Homework Answers
Add Answer to:
Able Towing Company purchased a tow truck for $60,000 on January 1, 2015. It was originaly...
Question 15 Able Towing Company purchased a tow truck for $60,000 on January 1, 2012. It...
Question 15 Able Towing Company purchased a tow truck for $60,000 on January 1, 2012. It was originally depreciated on a straight-line basis over 10 years with an assumed salvage value of $12,000. On December 31, 2014, before adjusting entries had been made, the company decided to change the remaining estimated life to 4 years (including 2014) and the salvage value to $2,000. What was the depreciation expense for 2014? O $6,000. $4,800. $15,000. $12,100.
Coronado Towing Company purchased a tow truck for $190000 on January 1, 2016. It was originally...
Coronado Towing Company purchased a tow truck for $190000 on January 1, 2016. It was originally depreciated on a straight-line years with an assumed salvage value of $36000. On December 31, 2018, before adjusting entries had been made, the company decided to change the remaining estimated life to 4 years (including 2018) and the salvage value to $4000. What was the depreciation expense for 2018? Sign Up O $18000.
On January 1, 2017, we purchased a truck for $60,000. The truck has a useful life...
On January 1, 2017, we purchased a truck for $60,000. The truck has a useful life of 5 years and a residual value of $5,000. The truck is depreciated using the straight-line method. What is the book value after the adjusting entry for 2018 (Year 2)? a) $38,000 b) $36,000 c)$33,000 d)$32,000 On January 1, 2017, we purchased a truck for $60,000. The truck has a useful life of 5 years and a residual value of $5,000. The truck is...
Dailey purchased a truck on January 1, 2015 for $9,000. The company expects the truck to...
Dailey purchased a truck on January 1, 2015 for $9,000. The company expects the truck to have a useful life of four years with an estimated residual value of $600. Dailey expects to drive the truck 31,000 miles during 2015, 22,000 miles during 2016, 14,000 miles in 2017, and 3,000 miles in 2018, for total expected miles of 70,000. Complete the following using the double-declining-balance method of depreciation. (Complete all answer boxes. Enter a "0" if there are any zero...
20 On January 2, 2015, a company purchased a delivery truck (Truck 1) for $45,000 cash....
20 On January 2, 2015, a company purchased a delivery truck (Truck 1) for $45,000 cash. The truck had an estimated useful life of seven years and an estimated salvage value of $3,000. The straight-line method of depreciation has been used. Prepare the journal entries to record depreciation expense and the disposition of the truck on September 1, 2019, under each of the following assumptions. Show your work. 45our 42our (57164) 1. Record depreciation expense on Truck 1 for 2019....
Desert, Co. purchased a truck for $50,000 on January 1, 2015. The truck had an estimated...
Desert, Co. purchased a truck for $50,000 on January 1, 2015. The truck had an estimated salvage value of $10,000 and an estimated useful life of 10 years. Desert uses the straight-line depreciation method. On January 1, 2018, Desert revised the estimated salvage value to $5,000, but did not change the useful life. The accountant recorded depreciation expense using the old salvage value when calculating the $500,000 ICO. 1. Is an adjustment needed to Desert's Income for Continuing Operations for...
Wildcats, Inc, purchased a ew truck on January 1, 2015, at a cost of $75,000. The...
Wildcats, Inc, purchased a ew truck on January 1, 2015, at a cost of $75,000. The truck's estimated useful life at the time of the purchase was 4 years, with an estimated salvage value of $5,000. The truck was estimated to have a production capacity of 20,000 units, with the expectation of production over the life as follows: 2015-5,000 units, 2016-4,000 units, 2017-4,000 units, 2018-7,000 units Straight Line Year Depreciable Base SL Rate Annual Dep. Expense Accumulated Depreciation NBV 2015...
Lucky Company purchased a truck at a cost of $12,000 in 2012. As of January 1,...
Lucky Company purchased a truck at a cost of $12,000 in 2012. As of January 1, 2017, depreciation of $10,000 had been recorded on this asset. Depreciation expense for 2017 is $2,000. After the adjustments are recorded and posted at December 31, 2017, what is the carrying value of the truck? a.$0 b.$5,500 c.$12,000 d.$2,000
On January 1, 2013, Powell Company purchased a building and machinery that have the following useful...
On January 1, 2013, Powell Company purchased a building and machinery that have the following useful lives, salvage value, and costs. Building, 25-year estimated useful life, $9,000,000 cost, $900,000 salvage value Machinery, 10-year estimated useful life, $1,200,000 cost, no salvage value The building has been depreciated under the straight-line method through 2017. In 2018, the company decided to switch to the double-declining balance method of depreciation for the building. Powell also decided to change the total useful life of the...
