1. Johnson Company had $5,100 of supplies on hand at the beginning of the year, purchased an additional $12,400 of supplies during the year, and ended the year with $6,100 of supplies on hand. How much is supplies expense for the year?

2. During 20X1, Hogan Company had credit sales of $40,000 and cash sales of $18,000. In 20X1 Hogan collected $21,000 of accounts receivable resulting from sales on credit. Hogan incurred operating expenses of $7,500; of this amount, $2,900 was paid in 20X1, and the $4,600 balance represented a liability at year-end. In addition to these operating expenses, Hogan also purchased for cash a three-year insurance policy on January 1, 20X1. The cost of this policy was $3,000. What is Hogan's 20X1 cash basis net income?

3. On Tuesday March 31, the Zenox Company had accrued wages of $2,000. Friday, April 3, Zenox paid employee wages of $5,000 for the week. What is the March 31 adjusting entry for accrued wages?

4. Conner Corporation's adjusted trial balance included the following items:

Accounts payable ($65,000), 

Accounts receivable ($45,000), 

Capital stock ($100,000), 

Cash ($50,000), 

Dividends ($10,000), 

Goodwill ($47,000), 

Interest expense ($4,000), 

Interest payable ($2,000), 

Inventory ($32,000), 

Notes payable ($80,000), 

Prepaid expenses ($5,000), 

Property, plant & equipment ($123,000), 

Retained earnings ($46,000), 

Rent expense ($18,000), 

Revenues ($101,000), 

Salary expense ($60,000). 

What would be the post-closing trial balance total?

Answer rating: 100% (QA)

1 To calculate the supplies expense for the year we need to find the change in supplies during the year The formula for supplies expense is Supplies E... View the full answer