A company purchased $210 in supplies during the year, recorded $120 in Supplies Expense, and...
Question:
A company purchased $210 in supplies during the year, recorded $120 in Supplies Expense, and ended with $350 of supplies. What was the beginning balance of Supplies?
Supply Expense:
Supply refers to those expenses which have been made by a company on the consumables used during a financial year. Supplies could be divided into two categories namely office supply and factory supply.
Answer and Explanation: 1
Become a Study.com member to unlock this answer! Create your account
View this answerData:
Supplies purchased = $210
Recorded supplies expense = $120
Ending supplies expense = $350
Calculation:
Beginning supplies expense =...
See full answer below.
Ask a question
Our experts can answer your tough homework and study questions.
Ask a question Ask a questionSearch Answers
Learn more about this topic:
Get access to this video and our entire Q&A library
Direct & Indirect Expenses: Definition & Examples
from
Chapter 2 / Lesson 13
81K
Compare direct vs. indirect expenses and understand how these costs are categorized in business. Explore direct expenses examples and indirect expenses examples.
Related to this Question
- XYZ Company had a beginning balance for supplies of $950 and purchased $900 of supplies for the year. If the remaining supplies at year-end are $350, what adjusting entry does the company need to record? A. Dr. Supplies expense, $350; Cr. Supplies, $350.
- At Wiki Co., all supply purchases were recorded as expenses. The balance sheet on 12/31/2017 reports a balance for Supplies in the amount of $800. During the year, the firm purchased $2,000 supplies. On 12/31/2018, actual supplies on hand amounted to $5,6
- Supplies Expense of $3,600 was recorded for a given year. Assuming that $2,400 in supplies were purchased during the year and that $640 in supplies remained at year end, what was the cost of supplies at the beginning of the year? (Show work.)
- Supplies Expense of $3,600 was recorded for a given year. Assuming that $2,400 in supplies were purchased during the year and that $640 in supplies remained at year-end, what was the cost of supplies at the beginning of the year?
- If a company's Cost of Goods Sold is $158,000 for the period, beginning and ending inventory balances are $18,000 and $13,000, and the beginning and ending Accounts Payable balances are $19,000 and $7
- If a company's Cost of goods sold is $161,000 for the period, beginning and ending Inventory balances are $19,500 and $14,500, respectively, and the beginning and ending Accounts Payable balances are $26,500 and $9,000, respectively, what is the amount of
- A company began an accounting period with 100 units of an item that cost $7.50 each. During the period it purchased 400 units of the item at $9 each and it sold 390 units. Give the costs assigned to the ending inventory and to goods sold under each of the
- A company has a beginning inventory of $60,000 and purchases during the year of $120,000. The beginning inventory consisted of 2,000 units and 8,000 units were purchased during the year. The company has 5,000 units left at year-end. Under average-cost, wh
- A company had a beginning inventory of 93 units of Product RST at a cost of $8 per unit. During the year, purchases were: Feb. 20 603 units at $9 Aug. 12 409 units at $11 May 5 540 units at $10 Dec. 8
- A company began the accounting period with $60,000 of merchandise, and the net cost of purchases was $240,000. A physical inventory showed $72,000 of merchandise unsold at the end of the period. What is the cost of goods sold? a. $300,000 b. $228,000 c. $
- A company, which uses the periodic method, is preparing its year-end journal entry to record cost of goods sold. It debits all of the following accounts except: a. Beginning Inventory b. Cost of Goods Sold c. Purchase Discounts d. None of the above
- If a company's Cost of goods sold is $160,200 for the period, beginning and ending Inventory balances are $19,100 and $14,100, respectively, and the beginning and ending Accounts Payable balances are $24,500 and $8,600, respectively, what is the amount of
- "Y" Company began the accounting period with $60,000 of merchandise, and the net cost of purchases was $240,000. A physical inventory showed $72,000 of merchandise unsold at the end of the period. The cost of goods sold by Y Company for the period is: a.
- "Y" Company began the accounting period with $60,000 of merchandise, and the net cost of purchases was $240,000. A physical inventory showed $72,000 of merchandise unsold at the end of the period. The cost of goods sold by Y Company for the period is ____
- A company begins the year with an inventory of $46,000 and ends the year with an inventory of $60,000. During the year, the following amounts are recorded: Purchases $230,000 Purchase returns 23,000 Purchase discounts 12,000 Freight-in 33,000 Calculate th
- A company scraps a fully depreciated piece of equipment originally costing $20,000. They did not receive any proceeds. Record the journal entry. A company sells a piece of plant equipment for $2,000.
