subject
Business, 18.02.2020 19:21 ysabel0420

The downtown location of Chicago Clothiers purchases large quantities of supplies, including plastic garment bags and paper bags and boxes. At December 31, 2013, the following information is available concerning these supplies: Supplies inventory, 1/1/2013 $ 4, 150 Supplies inventory, 12/31/2013 5, 220 Supplies purchased for cash during 2013 12, 2690 All purchases of supplies during the year are debited to the supplies inventory.1) What is the expense reported on the income statement associated with the use of supplies during 2013? 2) What is the proper adjusting entry at December 31, 2013? By how much would assets and income be overstated or understated if the adjusting entry were not recorded?

ansver
Answers: 1

Other questions on the subject: Business

image
Business, 22.06.2019 08:10, gildedav001
The sec has historically raised questions regarding the independence of firms that derive a significant portion of their total revenues from one audit client or group of clients because the sec staff believes this situation causes cpa firms to
Answers: 3
image
Business, 22.06.2019 11:20, johnlecona210
Security a has a higher standard deviation of returns than security b. we would expect that: (i) security a would have a risk premium equal to security b. (ii) the likely range of returns for security a in any given year would be higher than the likely range of returns for security b. (iii) the sharpe ratio of a will be higher than the sharpe ratio of b. (a) i only (b) i and ii only (c) ii and iii only (d) i, ii and iii
Answers: 1
image
Business, 22.06.2019 13:50, veronica25681
When used-car dealers signal the quality of a used car with a warranty, a. buyers believe the signal because the cost of a false signal is high b. it is not rational to believe the signal because some used-car dealers are crooked c. the demand for lemons is eliminated d. the price of a lemon rises above the price of a good used car because warranty costs on lemons are greater than warranty costs on good used cars
Answers: 2
image
Business, 22.06.2019 14:30, lilquanreem8051
Bridge building company estimates that it will incur $1,200,000 in overhead costs for the year. additionally, the company estimates 50,000 direct labor hours will be spent building custom walking bridges for the year at a total direct labor cost of $600,000. what is the predetermined overhead rate for bridge building company if direct labor costs are to be used as an allocation base?
Answers: 3
You know the right answer?
The downtown location of Chicago Clothiers purchases large quantities of supplies, including plastic...

Questions in other subjects:

Konu
Biology, 21.01.2021 07:00
Konu
English, 21.01.2021 07:00
Konu
Chemistry, 21.01.2021 07:00
Konu
Mathematics, 21.01.2021 07:00