Question

Terbish Company started operations on January 1, 2014. It is now December 31, 2014, the end of the fiscal year. The part- time bookkeeper needs your help to analyze the following three transactions:
a. During 2014, the company purchased office supplies that cost $ 1,600. At the end of 2014, office supplies of $ 400 remained on hand.
b. On January 1, 2014, the company purchased a special machine for cash at a cost of $ 12,000. The machine’s cost is estimated to depreciate at $ 1,200 per year.
c. On July 1, 2014, the company paid cash of $ 600 for a one- year premium on an insurance policy on the machine; coverage begins on July 1, 2014.
Required:
Complete the following schedule of the amounts that should be reported for 2014:


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  • CreatedAugust 04, 2015
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