- A company began the accounting period with $60,000 of merchandise, and the net cost of purchases was $240,000. A physical inventory showed $72,000 of merchandise unsold at the end of the period. What is the cost of goods sold of the company for the period
- A company begins 20X4 with merchandise costing $69,000. Sales are $233,000, purchases are $198,000, and ending inventory is $81,000. What is the company's cost of goods sold? a. $186,000 b. $210,000 c. $221,000 d. $245,000
- At the beginning of the period, Hann Corporation had $4,000 of supplies on hand. During the period, it purchased $1,300 of supplies and debited supplies for the same amount. At the end of the period, Hann Corporation determined that only $1,000 of supplie
- A company has a beginning inventory of $10,500, purchases of $5,500, and an ending inventory of $2,500. The cost of goods sold is the Cost of goods sold _____.
- At March 1, Psychocandy Inc. reported a balance in Supplies of $200. During March, the company purchased supplies for $750 and consumed supplies of $800. If no adjusting entry is made for supplies: - owner's equity will be overstated by $800. - expenses
- Tee Company had a beginning inventory of $20,000 and an ending inventory of $24,000. Net sales were $160,000; purchases, $80,000; purchase returns and allowances, $5,000; and freight-in, $6,000. Cost of goods sold for the period is: a. $69,000. b. $49,00
- A company had purchased inventory for $96,000. Purchases Returns and Allowances were $2,000 and Freight In was $4,000. If the beginning inventory was $50,000 and the ending inventory was $40,000, the cost of merchandise sold is A) $108,000 B) $88,000
- A company had a beginning inventory of $500,000. It made purchases of $1,500,000 and had cost of sales of $1,200,000. What was its inventory turnover?
- Ace Corporation purchased office supplies costing $15,000 and debited Office Supplies for the full amount. At the end of the accounting period, a physical count of office supplies revealed $2,400 stil
- A company begins the year with inventory of $42,000 and ends the year with inventory of $58,000. During the year, the following amounts are recorded: Purchases $ 220,000 Purchase returns 22,000 Purcha
- At the beginning of the period, Hann Corporation had $4,000 of supplies on hand. During the period, it purchased $1,300 of supplies and debited supplies for the same amount. At the end of the period,
- A company begins the year with an inventory of $43,000 and ends the year with an inventory of $60,000. During the year, the following amounts are recorded: Purchases $ 240,000 Purchase returns 26,000 Purchase discounts 14,000 Freight-in 34,000 Calculate t
- This Company is a manufacturing firm that uses job-order costing. The company's inventory balances were as follows at the beginning and end of the year: Beginning Balance Ending Balance Raw materials
- The following amounts were obtained from the accounting records of Enderle Company. Compute the net purchases for the year 2013. | | 2013 | Beginning inventory | $35,700 | Ending inventory | 42,100 | Cost of goods sold | 83,500
- Supplies on hand were $1,000 at the start of the year. At the end of the year, it was determined that $550 of supplies had been used. What is the adjusting entry for supplies?
- The cost of merchandise sold during the year was $50,000. Merchandise inventories were $12,500 and $10,500 at the beginning and end of the year, respectively. Accounts payable were $6,000 and $5,000 at the beginning and end of the year, respectively. Usin
- A company using the periodic inventory system has merchandise inventory costing $175 on hand at the beginning of the period. During the period, merchandise costing $635 is purchased. At year-end, merchandise inventory costing $160 is on hand. What is the
- A company reports the following beginning inventory and purchases, and it ends the period with 30 units in inventory. Beginning inventory 100 units at $10 cost per unit Purchase 1 40 units at $12 cost per unit Purchase 2 20 units at $14 cost per u
- Shasa company made several purchases of office supplies totaling $3310 during its first year of operations it recorded all purchases by debiting the asset account, office supplies. At Dec. 31, the amount of unused supplies on hand was determined by the co
- Inventory at the beginning of the year cost $13,000. During the year, the company purchased (on account) inventory costing $82,000. Inventory that had cost $78,000 was sold on account for $93,400. At
- 1) Inventory at the beginning of the year cost $13,400. During the year, the company purchased (on account) inventory costing $84,000. Inventory that had cost $80,000 was sold on account for $95,000.
