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jeffhuffle17
01.04.2020 •
Business
The Don't Bite Me Pest Control Company has 10,000 gallons of insecticide supplies on hand that cost $300,000; a bill from the vendor for $100,000 of these supplies has not yet been paid. The company expects to earn $800,000 for its services when it uses the insecticide supplies. The company would report a supplies asset in the amount of: A. $10,000B. $200,000C.$300,000D. $800,000
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Ответ:
C.$300,000
Explanation:
Data provided in the question
Number of gallons required = 10,000
Cost of supplies on hand = $300,000
Not paid amount = $100,000
Earning from services = $800,000
So by considering the above information, the supplies assets should be recorded at cost or net realizable value whichever is lower
So in this case, the supplies value is $300,000 and the same is to be recorded in the financial statements
Ответ: