The following information relates to the supplies account

Question

The following information relates to the supplies account of ABC Company:

                  January 1, 2005       December 31, 2005

Supplies                 ?                      38,000

ABC Company reported supplies expense of $17,000 in its 2005 income statement and purchased $23,000 of supplies during 2005.

Calculate ABC Company's supplies balance at January 1, 2005. Do not use decimals in your answer