On January 1, Year 2, the Supplies account of Sheldon Company had a balance of $1,200. During the year, the company purchased $3,400 of supplies on account and made partial payments totaling $3,000 on those accounts. On December 31, Year 2, Sheldon determined that there were $1,400 of supplies on hand. Which of the following would be reported on Sheldon's Year 2 financial statements?
A. $1,600 of supplies; $200 of supplies expense
B. $1,400 of supplies; $2,000 of supplies expense
C. $1,600 of supplies; $3,400 of supplies expense
D. $1,400 of supplies; $3,200 of supplies expense
Answer: D
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Andrews Corporation purchased 3,00 . gallons of raw materials for $9,200 . The standard price is $3.00 per gallon. If Andrews records the price variance at the earliest possible time, the entry to record the purchase of the material is:
a. Materials 9,200 Material purchase price variance 200 . Accounts payable 9,000 b. Materials 9,000 Accounts payable 9,000 c. Materials 9,000 Material purchase price variance 200 Accounts payable 9,200 d. Materials 9,200 Accounts payable 9,200
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A _______________ brand has high brand equity and high brand loyalty with loyal customers.
a. New b. Weak c. Strong d. Divested