Question

Carolina Mills purchased $270,000 in supplies this year. The supplies account had an opening balance of $56,000 and an ending balance of $66,000. What was supplies expense for Carolina Mills during the year

Answer 1

the supplies expense is $260,000

Step-by-step explanation:

The computation of the supplies expense is shown below

Supply expense is

= Opening balance + Purchase - Closing balance

= $56,000 + $270,000 - $66,000

= $260,000

hence, the supplies expense is $260,000

We simply applied the above formula so that the correct value could come

And, the same is to be considered