Question
49) Based on the preceding information, which of the following would be the correct account balances for 20X8 if Gotham City used the consumption method
49) Based on the preceding information, which of the following would be the correct account balances for 20X8 if Gotham City used the consumption method of accounting for inventories?
|
| Expenditures | Inventory of Supplies | ||||
| A) | $ | 0 |
| $ | 8,000 |
|
| B) | $ | 0 |
| $ | 1,500 |
|
| C) | $ | 6,500 |
| $ | 1,500 |
|
| D) | $ | 6,500 |
| $ | 0 |
|
A) Option A
B) Option B
C) Option C
D) Option D
Answer: C
Please explain using math steps
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Financial Accounting The Impact On Decision Makers An Alternative To Debits And Credits
Authors: Gary A. Porter, Curtis L. Norton
4th Edition
0324272669, 978-0324272666