- Inventory, at the beginning of the year, cost $13,500. During the year, the company purchased (on account) inventory, costing $84,500. Inventory that had cost $80,500 was sold, on account, for $95,400
- Your company sells $469,300 of goods during the year that have a cost of $398,600. Inventory was $29,783 at the beginning of the year and $34,038 at the end of year 3. What is the inventory turnover r
- If a company has 2 units in beginning inventory and it cost $4 each to make; so beginning inventory is $8. The company makes one more unit during the accounting period that costs $5 to make, so the Cost of Goods Manufactured (COGM) is $5, if the company
- A company has year-end cost of goods manufactured of $5,000, beginning finished goods inventory of $700, and ending finished goods inventory of $850. Its cost of goods sold is: 1. $4,250. 2. $4,000. 3. $4,850. 4. $6,550.
- A company using the periodic inventory system has merchandise inventory costing $347 on hand at the beginning of a period. During the period, merchandise costing $655 is purchased. At year-end, merchandise inventory costing $107 is on hand. The cost of me
- A company, using the periodic inventory system, has merchandise inventory costing $210 on hand at the beginning of the period. During the period, merchandise costing $635 is purchased. At year-end, merchandise inventory costing $145 is on hand. The cost o
- A company, using the periodic inventory system, has merchandise inventory costing $175 on hand at the beginning of the period. During the period, merchandise costing $635 is purchased. At year-end, merchandise inventory costing $160 is on hand. The cost o
- The beginning balance of unused supplies is P500. During the period, the total purchases of supplies amounted to P2,000 which was initially recorded as asset. At the end of the period, the actual unused supplies are P200. The supplies expense to be report
- A company just starting in business purchased three merchandise inventory items at the following prices. First purchase = $80 Second purchase = $95 Third purchase = $85 If the company sold two units for a total of $240 and used FIFO costing, what would th
- The cost of merchandise sold during the year was $45,504. Merchandise inventories were $13,104 and $8,815 at the beginning and end of the year, respectively. Accounts payable were $7,392 and $3,952 at the beginning and end of the year, respectively. Usin
- The cost of merchandise sold during the year was $65,000. Merchandise inventories were $13,500 and $10,500 at the beginning and end of the year, respectively. Accounts payable were $7,000 and $5,000 at the beginning and end of the year, respectively. Usin
- The cost of merchandise sold during the year was $50,000. Merchandise inventories were $12,500 and $10,500 at the beginning and end of the year, respectively. Accounts payable were $6,000 and $5,000 at the beginning and end of the year, respectively. Usi
- This Company began operations on May 1, 2016, and experienced the following events during the year: 1. Purchased $160,000 of merchandise inventory for cash. 2. Sold all the merchandise for $240,000
- The following amounts were obtained from the accounting records of Enderle Company. Compute the beginning inventory for the year 2014. | | 2014 | Beginning inventory | | Net purchases | $83,300 | Cost of goods sold | $90,800
- A company's beginning inventory is $20,000, purchases for a period are $240,000, and ending inventory is $30,000. How much is the cost of goods sold?
- The Notebook Company was formed on December 1, 2016. The following information is available from the company's inventory records: Units Unit Cost Balance as of May 1, 2017, 800 $104 Purchases: May 7, 2017 19,000 $105 June 11, 2017 17,000 $106 July 23, 201
- A Company just starting a business made the following four inventory purchases in June: June 1 120 Units Purchased Cost $390 June 10 230 Units Purchased Cost $575 June 15 230 Units Purchased Cost $620 June 28 120 Units Purchased Cost $520 A physical count
- If the company had $35,000 of Materials inventory at the beginning of the period, what is the ending balance of Material's inventory?
