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11 March, 20:31

Carolina mills purchased $270,000 in supplies this year. the supplies account increased by $10,000 during the year to an ending balance of $66,000. what was supplies expense for carolina mills during the year?

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  1. 11 March, 21:52
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    Calculation of supplies expense for Carolina mills during the year:

    The Supplies Expense for the year can be calculated using the following formula:

    Supplies Expense for the year = Supplies Beginning Balance + Supplies added or purchased during the year - Supplies Ending balance

    = 56000 + 270000 - 66000

    = $260,000

    (Note: It is given that the supplies account increased by $10,000 during the year to an ending balance of $66,000 that means the Supplies Beginning Balance was 66000-10000 = $56,000)

    Hence, the supplies expense for Carolina mills during the year is $260,000
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