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Refer to the information above for Moore General Store. What amount should appear on the company's February 28 balance sheet as Supplies, and what amount should appear on the company's February income statement as Supplies Expense, respectively? a. $180, $4,500b. $180, $4,520c. $180, $4,880d. $200, $4,500e. $200, $4,520

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Answer:

b. $180, $4,520

Explanation:

* Data for the calculation is missing in this question, a similar question is attached with this answer. Answer is made using data from attached question. Please find it.

Balance on February 1 = $200

Purchases During February = $4,500

Balance on February 28 = $180

Amount of Supplies used during February = $4,520

On Income Statement

Cost of goods sold = $4,520

On balance sheet

Supplies Inventory = $180

So option b. $180, $4,520 is correct.

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