Financial Accounting Margin And Expenses Homework Help
- September 7, 2017
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- Category: Accounting QA
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1. A company’s Office Supplies account shows a beginning balance of $600 and an ending balance of $400. If office supplies expense for the year is $3,100, what amount of office supplies was purchased during the period?
2. A company had no office supplies available at the beginning of the year. During the year, the company purchased $250 worth of office supplies. On December 31, $75 worth of office supplies remained. How much should the company report as office supplies expense for the year?
3. A company earned $2,000 in net income for October. Its net sales for October were $10,000. Calculate the profit margin ?
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4. How an Income Summary account is used?
5. A company purchased a new truck at a cost of $42,000 on July 1, 2011. The truck is estimated to have a useful life of 6 years and a salvage value of $3,000. How much depreciation expense will be recorded for the truck for the year ended December 31, 2011?
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