If the end-of-year supplies on hand totaled $200, and purchases totaled $300, and supplies on hand at the beginning of the year amounted to $100, how much will be reported as supplies expense for the current year?

Question

Quizplus · Accepted Answer

The supplies expense for the current year is calculated as beginning supplies plus purchases minus end supplies. So, $100 (beginning) + $300 (purchases) - $200 (end) = $200.

If the End-Of-Year Supplies on Hand Totaled $200, and Purchases