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What is the balance of supplies on hand

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Question - Fargo Company operates a pet grooming service. On August 1 of the current year, the firm's account balances were as follows:

Cash $10,000

Accounts Receivable $20,000

Supplies on Hand $15,000

Prepaid Insurance (5 months) $5,000

Notes Payable $10,000

Accounts Payable $10,000

Capital Stock $25,000

Retained Earnings $5,000

During August the following transactions occurred:

Aug. 1 Paid August rental cost for office, $2,300.

Aug. 3 Purchased supplies on account, $7,420.

Aug. 5 Used supplied in August for $2,300 .

Aug. 6 Provided services for various clients for cash, $7,420.

Required -

1: What is the balance of Supplies on Hand showing on the Balance Sheet of August 31st?

2: What is the Net Income (loss) for the month of August? In ase of a loss please use "-" (minus sign)?

Reference no: EM133105472

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