During $2023,$ Indiana Inc. paid $$100$ for amounts owed from purchasing supplies on account during $2022.$ During $2023$ the company purchased additional supplies on account costing $$400.$ They used $(1)/(2)$ of these supplies. On the last day of the year, they paid cash for another $$50$ of supplies. What was supplies expense on the $2023$ income statement?

Answer rating: 100% (QA)

To determine the supplies expense on the 2023 income statement we need to ... View the full answer