Accounting Worksheet?

Question

If a supplies account goes up to a late bill at the end of a fiscal year and then you are told what the supplies account at the end of the fiscal year is, how can you determine the final value of supplies?

Answer 1

Your question is not clear, and that explains, after 2 days, no one attempts to answer it.

Generally, suppliers' invoices are not often received on the last day of the fiscal year, and the year end financial statements are not finished on the last day of the fiscal year either, and normally will only be finishd only a few weeks after the fiscal yr end.  Therefore, you can find out the final value of supplies by that time.  

In addition, if this is an audit financial statment, the accounts payable may need to be confirmed by the public accounting firm with the supplier with respect to product quantity and value.