Alexander City Consultants started business on January 1, 2016, and immediately purchased $1,000 of supplies to use in the business.At the end of the month, 25 percent of the supplies remains unpaid and 20% are still on hand.What amounts should appear on the financial statements for January, 2016? $$\begin{array}{l}
&\text {Income Statement }&\text { Statement of Cash Flows}\
\hline a.&(\$1,000)&(\$1,000)\
b.&(\$1,000)&(\$750)\
c.&(\$800)&(\$25)\
d.&(\$800)&(\$750)\
\end{array}$$

Question

Quizplus · Accepted Answer

The Answer of Alexander City Consultants started business on January 1, 2016, and immediately purchased $1,000 of supplies to use in the business.At the end of the month, 25 percent of the supplies remains unpaid and 20% are still on hand.What amounts should appear on the financial statements for January, 2016? $$\begin{array}{l}
&\text {Income Statement }&\text { Statement of Cash Flows}\
\hline a.&(\$1,000)&(\$1,000)\
b.&(\$1,000)&(\$750)\
c.&(\$800)&(\$25)\
d.&(\$800)&(\$750)\
\end{array}$$

Alexander City Consultants Started Business on January 1, 2016, and Immediately