BioVert Company Had $2,500 of Store Supplies on Hand at the Beginning

question 7

Essay

BioVert Company had $2,500 of store supplies on hand at the beginning of2015. During 2015 BioVert purchased $250 worth of store supplies. On December 31, 2015, $1,125 worth of store supplies remained. What is the amount of BioVert Company's store supplies expense for 2015?

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Definitions:

Noncurrent Assets

Long-term resources owned by a company, such as property, plant, equipment, and intangible assets, expected to provide value beyond the immediate fiscal year.

Unearned Fees

Income received by a business for services yet to be provided or goods to be delivered; recognized as a liability until the service or good is delivered.

Current Liability

A company's financial obligations that are due to be settled within one year or within the normal operating cycle.

Current Liabilities

Short-term financial obligations that are due within one year or within a company's operating cycle, whichever is longer.