Question

CBA Corp. has grown significantly over the past year. One area that has plagued the controller of CBA is the reconciliation of supplies expense. The end-of-year supplies on hand totaled $20, purchases totaled $500, and supplies on hand at the beginning of the year amounted to $300. How much will CBA report as supplies expense for the current year

Answer 1

the supplies expense for the current year is $780

Step-by-step explanation:

The computation of the supplies expense is shown below:

= Beginning supplies balance + purchase made - ending supplies balance

= $300 + $500 - $20

= $780

hence, the supplies expense for the current year is $780

The same should be considered and relevant

And the above formula should be applied for the same