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:

August

The eighth month of the year in the Gregorian calendar.

Full Settlement

Full settlement is the process of completely resolving an obligation or debt through payment or another agreed-upon method, leaving no outstanding amounts.

Discount Period

The time frame in which a discount is offered for early payment on goods or services, or the period before a financial instrument reaches maturity.

Full Settlement

A financial agreement where all claims or debts between parties are resolved by paying a single lump sum.