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At 31 March 20X2 a company had oil in hand to be used for heating costing $8,200 and an unpaid heating oil bill for $3,600.
At 31 March 20X3 the heating oil in hand was $9,300 and there was an outstanding heating oil bill of $3,200.
Payments made for heating oil during the year ended 31 March 20X3 totalled $34,600.Based on these figures, what amount should appear in the company’s statement of comprehensive income for heating oil for the year?
A $23,900 B $36,100 C $45,300 D $33,100
This question makes no sense at all? Anyone have an idea?
For the SOCI we want the oil used during the year.
You can calculate the oil that was purchased by taking the amount paid and adjusting for the amounts owing at the beginning and end of the year.
When you have calculated the amount purchased then you can calculate the amount used by adjusting for the opening and closing inventory.
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