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Question 5 0.53/1 -Your answer is partially correct. Wildhorse Company purchased a heavy-duty truck on July...
Your answer is partially correct. Try again. Culver Company purchased a heavy-duty truck on July 1,...
Your answer is partially correct. Try
again. Culver Company purchased a heavy-duty truck on July 1, 2014,
for $31,320. It was estimated that it would have a useful life of
10 years and then would have a trade-in value of $5,640. The
company uses the straight-line method. It was traded on August 1,
2018, for a similar truck costing $46,964; $17,124 was allowed as
trade-in value (also fair value) on the old truck and $29,840 was
paid in cash. A...
Larkspur Company purchased a heavy-duty truck on July 1, 2014, for $28.920. It was estimated that...
Larkspur Company purchased a heavy-duty truck on July 1, 2014, for $28.920. It was estimated that it would have a w i fe of 10 years and the would have a trade-in value of $5,720. The company uses the straight-line method. It was traded on August 1. 2018, for a similar truck costing 544,025 $15.735 was lowed as trade-in value ( for valve) on the old truck and $28,290 paid in cash: A comparison of expected cash flows for the...
Sheffield Company purchased a heavy-duty truck on July 1, 2017, for $28,800. It was estimated that it would have a usef...
Sheffield Company purchased a heavy-duty truck on July 1, 2017, for $28,800. It was estimated that it would have a useful life of 10 years and then would have a trade-in value of $5,760. The company uses the straight-line method. It was traded on August 1, 2021, for a similar truck costing $40,320; $15,360 was allowed as trade-in value (also fair value) on the old truck and $24,960 was paid in cash. A comparison of expected cash flows for the...
Brief Exercise 10-9 Your answer is partially correct. Try again. Sheridan Corporation traded a used truck...
Brief Exercise 10-9 Your answer is partially correct. Try again. Sheridan Corporation traded a used truck (cost $20,000, accumulated depreciation 18,000) for a small computer worth $4,026. Sheridan also paid $610 in the transaction. Prepare the journal entry to record the exchange, assuming the exchange lacks commercial substance. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)...
Question 12 0.83/1 View Policies Show Attempt History Current Attempt in Progress Your answer is partially...
Question 12 0.83/1 View Policies Show Attempt History Current Attempt in Progress Your answer is partially correct. Sweet Corporation traded a used truck (cost $26,400, accumulated depreciation $23,760) for a small computer with a fair value of $4.356. Sweet also paid $660 in the transaction. Prepare the journal entry to record the exchange, assuming the exchange lacks commercial substance. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No...
*Exercise 10-18 Your answer is partially correct. Try again. Bonita Company purchased an electric wax melter...
*Exercise 10-18 Your answer is partially correct. Try again. Bonita Company purchased an electric wax melter on April 30, 2020, by trading in its old gas model and paying the balance in cash. The following data relate to the purchase. List price of new melter Cash paid Cost of old melter (5-year life, $882 salvage value) Accumulated Depreciation-old melter straight-line) Secondhand fair value of old melter $19,908 12,600 14,112 7,938 6,552 Prepare the journal entries necessary to record this exchange,...
Wildhorse Corporation operates a retail computer store. To improve delivery services to customers, the company purchases four new trucks on April 1, 2017. The terms of acquisition for each truck are described below. 1. Truck #1 has a list price of $15,1
Wildhorse Corporation operates a retail computer store. To improve delivery services to customers, the company purchases four new trucks on April 1, 2017. The terms of acquisition for each truck are described below.1.Truck #1 has a list price of $15,150 and is acquired for a cash payment of $14,039.2.Truck #2 has a list price of $16,160 and is acquired for a down payment of $2,020 cash and a zero-interest-bearing note with a face amount of $14,140. The note is due April 1, 2018....
- Your answer is partially correct On January 1, 2020, Swifty Animation sold a truck to...
- Your answer is partially correct On January 1, 2020, Swifty Animation sold a truck to Peete Finance for $49,000 and immediately leased it back. The truck was carried on Swifty's books at $43.000 The term of the lease is 3 years, there is no bargain purchase option, and title does not transfer to Swifty at lease-end. The lease requires three equal rental payments of $14.900 at the end of each year (first payment on January 1, 2021). The appropriate...
In 2017, Staged Home Ltd. completed the following transactions involving delivery trucks July 5 Traded-in an...
In 2017, Staged Home Ltd. completed the following transactions involving delivery trucks July 5 Traded-in an old truck and paid $16,100 in cash for furniture. The accounting records on July 5 showed the cost of the old truck at $51,000 and related accumulated depreciation of $8,500. The furniture was estimated to have a six-year life and a $10,268 trade-in value. The invoice for the exchange showed these item:s Price of the furniture (equal to its fair value) 55,100 Trade-in allowance...
Please answer the question below, Thanks! CALATORIES BACK MENTI Wildhorse Co. purchased a delivery truck for...
Please answer the question below, Thanks!
CALATORIES BACK MENTI Wildhorse Co. purchased a delivery truck for $38,000 on January 1, 2019. The truck has an expected salvage value of $2,000, and is expected to be driven 100,000 miles over its estimated useful life of 8 years. Actual miles driven were 14,400 in 2019 and 12,700 in 2020. (al) Your answer is correct. Calculate depreciable cost per mile under units-of-activity method. (Round answer to 2 decimal places, e.g. 0.50.) Attempts: 1...
Your answer is partially correct. Try
again. Culver Company purchased a heavy-duty truck on July 1, 2014,
for $31,320. It was estimated that it would have a useful life of
10 years and then would have a trade-in value of $5,640. The
company uses the straight-line method. It was traded on August 1,
2018, for a similar truck costing $46,964; $17,124 was allowed as
trade-in value (also fair value) on the old truck and $29,840 was
paid in cash. A...
Larkspur Company purchased a heavy-duty truck on July 1, 2014, for $28.920. It was estimated that it would have a w i fe of 10 years and the would have a trade-in value of $5,720. The company uses the straight-line method. It was traded on August 1. 2018, for a similar truck costing 544,025 $15.735 was lowed as trade-in value ( for valve) on the old truck and $28,290 paid in cash: A comparison of expected cash flows for the...
Sheffield Company purchased a heavy-duty truck on July 1, 2017, for $28,800. It was estimated that it would have a useful life of 10 years and then would have a trade-in value of $5,760. The company uses the straight-line method. It was traded on August 1, 2021, for a similar truck costing $40,320; $15,360 was allowed as trade-in value (also fair value) on the old truck and $24,960 was paid in cash. A comparison of expected cash flows for the...
Brief Exercise 10-9 Your answer is partially correct. Try again. Sheridan Corporation traded a used truck (cost $20,000, accumulated depreciation 18,000) for a small computer worth $4,026. Sheridan also paid $610 in the transaction. Prepare the journal entry to record the exchange, assuming the exchange lacks commercial substance. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)...
Question 12 0.83/1 View Policies Show Attempt History Current Attempt in Progress Your answer is partially correct. Sweet Corporation traded a used truck (cost $26,400, accumulated depreciation $23,760) for a small computer with a fair value of $4.356. Sweet also paid $660 in the transaction. Prepare the journal entry to record the exchange, assuming the exchange lacks commercial substance. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No...
*Exercise 10-18 Your answer is partially correct. Try again. Bonita Company purchased an electric wax melter on April 30, 2020, by trading in its old gas model and paying the balance in cash. The following data relate to the purchase. List price of new melter Cash paid Cost of old melter (5-year life, $882 salvage value) Accumulated Depreciation-old melter straight-line) Secondhand fair value of old melter $19,908 12,600 14,112 7,938 6,552 Prepare the journal entries necessary to record this exchange,...
- Your answer is partially correct On January 1, 2020, Swifty Animation sold a truck to Peete Finance for $49,000 and immediately leased it back. The truck was carried on Swifty's books at $43.000 The term of the lease is 3 years, there is no bargain purchase option, and title does not transfer to Swifty at lease-end. The lease requires three equal rental payments of $14.900 at the end of each year (first payment on January 1, 2021). The appropriate...
In 2017, Staged Home Ltd. completed the following transactions involving delivery trucks July 5 Traded-in an old truck and paid $16,100 in cash for furniture. The accounting records on July 5 showed the cost of the old truck at $51,000 and related accumulated depreciation of $8,500. The furniture was estimated to have a six-year life and a $10,268 trade-in value. The invoice for the exchange showed these item:s Price of the furniture (equal to its fair value) 55,100 Trade-in allowance...
Please answer the question below, Thanks!
CALATORIES BACK MENTI Wildhorse Co. purchased a delivery truck for $38,000 on January 1, 2019. The truck has an expected salvage value of $2,000, and is expected to be driven 100,000 miles over its estimated useful life of 8 years. Actual miles driven were 14,400 in 2019 and 12,700 in 2020. (al) Your answer is correct. Calculate depreciable cost per mile under units-of-activity method. (Round answer to 2 decimal places, e.g. 0.50.) Attempts: 1...
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