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 the end of the year 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?
a. $24,000 ($60,000 - $36,000)
b. $1,600 ($4,000 x 2/5)
c. $15,000 ($24,000 รท 8 = $3,000 x 5)
d. $1,840 ($3,600 + $640 - $2,400)
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