Staple Corp. purchased supplies at a cost of $2,581 during the year. At December 31, supplies on hand are $1,492. Supplies expense for the year was $6,213. How much were supplies on hand at January 1?

Question

Quizplus · Accepted Answer

Supplies on hand at January 1 + Supplies Purchased during the year = Total Supplies Available
Total Supplies Available - Supplies on hand at December 31 = Supplies used during the year
Let x be the supplies on hand at January 1
x + 2,581 = x + 1,492 + 6,213
2,581 = 7,205 - x
x = 7,205 - 2,581
x = 5,624
Therefore, supplies on hand at January 1 were $5,624.