Question

This fact pattern provides information needed to answer Q#17-Q#21. Year 1 Transactions: On May 31, Year 1, Merle bought $14,0
determining the remaining supplies to be worth $2,000. On December 31, Year 1, Merle made payments to the firms suppliers fo
QUESTION 20 When doing your calculations you may round numbers to the nearest one-hundr edth [.01). Enter your final answer i
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Answer #1

Supplies expense in Year 2 = Supplies in hand at the end of Year 1 + Supplies purchases in Year 2 - Supplies in hand at the end of Year 2
Supplies expense in Year 2 = $2,000 + ($5,000 + $8,000) - $2,500
Supplies expense in Year 2 = $2,000 + $13,000 - $2,500
Supplies expense in Year 2 = $12,500

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20 This fact pattern provides information needed to answer Q#17-Q#21. Year 1 Transactions: On May 31,...
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