Martel Co. had supplies of $24,000 and $33,000 at the end of 2017 and 2018, respectively. During 2018, Howard paid $128,000 for supplies. Supplies expense in the 2018 income statement was:
Multiple Choice
O $119,000.
O $128,000.
O $137,000.
O $110,000.

Supplies expense refers to the cost of supplies used during the period. Supplies expense can be calculated from substracting the ending supplies of the year from the total of beginning supplies of the year plus the supplies purchased during the year. Supplies expense can be calculated as:

Supplies expense = Beginning supplies + Supplies purchased - Ending supplies

From the case, we know that:

End supply 2017 = $24,000 = Beginning supply 2018

Ending supply 2018 = $33,000

Supplies purchased during 2018 = $128,000

Supplies expense 2018 ?

We use the formula stated above to find the supplies expense in 2018:

Supplies expense = Beginning supply + Supplies purchased - ending supply

Supplies expense = $24,000 + $128,000 - $33,000

Supplies expense = $119,000

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Martel Co. had supplies of $24,000 and $33,000 at the end of 2017 and 2018, respectively. During 2018, Howard paid $128,000 for supplies. Supplies expense in the 2018 income statement was: Multiple Choice O $119,000. O $128,000. O $137,000. O $110,000.

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Martel Co. had supplies of $24,000 and $33,000 at the end of 2017 and 2018, respectively. During 2018, Howard paid $128,000 for supplies. Supplies expense in the 2018 income statement was:
Multiple Choice
O $119,000.
O $128,000.
O $137,000.
O $110,000.