On January 1, 2013, Powell Company purchased a building and equipment that have the following useful...
On January 1, 2013, Powell Company purchased a building and equipment that have the following useful lives, salvage value, and costs. Building, 25-year estimated useful life, $4,000,000 cost, $400,000 salvage value Equipment, 15-year estimated useful life, $600,000 cost, no salvage value The building has been depreciated under the straight-line method through 2017. In 2018, Powell decided to change the total useful life of the building to 30 years. The equipment is depreciated using the straight-line method, but in 2018, the...
Question 15 Able Towing Company purchased a tow truck for $60,000 on January 1, 2012. It was originally depreciated on a straight-line basis over 10 years with an assumed salvage value of $12,000. On December 31, 2014, before adjusting entries had been made, the company decided to change the remaining estimated life to 4 years (including 2014) and the salvage value to $2,000. What was the depreciation expense for 2014? O $6,000. $4,800. $15,000. $12,100.
Coronado Towing Company purchased a tow truck for $190000 on January 1, 2016. It was originally depreciated on a straight-line years with an assumed salvage value of $36000. On December 31, 2018, before adjusting entries had been made, the company decided to change the remaining estimated life to 4 years (including 2018) and the salvage value to $4000. What was the depreciation expense for 2018? Sign Up O $18000.
Dailey purchased a truck on January 1, 2015 for $9,000. The company expects the truck to have a useful life of four years with an estimated residual value of $600. Dailey expects to drive the truck 31,000 miles during 2015, 22,000 miles during 2016, 14,000 miles in 2017, and 3,000 miles in 2018, for total expected miles of 70,000. Complete the following using the double-declining-balance method of depreciation. (Complete all answer boxes. Enter a "0" if there are any zero...
20 On January 2, 2015, a company purchased a delivery truck (Truck 1) for $45,000 cash. The truck had an estimated useful life of seven years and an estimated salvage value of $3,000. The straight-line method of depreciation has been used. Prepare the journal entries to record depreciation expense and the disposition of the truck on September 1, 2019, under each of the following assumptions. Show your work. 45our 42our (57164) 1. Record depreciation expense on Truck 1 for 2019....
Desert, Co. purchased a truck for $50,000 on January 1, 2015. The truck had an estimated salvage value of $10,000 and an estimated useful life of 10 years. Desert uses the straight-line depreciation method. On January 1, 2018, Desert revised the estimated salvage value to $5,000, but did not change the useful life. The accountant recorded depreciation expense using the old salvage value when calculating the $500,000 ICO. 1. Is an adjustment needed to Desert's Income for Continuing Operations for...
On January 1, 2013, Powell Company purchased a building and machinery that have the following useful lives, salvage value, and costs. Building, 25-year estimated useful life, $9,000,000 cost, $900,000 salvage value Machinery, 10-year estimated useful life, $1,200,000 cost, no salvage value The building has been depreciated under the straight-line method through 2017. In 2018, the company decided to switch to the double-declining balance method of depreciation for the building. Powell also decided to change the total useful life of the...
Most questions answered within 3 hours.
-
Rachel is studying cholesterol synthesis in mice. Some mice
had a mutation in their sterol regulatory...
asked 2 minutes ago -
I asked a question similar to this one, which was answered
perfectly. Another practice problem is...
asked 5 minutes ago -
Railco sells to its customers on account with terms of 2% / 5
/net 15. Ronco...
asked 10 minutes ago -
Refer to the following lease amortization schedule. The 10
payments are made annually starting with the...
asked 24 minutes ago -
Explain how God fits into Aquinas' theory of happiness.
asked 32 minutes ago -
1.1 With aid of diagrams and suitable examples discuss
the economic effects of price controls.
1.2...
asked 37 minutes ago -
When the nuclide polonium-214 undergoes alpha
decay:
The name of the product nuclide is .
The...
asked 51 minutes ago -
Q. The market demand function is D(Pd) = 160 - 2Pd and the
market supply function...
asked 56 minutes ago -
An unknown alcohol is analyzed by freezing point depression. The
unknown is either methanol (CH3OH), ethanol...
asked 57 minutes ago -
As a person inhales, air moves down the windpipe (bronchus),
through a constriction where the air...
asked 59 minutes ago -
Youngchang Keyboard sells a $1400 keyboard on a monthly payment
plan over 2 years.
a) If...
asked 1 hour ago -
For a one step reaction, the activation energy for the
forward reaction is 40.0 kJ mol-1,...
asked 1 hour ago