Question: Financial Analysis Using Adjusted Account Data Selected T-account balances for Bloomfield Company are shown below as of January 31, which reflect its accounting adjustments. The
Financial Analysis Using Adjusted Account Data Selected T-account balances for Bloomfield Company are shown below as of January 31, which reflect its accounting adjustments. The firm uses a calendar- year accounting period, but prepares monthly accounting adjustments. Supplies Jan. 31 Bal 2.700 Supplies Expense Jan 31 Bal 2330 Prepaid Insurance Jan. 31 Bal 1.722 Insurance Expense Jan. 31 245 Wages Payable 2.100 Jan 31 Bali Wages Expense Jan. 31 Bal. 9,600 Truck Jan. 31 Bal 26.100 Accumulated Depreciation Truck 5,655 Jan 31 Ball a. If the amount in supplies expense represents the January 31 adjustment for the supplies used in January, and $1,860 worth of supplies were purchased during January, what was the january 1 beginning balance of supplies? 50 b. The amount in the insurance expense account represents the adjustment made at January 31 for January insurance expense. If the original insurance premium was for one year, what was the amount of the premium, and on what date did the insurance policy start? Amount of the premium 5 o The policy began on of the previous year. c. If we assume that no beginning balance existed in either in either wage payable or wage expense on January 1, how much cash was paid as wages during January?s o d. If the truck has a useful life of five years for 60 months, what is the monthly amount of depreciation expense, and how many months has Bloomfield owned the truck 0 months
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
