At March 1, 2014, Candy Inc

Management Oct 16, 2020

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

Expert Solution

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".

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