During December, Horn Inc.purchased $800 of supplies for use in its business.At the end of December, 20% of the supplies were still on hand, but only 75% had been paid.What amounts will appear on the company's balance sheet on December 31? $$\begin{array}{l}
&\text {Supplies on Hand }&\text { Accounts Payable}\
\hline a.&(\$800)&(\$600)\
b.&(\$160)&(\$200)\
c.&(\$640)&(\$200)\
d.&(\$160)&(\$800)\
\end{array}$$

Question

During December, Horn Inc.purchased $800 of supplies for use in its business.At the end of December, 20% of the supplies were still on hand, but only 75% had been paid.What amounts will appear on the company's balance sheet on December 31? ​ $$\begin{array}{l}
&\text {Supplies on Hand }&\text { Accounts Payable}\
\hline a.&(\$800)&(\$600)\
b.&(\$160)&(\$200)\
c.&(\$640)&(\$200)\
d.&(\$160)&(\$800)\
\end{array}$$

Quizplus · Accepted Answer

The Answer of During December, Horn Inc.purchased $800 of supplies for use in its business.At the end of December, 20% of the supplies were still on hand, but only 75% had been paid.What amounts will appear on the company's balance sheet on December 31? ​ $$\begin{array}{l}
&\text {Supplies on Hand }&\text { Accounts Payable}\
\hline a.&(\$800)&(\$600)\
b.&(\$160)&(\$200)\
c.&(\$640)&(\$200)\
d.&(\$160)&(\$800)\
\end{array}$$