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:

Replacement Cost

The current cost of replacing an asset with a similar new asset in terms of capability and function.

Inventory

The total amount of goods and materials held by a company for the purpose of resale or production.

Partnership

is a legal form of business operation between two or more individuals who share management and profits.

Capital Accounts

Capital accounts track the equity or ownership interests of the shareholders or partners in a company, including their contributions and withdrawals.