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Cumberland City Consultants started business on January 1, 2015, and immediately purchased $1,000 of supplies to use in the business. At the end of the month, 25 percent of the supplies remains unpaid and 20% are still on hand. What amounts should appear on the financial statements for January, 2015? Income Statement a. ($1,000) b. ($1,000) c. ($800) d. ($800) Statement of Cash Flows ($1,000) ($750) ($25) ($750)

Cumberland City Consultants started business on January 1, 2015, and immediately purchased $1,000 of supplies to use in the business. At the end of the month, 25 percent of the supplies remains unpaid and 20% are still on hand. What amounts should appear on the financial statements for January, 2015? Income Statement a. ($1,000) b. ($1,000) c. ($800) d. ($800) Statement of Cash Flows ($1,000) ($750) ($25) ($750)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Cumberland City Consultants started business on January 1, 2015, and immediately purchased $1,000 of supplies to use in the business. At the end of the month, 25 percent of the supplies remains unpaid and 20% are still on hand. What amounts should appear on the financial statements for January, 2015? Income Statement a. ($1,000) b. ($1,000) c. ($800) d. ($800) Statement of Cash Flows ($1,000) ($750) ($25) ($750)
Transcribed Image Text:Cumberland City Consultants started business on January 1, 2015, and immediately purchased $1,000 of supplies to use in the business. At the end of the month, 25 percent of the supplies remains unpaid and 20% are still on hand. What amounts should appear on the financial statements for January, 2015? Income Statement a. ($1,000) b. ($1,000) c. ($800) d. ($800) Statement of Cash Flows ($1,000) ($750) ($25) ($750)
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