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?

The balances in Anna’s Accounting Services’ office supplies account on February 1 and February 28 were $1,200 and $375, respectively. If the office supplies expense for the month is $1,900, what amount of office supplies was purchased during February?

A company’s month-end adjusting entry for Insurance Expense is $1,000. If this entry is not made then expenses are understated by $1,000 and net income is overstated by $1,000.

In preparing statements from the adjusted trial balance, the balance sheet must be prepared first.

A company purchased a new delivery van at a cost of $45,000 on July 1. The delivery van is estimated to have a useful life of 6 years and a salvage value of $3,000. The company uses the straight-line method of depreciation. How much depreciation expense will be recorded for the van during the first year ended December 31?

Clayton makes a $25,000, 90-day, 7% cash loan to Citrus Co. The amount of interest that Clayton will collect on the loan is: (Use 360 days a year.)

Paradise Lodging had the following accounts and balances as of December 31:   Account Debit   Credit Cash $ 20,000         Accounts Receivable   2,000         Salaries Expense   500         Accounts Payable       $ 4,000   Lodging Revenue         7,000   Utilities Expense   500         Prepaid Insurance   1,400         Supplies   1,500         Common Stock         10,000   Retained Earnings         4,900   Totals $ 25,900   $ 25,900    Using the information in the table, calculate the total assets reported on Bologna’s balance sheet for the period.

Miami Mining acquires a granite quarry at a cost of $590,000, which is estimated to contain 200,000 tons of granite and is expected to take 6 years to remove. Compute the depletion expense for the first year assuming 38,000 tons were removed and sold.

Use the following information for Cheeks Corp. to determine the amount of equity to report.    Cash $ 70,000 Buildings   125,000 Land   205,000 Liabilities   130,000

A company’s month-end adjusting entry for Insurance Expense is $1,000. If this entry is not made then expenses are understated by $1,000 and net income is overstated by $1,000.