At January 31, the Amount of Supplies on Hand Is

question 83

Multiple Choice

At January 31, the amount of supplies on hand is $2,300. What amount is shown on the January income statement for supplies expense?

• A) $2,300.
• B) $5,400.
• C) $3,100.
• D) $7,700.

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Definitions:

Partnership

A legal form of business operation between two or more individuals who share management and profits.

Partner

An individual who shares ownership of a business or an endeavor with one or more persons, often sharing in profits and responsibilities.

Profitability

The degree to which a business or activity yields financial profit or gain, often measured as a ratio of net income to revenue.

Guarantee

A formal promise or assurance, often provided by a third party, that certain conditions or obligations will be met.