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Sidana [21]
2 years ago
8

The Don't Bite Me Pest Control Company has 11,900 gallons of insecticide supplies on hand that cost $357,000; a bill from the ve

ndor for $290,000 of these supplies has not yet been paid. The company expects to earn $819,000 for its services when it uses the insecticide supplies. The company’s balance sheet would include an asset, Supplies, in the amount of:
Business
1 answer:
Nezavi [6.7K]2 years ago
6 0

Answer:

$357,000

Explanation:

The stock of gallons of insecticide would be valued at the lower of cost or net realizable value.

The cost here is $357,000 when compared to net realizable amount of $819,000,the cost is lower,hence the stock of the insecticide would be shown in the balance sheet as an asset,supplies ,in the amount of $357,000

The supplies would an a current asset in the balance sheet,hence when it is used supplies would be credited while supplies expense is debited

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