Question & Answer: Which of the following accounts is least likely to appear in an adjusting entry? a. Interest receivable b. Salaries payable c…..

..ooo Sprint令 9:34 AM 6796 ■ Expert Q&A Done your answers in the Scantron. Each multiple choice question is worth 3 Which of the following accounts is least lkely to appear in an adjusting entry? a. Interest recelvable... b. Salaries payable C. Property tax expense cash 2. On October 1, 2016, paid and properly recorded. On December 31, 2016, at the end of the accounting period, wha the $24,000 premium on a one-year insurance contract for the building adiusting.entry is needed? Prepaid insurance b. Prepaid insurance Prepaid ispense18000 6,000 Insurance expense Prepaid insurance Prepaid insurance 18,000 6,000 6,000 18,000 Insurance expense 6,000 d. Insurance expense 18,000 the beginning of the current year, ABC Company had $1,200 of supplies on hand. During t year, the company purchased supplies amounting to $7,000 (paid for in cash and debited to Supplies). At the end of the year, a count of supplies reflected $1,800 (ile, ending adjusting entry to record this at the end of the year includes a. Credit to Supplies of $6,400 b. Debit to Supplies of $1,800 c. Credit to Supplies of $7,600. d. None of the above. If a company reported the following items on its income statement (cost of goods sold, income tax expense, $2,000; interest expense, $100, operating expenses $3,900, sales reve 15,000), what amount would be reported for subtotal income from operations? 4. a. $5,100 b. $3,000 c. $3,100 d. $5,000 Answers plz Only 4

Which of the following accounts is least likely to appear in an adjusting entry? a. Interest receivable b. Salaries payable c. Property tax expense d. cash On October 1, 2016, the $24, 000 premium on a one-year insurance contract for the building paid and properly recorded. On December 31, 2016, at the end of the accounting period, what adjusting entry is needed? a. Prepaid insurance 18, 000 Insurance expense 18, 000 b. Prepaid insurance 6, 000 Insurance expense 6, 000 c. Insurance expense 6, 000 Prepaid Insurance 6, 000 d. Insurance expense 18, 000 Prepaid Insurance 18, 000 At the beginning of the current year, ABC Company had $1, 200 of supplies on hand. During t year, the company purchased supplies amounting to $7, 000 (paid for in cash and debited to Supplies). At the end of the year, a count of supplies reflected $1, 800 (i.e., ending balance). adjusting entry to record this at the end of the year includes a. Credit to Supplies of $6, 400 b. Debit to Supplies of $1, 800 c. Credit to Supplies of $7, 600. d. None of the above. If a company reported the following items on its income statement (cost of goods sold, $6, income tax expense, $2, 000: interest expense, $100, operating expenses $3, 900, sales reve $15, 000), what amount would be reported for subtotal “income from operations”? a. $5, 100 b. $3, 000 c. $3, 100 d. $5, 000

Expert Answer

Income from operations = Sales revenue -cost of goods sold -operating expenses
=15000-6000-3900= 5100
Option A is correct
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