we need to have opening capital , addition to capital , withdrawal...

Q: Rakesh started business on 1st Jan 2018 and had not maintained any kind of books to record transacti...

A: Capital=Cash+Bank+Stock+Building+Furniture+Debtor-Creditor-Loan=8000+25000+20000+10000+2000+(2000+10...

Q: The general ledger of Megan Corporation as of December 31, 2018, includes the following accounts:   ...

A: An intangible object is something that cannot be touched, is hard to describe, or assign an exact va...

Q: Direct labor variances The following data is provided for Bellingham Company: DATA Standard direct l...

A: Standard costing: Under this costing method, the expected costs are used in the accounting records i...

Q: The 2014 comparative balance sheet and 2014 income statement of Byfield Co Ltd, have just been distr...

A: Click to see the answer

Q: The 2014 comparative balance sheet and 2014 income statement of Byfield Co Ltd, have just been distr...

A: Cash flow statement: It is a statement which reports the cash inflows and outflows of a business dur...

Q: Distinguishing Between Common Stock and Additional Paid-in CapitalFollowing is the 2016 stockholders...

A: We have the following information: Preferred stock, no par value: 5 shares authorized; none issued ...

Q: Below is a savings plan for Adrienne. Use this table to answer the questions below.# of Months Savin...

A: Click to see the answer

Q: Scenario: The 2014 comparative balance sheet and 2014 income statement of Bradshaw and Fran Co Ltd, ...

A: Introduction: Statement of cash flows: All cash in and out flows of transactions are recorded in sta...

Q: 4. A business operated at 100% of capacity during its first month, with the following results: Sa...

A: The cost can be classified into two categories i.e fixed cost and variable cost. The  FIxed cost rem...

Q: Mar. 12   Blossom purchased $23,000 of merchandise from Dalibor Company, terms 2/10, n/30, FOB desti...

A: Discount on payment = (Purchases - Net Purchases) x Discount rate = ($23,000 - $2,700) x 2% = $406

Q: Scenario 1Kerry owns and operates a small community pharmacy. John is the pharmacist and heemploys a...

A: 1) a) Scenario 1: Here single person is held responsible for collection, reconciliation and deposit ...

Q: Assume that Yelp decides to launch a new website to market discount bookkeeping services to consumer...

A: To interpret which option will give higher return, Earnings per share shall be calculated and higher...

Q: Bonnie Inc. and Clyde Company have an exchange with no commercial substance. The asset given up by B...

A: Amount Bonnie should record for the asset received=Book value of asset given up+cash received=$120,0...

Q: Horizontal analysis of income statement (No incorrect answers so far most Experts today are giving m...

A: Horizontal analysis is prepared to calculate the variance from previous year by showing increase/dec...

Q: Stanley Company sold office equipment that had a book value of $12,000 for $16,000. The office equip...

A: Depreciation is a reduction in the value of assets due to the usage of that asset. We can evaluate t...

Q: Solvency and Profitability Trend Analysis Addai Company has provided the following comparative infor...

A: Return on Total Assets: This is the ratio between the earnings before interest and taxes (EBIT) and ...

Q: Brief Exercise 9-13 Blue Spruce Ltd. has a single investment that it acounts for using FV-OCI. The c...

A: Journal entry is the process of recording business transactions in the books of accounts for the fir...

Q: Rogan Company's total sales on account for the year amounted to $327,000. The company, which uses th...

A: Estimated bad debts = 1 percent of its credit sales = $327,000 x 1% = $32,700

Q: sub-part 4 to be answered equired information[The following information applies to the questions dis...

A: Solution: Process Costing is a determination of cost for each process.  It is mainly used in a manuf...

Q: Hello, I need formulas explaining the answers, thank you.

A: Cash flow from investment activities  Cash outflow =purchase of equipment +expansion of building  Ca...

Q: Before any year-end adjustments were made, the profit of Pedro Co. was P2,000,000. However, the foll...

A: Adjusting journal entry: To record any unrecognized income or expenses for the period company made a...

Q: I need help with this Cash flow

A: Statement of Cash Flow: Statement of cash flow is one of the main financial statement which reports ...

Q: For the current year, Power Cords Corp. expected to sell 42,000 industrial power cords. Fixed costs ...

A: Click to see the answer

Q: Yancy's personal residence is condemned as part of an urban renewal project. His adjusted basis for ...

A: Part a: Realized Loss=Adjusted basis-proceeds=$572,600-$543,970=$28,630 Yancy's realized loss is $2...

Q: The 2014 comparative balance sheet and 2014 income statement of Byfield Co Ltd, have just been distr...

A: Cash flow statement: It is a statement which reports the cash inflows and outflows of a business dur...

Q: Record journal entries for the following purchase transactions of Flower Company. Oct. 13 Purchased ...

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in...

Q: A concept which is commonly employed with allocation bases related to size is:

A: Cost Allocation:   The process of assigning the cost to the cost object is cost allocation. The cost...

Q: Horizontal analysis of income statement For 20Y2, McDade Company reported a decline in net income. A...

A: Horizontal analysis is prepared to calculate the variance from previous year by showing increase/dec...

Q: The 2014 comparative balance sheet and 2014 income statement of Byfield Co Ltd, have just been distr...

A: Cash flow statement: It is a statement which reports the cash inflows and outflows of a business dur...

Q: List the appropriate fund(s) that will be affected for each of the following transactions for Sienna...

A: Definition: General Fund: It is the primary fund used by an entity. Debt Service Fund: The purpose o...

Q: A company reports the following beginning inventory and two purchases for the month of January. On J...

A: Perpetual Inventory System:   Perpetual Inventory System refers to the inventory system that maintai...

Q: Hello questions is attached, thanks.

A: Given: The master budget is given below,

Q: Case:Mercurial Company has made the following information available for its production facility for ...

A: Variance analysis: This is the study of how the actual results have deviated from the planed or budg...

Q: Compute the conversion cost charged to work in process account     125,000 50,000 53,000 1...

A: Raw material consumed , conversion cost , opening and closing work in progress are required amount t...

Q: Required: Determine Scholz's pension expense for 2019 and prepare the appropriate journal entries t...

A: Hello! Since there are multiple sub-parts posted, we will answer first three sub-parts. If you want ...

Q: Hello question is attached, thanks.

A: Flexible budget operating loss=Contribution×Units sold-Fixed cost($6,000)=$4×Units sold-$70,000Units...

Q: Which of the following is not one of the main issues regarding data collection which can significant...

A: Data collection is one of the modt fundamental and important steps in any statistical analysis. If t...

Q: Accounting Question

A: Payroll records are archives or documents that have anything to do with an employee's check. The doc...

Q: Jase Manufacturing Co.'s static budget at 7,800 units of production includes $23,400 for direct labo...

A: The cost can be classified into two categories i.e fixed cost and variable cost. The  FIxed cost rem...

Q: On January 1, 2020, Corgan Company acquired 80 percent of the outstanding voting stock of Smashing, ...

A: The report data given by Smashing is as follows,

Q: A key ethical issue in cost allocation involves costing in an international context, because the cho...

A: Direct costs are easily traceable but indirect costs are allocated which requires estimates and invo...

Q: Hi, I need help with this. It is just for practice for myself

A: Inventory: It refers to the items held by an organization which were in various forms like raw mater...

Q: Requirement 4. No preferred dividends are in arrears . Journalize the declaration of a $ 700,000 div...

A: Dividend distribution is a method of distributing profit among the stockholder of the organization. ...