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gulaghasi [49]
2 years ago
9

During the accounting​ period, office supplies were purchased on account for $ 3 comma 000. A physical​ count, on the last day o

f the accounting​ period, shows $ 1 comma 400 of office supplies on hand. Supplies Expense for the accounting period is $ 3 comma 400. What was the beginning balance of Office​ Supplies?A. $4,000B. $600C. $2,200D. There is not enough information to answer this question.

Business
1 answer:
Lena [83]2 years ago
7 0

Answer:

B. $600

Explanation:

* Data given in the Question is inconsistent with the options provided. A similar and accurate question which has the same option as given above is attached with the answer. Following answer is made accordingly.

Data Provided in the attached question is as follow:

Office supplies balance at the end of the year = $1,200

Purchases for the period = $3,400

Expense for the period = $2,800

Inventory account balance at the beginning of the year =

Use following formula to calculate beginning balance of office supplies:

Inventory account balance at the end of the year = Inventory account balance at the beginning of the year + Purchases for the period - Expense for the period

$1,200 = Inventory account balance at the beginning of the year + $3,400 - $2,800

$1,200 = Inventory account balance at the beginning of the year + $600

Inventory account balance at the beginning of the year = $1,200 - $600

Inventory account balance at the beginning of the year = $600

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Answer:

ABC, LLC

Classified balance sheet as at December 31, 2020

                                                                                              $

ASSETS

Non - Current Assets

Land                                                                                 25,000

Total Non - Current Assets                                             25,000

Current Assets

Accounts Receivable                                                        3,000

Cash                                                                                 20,000

Total Current Assets                                                       23,000

TOTAL ASSETS                                                               48,000

EQUITY AND LIABILITIES

LIABILITIES

Non - Current Liabilities

Notes Payable (due in 5 years)                                      10,000

Total Non - Current Liabilities                                        10,000

Current Liabilities

Accounts Payable                                                            4,000

Salaries Payable                                                              5,000

Total Current Liabilities                                                   9,000

TOTAL LIABILITIES                                                         19000

EQUITY

Common Stock                                                                1,000

Preferred Stock                                                               8,000

Treasury Stock                                                                6,000

Retained Earnings                                                          7,000

Paid in Capital in Excess of Par - Common Stock       17,000

Paid in Capital in Excess of Par - Preferred Stock       2,000

TOTAL EQUITY                                                              41,000

TOTAL EQUITY AND LIABILITIES                                60,000  

Explanation:

A classified balance sheet shows the Assets, Liability and Equity Balances in their respective categories as shown above.

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