Alexander City Consultants started business on January 1, 2016, and immediately purchased $1,000 of supplies to use in the business. At the end of the month, 25 percent of the supplies remains unpaid and 20% are still on hand.
  What amounts should appear on the financial statements for January, 2016?

Income Statement ($ 800) ($ 750) ($1,000) ($ 750) ($ 800) ($ 25) ($ 1,000) ($ 1,000 Statement of Cash Flows