Karev Company started Year 2 with a $500 balance in its Cash account, a $500 balance...
Karev Company started Year 2 with a $500 balance in its Cash account, a $500 balance in its Supplies account and a $1,000 balance in its common stock account. During Year 2 the company experienced the following events.
(1) Paid $220 cash to purchase supplies
(2) Physical count revealed $204 of supplies on hand at the end of Year 2
Based on this information the amount of supplies reported on the Year 2 Balance Sheet is $_______________
Homework Answers
The answer is $204
Actual inventory is $204, hence it should be reported on the balance sheet
The difference of supplies inventory as per accounts and as per physical count should be recognized as inventory losses
Hence, the answer is $204
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