Answer the Following Questions.(Show Your Work. )

question 47

Essay

Answer the following questions.(Show your work. )
a.Revenue of $60,000 was earned,but only $45,000 was collected.Expenses of $36,000 were incurred,but only $30,000 was paid.What is reported net income?
b.Wages of $4,000 are paid every Friday for a five-day workweek.If year end falls on a Tuesday,the adjusting entry for wages would be recorded at what amount?
c.A company vehicle is purchased for $24,000.Assuming an eight-year useful life and zero value at that time,what is the balance of accumulated depreciation after five years?
d.Supplies Expense of $3,600 was recorded for a given year.Assuming that $2,400 in supplies were purchased during the year and that $640 in supplies remained at year end,what was the cost of supplies at the beginning of the year?

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Definitions:

John D. Rockefeller

An American industrialist and philanthropist who was a co-founder of the Standard Oil Company and became one of the world's wealthiest individuals and major philanthropists.

Trust

Confidence in the reliability, truth, ability, or strength of someone or something.

Merge

The combination of two or more entities into one, often seen in the context of companies or organizations.

Oligopolies

Market structures characterized by a small number of firms that have significant control over market prices and competition.