Reference no: EM132915045
Problem 1: Gateway Inc. bought a machine on January 1, 2021 for $50,000. Gateway plans to keep the machine for 10 years. What is the machine's carrying value on June 30, 2023 assuming Gateway uses straight-line depreciation?
Option 1: $40,000
Option 2: $35,000
Option 3: $37,500
Option 4: $50,000
Option 5: $45,000
Problem 2: During its first year of operations, Yellow Bell Co. provided services to customers for the value of $76,000. At the end of the year, $16,000 of the $76,000 remained in Accounts Receivable. Yellow Bell Co. also incurred expenses of $47,000, of which, $7,000 is remained in Accounts Payable at year end. How much were Yellow Bell's expenses assuming they used the accrual method of accounting?
Option 1: $76,000
Option 2: $47,000
Option 3: $40,000
Option 4: $60,000
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