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Nimfa-mama [501]
3 years ago
8

Moore General Store purchased office supplies on account during the month of March for $5,000. Payment for the supplies will be

made in April. On March 1, the balance in the supplies account was $350. On March 31, supplies on hand amounted to $310. What amount should appear on the company's March 31 balance sheet as Supplies, and what amount should appear on the company's March income statement as Supplies Expense, respectively? Select one: a. $310, $5,350 b. $310, $5,040 c. $350, $5,040 d. $350, $5,000 e. $310, $5,000
Business
1 answer:
Helga [31]3 years ago
6 0

Answer:

Option (b) is correct.

Explanation:

Given that,

During March, office supplies purchased on account = $5,000

On March 1, the balance in the supplies account = $350

On March 31, supplies on hand = $310

Therefore,

$310 should appear on the company's March 31 balance sheet as Supplies.

Company's March income statement as Supplies Expense:

= Supplies, as on March 1 + Purchases - Supplies, as on March 31

=  $350 + $5,000 - $310

= $5,040

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4 years ago
A_____represents a long-term debt obligation issued by a corporation or a government.
nirvana33 [79]

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4 0
2 years ago
Define return economics.​
lianna [129]

Answer:

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Sergio [31]

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3 years ago
Freytag Corporation's variable overhead is applied on the basis of direct labor-hours. The company has established the following
Serjik [45]

Answer:

a. -$783 Unfavorable

b. 550 Favorable

Explanation:

a. The computation of Variable Overhead Rate Variance is shown below:-

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5 0
3 years ago
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