- J&N Company began the accounting period with $60,000 of merchandise, and net cost of purchases was $240,000. A physical inventory showed $72,000 of merchandise unsold at the end of the period. The cost of goods sold of Y Company for the period is: a. $300
- Max Company made several purchases of office supplies totaling $3,310 during its first year of operations and recorded all purchases by debiting the asset account Office Supplies. At December 31, the amount of unused supplies on hand was determined by cou
- Max Company made several purchases of office supplies totaling $3,310 during its first year of operations and recorded all purchases by debiting the asset account office supplies. On December 31, the amount of unused supplies on hand was determined by cou
- Cullumber Company had a beginning inventory of 107 units of Product RST at a cost of $8 per unit. During the year, purchases were: Feb. 20 570 units at 9 Aug. 12 383 units at $11 May 5 470 units at
- Based on the following information provided about a company's operations, calculate its cost of goods purchased and its cash paid for the merchandise. Cost of good sold $413,000 Merchandise Inventory, beginning year 70,000 Accounts payable, beginning year
- At the end of the accounting period, the business had $5,000 of office supplies on hand. At the beginning of the period, the amount of supplies on hand was $2,000. If the business purchased $12,000 of office supplies during the year, what amount of office
- A company provided the following data: Sales $540,000 Beginning inventory $44,000 Ending inventory $49,000 Gross profit $186,000 What was the amount of inventory purchased during the year?
- A company provided the following data: sales, $500,000; beginning inventory, $40,000; ending inventory, $45,000; and gross profit, $150,000. What was the amount of inventory purchased during the year?
- A company just starting in business purchased three merchandise inventory items at the following prices. First purchase = $80 Second purchase = $95 Third purchase = $85 If the company sold two units for a total of $290 and used FIFO costing, the gross pro
- A company had a beginning inventory value of $500,000. It made purchases of $1,500,000 and had cost of sales of $1,200,000. What was its inventory turnover? a. 1.5 b. 1.85 c. 2.31 d. 3.0
- AAA Company had beginning raw materials inventory of $8,000. During the period, the company purchased $46,000 of raw materials on account. If the ending balance in raw materials was $5,000, the amount of raw materials transferred to Work in Process Invent
- A company purchased merchandise inventory at a cost of $8,500 with credit terms 2 10, net 60. If the company borrows $8,330 to pay for the purchase on the last day of the discount period and pays the
- The company there were 130 units in the inventory at theThe beginning inventory and purchases of an item for the period were as follows: Beginning inventory 60 units at $70 each First purchase 100 un
- The following amounts were obtained from the accounting records of Enderle Company. Compute the cost of goods sold for the year 2015. | | 2015 | Net purchases | $91,820 | Ending inventory | $42,350 | Cost of goods sold |
- The beginning inventory of company X was 200 units at $45 per unit. During the year, they made two batch purchases. The first was a 300 unit purchase at $50 per unit; the second was a 350 unit purchase at $52 per unit. They sold 800 units. What is the am
- At the end of Company A's fiscal year on December 31, 2007, these accounts appeared in its adjusted trial balance. Freight-in $5,600 Merchandise Inventory (beginning) 40,500 Purchases 446,000 Purchase Discounts 12,000 Purchase Returns and Allowance 6,400
- The following information is available for a corporation. Purchases $50,000, purchase discount $3,000, Beginning Inventory $20,000, Ending inventory $30,000. What is the cost of goods sold?
- A company uses the periodic method and has the following account balances. Purchase Returns = $19,000 Purchases = $812,000 Purchase Discounts = $8,000 Beginning Inventory = $21,000 Freight-In = $30,000 Ending Inventory = $37,000 What is the company's cost
- The following data have been taken from the accounting records of Larder Corporation for the just completed year . $1,550,000 Purchases of raw materials $210,000 $345,000 Applied Manufac
- A company began the accounting period with inventory of 3,000 units at $30 each. During the period, the company purchased an additional 5,000 units at $26 each and sold 4,600 units. Assume the company uses a periodic inventory system. What is the cost of
- Inventory at the beginning of the year cost $13,200. During the year, the company purchased (on account) inventory costing $83,000. Inventory that had cost $79,000 was sold on account for $94,200. At the end of the year, inventory was counted and its cost
- Inventory at the beginning of the year cost $12,400. During the year, the company purchased (on account) inventory costing $79,000. Inventory that had cost $75,000 was sold on account for $91,000. At the end of the year, inventory was counted and its cost
