Answer the Following Questions.(Show Your Work. )

question 163

Essay

Answer the following questions.(Show your work. )
a.A machine was purchased on July 1,20x9.It had a cost of $36,000 and an estimated useful life of nine years with zero value at that time.What is the machine's carrying value after four years?
b.On April 1,20x0,a company paid in advance $54,000 for three years' insurance.How much Prepaid Insurance remains on the balance sheet on December 31,20x0?
c.A company began the year with $800 in supplies,purchased $2,000 in supplies,and ended the period with $600 in supplies.How much is Supplies Expense for the period?
d.A company was paid $1,800 in advance for services to be performed.At year end,one-third had not yet been earned.How much in Service Revenue should be recorded?

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Definitions:

Nominal Income

The amount of income earned in current prices, without adjusting for inflation or deflation, representing the face value of wages, rents, interest, and profits.

Aggregate Supply Curve

A graphical representation showing the relationship between the overall price level and the total output produced by an economy.

Output Producers

Businesses or individuals that create goods or services for consumption.

Aggregate Demand Curve

A graphical representation showing the total demand for goods and services within a particular economy at different price levels.