Thompson Company had $1,000 in office supplies at the beginning of the fiscal year. At the end of the fiscal year, Thompson Comp

Question

3 years ago

15

Thompson Company had $1,000 in office supplies at the beginning of the fiscal year. At the end of the fiscal year, Thompson Comp

any did an inventory of the office supplies and determined that $300 of supplies remained in the supply room unused. What is the amount of Supplies Expense at the end of the fiscal year?

Business

1 answer:

Shalnov [3] · Answer 1 · 2022-03-14T16:08:54+03:00

Answer: Amount of supplies expense = $700

Explanation:

Given the following :

Amount of supplies at the beginning of the year = $1000

Amount of supplies which remained unused = $300

Amount of supplies expense at the end of the fiscal year = Amount of used supplies

Amount of used supplies = (amount of supplies at beginning - amount of unused supplies)

Amount of used supplies = ($1000 - $300)

Amount of used supplies = $700

Therefore, amount of supplies expense = $700