- A company's beginning inventory balance was $450,000. It had Total sales of 1350000. Inventory purchases during the period were $300,000. During the year, the company paid $275,000 of the $300,000. Gross profit was $600,000. What was the company's good a
- If a firm's beginning inventory is $20,000, purchases are $110,000, and the cost of goods sold is $100,000, what is its ending inventory? a $10,000 b. $130,000 c. $30,000 d. $120,000
- Prepare the following journal entries. Dates and descriptions are not required. Question 1 A company sells a fixed asset (equipment) for $30,000. The asset originally cost $80,000 and had accumulate
- A company is closing out the accounting period. The inventory balance at the beginning of the period was $222,750, and at the end of the period was $215,600. Purchases of goods for resale during the period equaled $682,500. What was the cost of goods sold
- A firm's beginning inventory is $34,000, goods purchased during the period cost $119,000, and the cost of goods sold for the period is $139,000. What is the amount of its ending inventory? a. $44,000 b. $20,000 c. $24,000 d. $14,000
- A firm s beginning inventory is $36,000, goods purchased during the period cost $121,000, and the cost of goods sold for the period is $141,000. What is the amount of its ending inventory? A) $46,000 B) $20,000 C) $26,000 D) $16,000
- On January 1, 20X7, the ledger of Conglomo Corporation correctly showed supplies inventory of $1,000. During 20X7, supplies purchases amounted to $6,000. A count (inventory) of supplies on hand on December 31, 20X7, showed $2,000. The 20X6 Balance Sheet s
- On January 1, 20X7, the ledger of Conglomo Corporation correctly showed supplies inventory of $900. During 20X7, supplies purchases amounted to $6,000. A count (inventory) of supplies on hand on December 31, 20X7, showed $1,800. The 20X7 Balance Sheet sta
- If office supplies on hand amounted to $2,750 at the beginning of the period and total purchases of office supplies during the period amounted to $14,200, determine the ending balance of office supplies on hand if office supplies expense for the period am
- Cost of Goods Manufactured and Sold Anglin Company, a manufacturing firm, has supplied the following information from its accounting records for the last calendar year: 1. Prepare a cost of goods ma
- For the year, Redder Company has cost of goods manufactured of $600,000, beginning finished goods inventory of $200,000, and ending finished goods inventory of $250,000. The cost of goods sold is: A. $450,000 B. $500,000 C. $550,000 D. $600,000
- A company is closing out the accounting period. The inventory balance at the beginning of the period was $222,750, and at the end of the period it was $215,600. Purchases of goods for resale during the period equaled $682,500. What was the cost of goods s
- A company is closing out the accounting period. The inventory balance at the beginning of the period was $222,750, and at the end of the period, it was $215,600. Purchases of goods for resale during the period equaled $682,500. What was the cost of goods
- The following amounts were obtained from the accounting records of Enderle Company. Compute the beginning inventory for the year 2015. | | 2015 | Beginning inventory | | Net purchases | $91,820 | Ending inventory | $42,350
- A company sells a fixed asset (equipment) for $30,000. The asset originally cost $80,000 and had accumulated depreciation of $55,000 at the time of the sale. Record the journal entry of the sale transaction.
- The following data from the just-completed year are taken from the accounting records of Mason Company: Sales $658,000 Direct labor cost $81,000 Raw material purchases $132,000 Selling expenses $100,
- The following data from the just-completed year are taken from the accounting records of Mason Company: Sales $ 659,000 Direct labor cost $ 80,000 Raw material purchases $ 131,000 Selling expenses $
- At the beginning of the year, Hunt Company had an inventory of $750,000. During the year, the company purchased goods costing $2,400,000. If Hunt Company reported an ending inventory of $900,000 and sales of $3,750,000, the company's cost of goods sold an
- D Corporation is a manufacturing firm that uses job-order costing. The company's inventory balances were as follows at the beginning and end of the year: Beginning Balance Ending Balance Raw material
- Geran Company purchased merchandise inventory with an invoice price of $5,000 and credit terms of 2/10, n/30. What is the net cost of the goods if Geran Company pays within the discount period? a. $4,900 b. $4,600 c. $4,500 d. $5,000
- A company incurred manufacturing costs of $45,000. If the beginning balance in Work in process inventory is $10,000 and the ending balance is $15,000, then the cost of goods manufactured is $[{Blank}].
- Budgeted Gross Margin Eastport Company's Operating budgets reveal the following information: net sales, $400,000; beginning materials inventory, $23,000; materials purchased, $185,000; beginning work
- Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement The following data from the just completed year are taken from the accounting records of Mason Company: Sales $524,00
Explore our homework questions and answers library
Browse
by subject