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Homework answers / question archive / At March 1, 2014, Candy Inc
At March 1, 2014, Candy Inc. had supplies on hand of $8,300. During the month, Candy purchased supplies of $4,600 and used supplies of $1,200. The March 31 balance sheet should report what balance in the supplies account?
$11,700
$7,100
$3,400
$12,900
Computation of Balance in Supplies Account on March 31:
Supplies Balance on March 31 = Supplies Balance on March 1 + Supplies Purchased - Supplies Used
= $8,300 + $4,600 - $1,200
= $11,700
So, the correct option is 1st "$11,700".
