At March 31,the amount of supplies on hand is $520.What amount is reported in the March income statement for supplies expense?

Question

Quizplus · Accepted Answer

The amount of supplies on hand at March 31 is irrelevant when calculating the supplies expense for the month. The supplies expense would be the total amount of supplies purchased during the month minus any supplies on hand at the end of the month. Therefore, we need more information about supplies purchased during the month to calculate the expense. Option D is the only choice that provides a possible value for supplies purchased during the month.

At March 31,the Amount of Supplies on Hand Is $520