Zang Company had no office supplies on hand at the beginning of the year. During the year, the company purchased $250 worth of office supplies. At the end of the year, $50 worth of office supplies were on hand. How much should Zang Company report as office supplies expense for the year?

Question

Quizplus · Accepted Answer

The office supplies expense for the year is calculated by subtracting the value of supplies on hand at the end of the year ($50) from the total supplies purchased during the year ($250). This gives $250 - $50 = $200.

Zang Company Had No Office Supplies on Hand at the Beginning