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Explanation is greatly appreciated. Karev Company started Year 2 with a $400 balance in its Cash account, a $600 balance in its Supplies account and
Explanation is greatly appreciated.
Karev Company started Year 2 with a $400 balance in its Cash account, a $600 balance in its Supplies account and a $1,000 balance in its common stock account. During Year 2 the company experienced the following events. (1) Paid $274 cash to purchase supplies (2) Physical count revealed $198 of supplies on hand at the end of Year 2 Based on this information the amount of supplies expense reported on the Year 2 income statement is $ Bailey Co earns $13,249 of revenue on account and in $6,167 cash revenue transactions in Year 1. Cash collections of receivables amount to $5,849 in Year 1 with the remainder being collected in Year 2. Based on this information alone the company's financial statements would show Total Revenue in Year 1 of $Step by Step Solution
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