Presented below is a balance sheet for John Hon Service at December
John Hon Service
Balance Sheet
December
Assets Liabilities and Owner's Equity
Cash $ Liabilities
Accounts receivable Accounts payable $
Supplies Notes payable
Equipment Owner's equity
Jim Henson, Capital
Total assets $ Total liabilities & owners equity $
The following additional data are available for the year which began on January : All expenses
excluding supplies expense total $ Supplies on January were $ and $ of
supplies were purchased during the year. Net income for the year was $ and drawings were
$
Instructions
Determine the following and answer the question at the end:
Supplies used during the year.
Total expenses for the year.
Service revenues for the year.
John Hon's capital balance on January
NB This is a part question so there other parts will appear as separate questions
Part Calculate the supplies used during the year.
