Record the adjustment for supplies

Assignment Help Financial Accounting
Reference no: EM131260969

Hurricane begins the year with $850 in supplies. During the year, the company purchases $4,200 in supplies and debits that amount to Supplies. At year-end, supplies costing $2,200 remain on hand. Record the adjustment for supplies.

Reference no: EM131260969

Questions Cloud

Defined benefit pension plan : On January 2, 20X2, East Corp. adopted a defined benefit pension plan. The plan's service cost of $150,000 was fully funded at the end of 20X2. Prior service cost was funded by a contribution of $60,000 in 20X2. Amortization of prior service cost was..
What is the inventory carrying cost per case for one month : What is the FG inventory carrying cost for 1 month? what is the inventory carrying cost per case for 1 month? what is the cost of carrying the entire FG inventory for 1 year?
Fixed costs were allocated on basis of actual hour of useage : Review the section Allocation of Service Department Costs, pages 483-490, especially the example of the use of the computer by the university. Recall that the budget formula was $100,000 fixed cost monthly plus $200 per hour of computer time used. As..
Deducted from his pay for federal income tax : Carson Smart is paid $1,200 every two weeks plus a taxable lodging allowance of $100. He is a participant in the company 401(k) plan and has $150 deducted from his pay for his contribution to the plan. He is married with two allowances. How much woul..
Record the adjustment for supplies : Hurricane begins the year with $850 in supplies. During the year, the company purchases $4,200 in supplies and debits that amount to Supplies. At year-end, supplies costing $2,200 remain on hand. Record the adjustment for supplies.
Prepare entry to record the issuance of bonds and warrants : On May 1, 2014, Friendly Company issued 3,220 $1,000 bonds at 102. Each bond was issued with one detachable stock warrant. Shortly after issuance, the bonds were selling at 97, but the fair value of the warrants cannot be determined. Prepare the entr..
What is the balance of the current assets : Stine Corp.'s trial balance reflected the following account balances at December 31, 2015: What is the balance of the current assets on Stine's December 31, 2015 balance sheet?
Raw materials inventory-wages payable-manufacturing overhead : Following transaction related to manufacturing process during April. Prepare journal entries to record the above transaction in the appropriate place in the general Journal. Post the entries you record to the following T accounts- raw materials inven..
What audit procedures did auditors apparently not follow : Ando Company , a diversified manufacture, has six divisions that operate throughout the United States and Puerto Rico , Ando hs historically allowed its divisions to operate autonomously. What audit procedures did auditors apparently not follow that ..

Reviews

Write a Review

Financial Accounting Questions & Answers

  Illustrate what depreciation methods are available

A $4,000 computer to be used 100% for business located in his home. Illustrate what depreciation methods are available for the automobile and computer?

  Discuss the role of the finance manager

1.In some companies, especially the larger ones, the finance function is undertaken by the vice president of finance. In other companies, small to medium, there are other functionaries, such as the chief financial officer, finance manager, and so on...

  Dr heinz transfers property to an irrevocable trust with 12

dr. heinz transfers property to an irrevocable trust with 12 income interest to dr. heniz and 12 income interest to

  Calculate the after-tax cash flows from operating activities

Calculate the after-tax cash flows from operating activities (i.e excluding additional capital expenditures and residual value) for each year the facility is operating. Calculate the Net present value of the project using the four column approach use..

  Calculation of carrying amount of an asset1water company

calculation of carrying amount of an asset.1.water company owns 80 percent of fire companys outstanding common stock.

  What is the average accounting return

A project has an initial cost of $38,000 and a four-year life. The company uses straight-line depreciation to a book value of zero over the life of the project. The projected net income from the project is $1,100, $1,200, $1,600, and $1,900 a year fo..

  Prepare trial balance of oakland floor coverings

Prepare the trial balance of Oakland Floor Coverings at December 31, 2012 - Oakland Floor Coverings reported the following summarized data at December

  Assigning responsibilities in various responsibility

assigning responsibilities in various responsibility centers.for each responsibility center described below indicate

  The expected overhead costs for the next fiscal year

Cain Company makes three products in its factory: plastic cups, plastic tablecloths, and plastic bottles. The expected overhead costs for the next fiscal year include the following. Cain uses machine hours as the cost driver to allocate overhead cost..

  Develop information gathering and communication strategies

ACCM 4200 - Financial Accounting and Reporting - You are a graduate accountant working for Piper, Pepper and Associates a public accounting firm situated at 59889, George Street, Unley, SA 5061.

  Income statement for this transaction

Frasquita acquired equipment from the manufacturer on 6/30/2016 and gave a noninterest-bearing note in exchange. Frasquita is obligated to pay $550,000 on 4/30/2017 to satisfy the obligation in full. If Frasquita accrued interest of $15,000 on the no..

  Decision to the cost of goods sold for the company

Inventory valuation is seen by many companies as an important factor in their success - what do you feel are types of decisions a company must make when choosing an inventory valuation method?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd