Question

I need a correct answer to question 23 please with explanation please. ??

A) Supplies Supplies Expense B) Supplies Expense 1.550 C) Supplies 250 Supplies Expense 250 D) Supplies Expense 250 250 Use the following information to answer questions 23-30 Beta Alpha Psi decided to sell food during the Spring fling. The Spring Fling was held on March 30. The following transactions occurred during the month of March (Assume a beginning balance in cash/stockholders equity of $1,500). March 1 Purchased hot dogs, chips, & soda (inventory) on account (to be paid later) for $500. 1 Rented a grill for $50 a month (to be paid later). 1 Placed advertisement in campus newspaper at cost of $25 (to be paid later). 1 Purchased a table for use at this and other events. Cost $60, which is paid immediately. Assume table has a useful life of five years and no residual or salvage value. 30 Sales (all cash) for the month totaled $1,300. Cost of goods sold totaled $450 23) What is the ending balance of cash? Ap A) $2,165 5o0 B) $2,215 SoO C) $2,240 D) $2,740 く,う 24) What are total liabilities on the 3/31 Balance Sheet? A)$500 B) $450 C) $575 D) $110 Bent Es 25) What total expenses on the 3/31 Income Statement? A) $60 300 B) $625 C) $1,075 D) $526 Cos 25

Answer 1

Beginning balance of cash = $1,500

Less: cash paid to purchase table = (60)

Add: Cash received from sales = 1300

Ending balance of cash = $2,740

.

Note:

There was no cash outflow for the transactions other than above (purchase of table & sales).