QUESTION 1 A company had no office supplies at the beginning of the year. During

Question

QUESTION 1 A company had no office supplies at the beginning of the year. During the year, the company purchased $370 worth of office supplies. On December $135 worth of office supplies remained How much should the company report as office supplies expense for the year? $135 $185 $505 QUESTION 2 A company's balance sheet shows: cash $24,600, accounts receivable $17.300, office equipment $53.250, and accounts payable $18,300. What is the amount of equity? $18,300 $29,650 $76,850 $95,150 $113,450 QUESTION 3 During the month February, Company had cash recepts of $9.900 and cash disbursements of The February balance $2.600, What was the January 31 beginning cash balance? $1,100 o $1,500 $4,100 $5,600 1 points 2 points 2 points

Explanation / Answer

Answer 1

Office supplies expense = Opening stock + Purchases - Closing Stock

= 0 + $ 370 - $ 135

= $ 235

So, option C is the correct option.

Answer 2

Equity = Assets - Liabilities

= $ 24,600 + $ 17,300 + $ 53,250 - $ 18,300

= $ 76,850

So, option C is the correct option.

Answer 3

Closing Cash = Opening cash + Receipts - Payments

So, $ 2,600 = Opening Cash + $ 9,900 - $ 11,400

So, opening Cash = $ 2,600 + $ 1,500

= $ 4,100

So, option C is the correct option.

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