A company had no office supplies at the beginning of the year.During the year,the company purchased $250 worth of office supplies.On December 31,$75 worth of office supplies remained.How much should the company report as office supplies expense for the year?
A)$75
B)$125
C)$175
D)$250
E)$325

Question

Quizplus · Accepted Answer

The office supplies expense is calculated as the total amount purchased minus the amount remaining at the end of the year. Therefore, $250 - $75 = $175.

A Company Had No Office Supplies at the Beginning of the Year.During