Business, 29.10.2021 14:00, csamayoa1760
Bay City uses the purchase method to account for supplies. At the beginning of the year, the city had no supplies on hand. During the year the city purchased $800,000 of supplies for use by activities accounted for in the general fund. The city used $400,000 of those supplies during the year.
Assuming that the city maintains its books and records in a manner that facilitates the preparation of its fund financial statements, at fiscal year-end the appropriate account balances related to supplies expenditures and supplies inventory would be:.
A. Expenditures $600,000; Supplies inventory $200,000.
B. Expenditures $80,000; Supplies inventory $400,000.
C. Expenditures 400,000; Supplies inventory $200,000.
D. Expenditures 400,000; Supplies inventory $0.
Answers: 1
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Bay City uses the purchase method to account for supplies. At the beginning of the year, the city ha...
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