Clean Sweep,Inc

question 108

Multiple Choice

Clean Sweep,Inc.started the month of June with $600 worth of cleaning supplies.During the month,Clean Sweep purchased $400 of supplies for cash.At June 30,$300 worth of supplies was unused.How will the company report its unused supplies on June 30?

• A)$400 of unused supplies will appear as an expense on the income statement.
• B)$700 of unused supplies will appear as an expense on the income statement.
• C)$300 of unused supplies will appear as an asset on the balance sheet.
• D)$700 of unused supplies will appear as an asset on the balance sheet.

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Definitions:

Severe Liability

refers to a legal situation where an individual or entity is held heavily responsible for damages or violations, often in cases of gross negligence or intentional misconduct.

Dissent

The act of expressing a difference of opinion or disagreement with a prevailing view or decision.

Executive Committee

a smaller group within a larger organization's board of directors that makes important decisions and policies.

Purpose Clause

A section within a legal document or law that outlines the intent or goal of the document or statute.