accounting question?
accounting question?
39
The supplies account has a balance of $1,000 at the beginning of the year and was debited during the year for $2,800, representing the total of supplies purchased during the year. If $750 of supplies are on hand at the end of the year, the supplies expense to be reported on the income statement for the year is
A.$750
B.$3,550
C.$3,800
D.$3,050
lady bird, this is not school work iam going through these questions in an accounting book of mine and i thought i would post the questions so other people could give me advice as to what they think, its helping me understand it when someone posts the same answer i get!
Answers:
ladybird: Hey Michael, I answered a question exactly the same as this for you yesterday. Just apply the same formula I gave you then and you'll find the answer. You HAVE to start doing some of this stuff yourself or you'll never manage the exam.
I just read your comments to me. Sorry! I thought maybe I was helping you too much. Opening stock add purchases lessclosing stock gives you the answer D.
2006-11-08 01:15:39
2006-11-08 01:15:39
elizabethward2003: c. 3800
2006-11-10 14:15:57
2006-11-10 14:15:57
d-train: The answer is 3,050.
Take the 1K balance plus the 2,800 in purchases and subtract the amount left at year-end to find the amount consumed.
2006-11-10 21:15:15
2006-11-10 21:15:15
Chosen Answer
David W: A very simple way to calculate it is to take the difference between closing balance and opening balance (1000 - 750 = 250) Add this to the years purchases (2800 +250) = 3050 So D is the answer.
2006-11-11 04:21:48
David W: A very simple way to calculate it is to take the difference between closing balance and opening balance (1000 - 750 = 250) Add this to the years purchases (2800 +250) = 3050 So D is the answer.
2006-11-11 04:21:48