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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 $334 cash to purchase supplies (2) Physical count revealed $211 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 $_______________

Sagot :

Answer: $211

Explanation:

Based on the information given in the question, the amount of supplies reported on the Year 2 Balance Sheet will be $211.

The answer is $211 because that is the actual inventory that was given in the question and therefore should be the value that should be reported on the Year 2 balance sheet.

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