Compute the Amounts Indicated for Each of the Following Independent

question 81

Essay

Compute the amounts indicated for each of the following independent situations. $\begin{array} { | l | c | c | c | c | } \hline & \text { Situation } & & & \\\hline & \mathrm { A } & \mathrm { B } & \mathrm { C } & \mathrm { D } \\\hline \text { Beginning supp lies balance } & ? & \$ 2,100 & \$ 1,500 & \$ 1,400 \\\hline \begin{array} { l } \text { Payments for supp lies } \\\text { during the year }\end{array} & & & & \\\text { Ending supplies balance } & \$ 2,500 & \$ 4,500 & ? & \$ 1,700 \\\hline \begin{array} { l } \text { Supp lies expense on the } \\\text { income statement }\end{array} & \$ 1,600 & \$ 1,600 & \$ 1,800 & ? \\\hline\end{array}$

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Definitions:

Straight-line Method

A method of calculating depreciation of an asset where the cost is evenly allocated over its useful life, resulting in a consistent expense each period.

Accounting Standards

Rules and guidelines set by authoritative bodies that dictate how financial transactions and statements should be reported and maintained.

Dividends

Payments made by a corporation to its shareholders, usually as a distribution of profits.

Subsidiary

A company that is completely or partly owned and partly or wholly controlled by another company, known as the parent company.