On July 9, 2019, a truck was purchased for $27,000 with a $2,000 salvage value, is...
On July 9, 2019, a truck was purchased for $27,000 with a $2,000 salvage value, is expected to last five years & 40,000 miles. Use the partial year convention to depreciate fractional periods. Note: you may not require all the given information to solve.
1). Straight line depreciation expense for 2020 will be:
500
27,000-2,000/5=12/12
=5x1
=500
2).
Show the journal entry to record depreciation for 2020
Depreciation expense 500
Accumulated Depreciation -Truck 500
Homework Answers
1) Depreciation expense = (27000-2000)/5 = 5000
2) Journal entry
| Date | account and explanation | Debit | Credit |
| Depreciation expense | 5000 | ||
| Accumulated depreciation | 5000 | ||
Add Answer to:
On July 9, 2019, a truck was purchased for $27,000 with a $2,000
salvage value, is...
On July 9, 2019, Blane's purchased a truck for $27,000 with a $2,000 salvage value, is...
On July 9, 2019, Blane's purchased a truck for $27,000 with a $2,000 salvage value, is expected to last five years & 40,000 miles. Usethe partial year convention to depreciate fractional periods and straight-line. Note: you may not require all the given information to solve. If the truck was sold December 31, 2020 for $17,000, what is the required journal entry to record the sale.
On July 9, 2019, a truck was purchased for $27,000 with a $2,000 salvage value, is...
On July 9, 2019, a truck was purchased for $27,000 with a $2,000 salvage value, is expected to last five years & 40,000 miles. Use the partial year convention to depreciate fractional periods. Note: you may not require all the given information to solve. The book value of the truck under straight-line at December 31, 2020 after all adjusting entries, will be: 2019...................-250 2020....................-500 27,000-250-500=26,250 2). If the truck was sold on December 31, 2020 for $17,000, compute the gain...
On July 9, 2019, a truck was purchased for $27,000 with a $2,000 salvage value, is expected to last five years & 40,...
On July 9, 2019, a truck was purchased for $27,000 with a $2,000 salvage value, is expected to last five years & 40,000 miles. Use partial year convention (nearest month) to depreciate fractional periods. Note: you may not require all the given information to solve. Straight line depreciation expense for 2019 will be: 250 cost -salvage life/useful life in periods 27,000-2,000/5x6/12 =5x.5 =250
On July 9, 2019, a truck was purchased for $27,000 with a $2,000 salvage value, and...
On July 9, 2019, a truck was purchased for $27,000 with a $2,000 salvage value, and is expected to last five years & 40,000 miles. Note: you may not require all the given information to solve. If they drove the truck 10,000 miles in 2019 and calculated depreciation based on units-of-output, how much would be depreciated in 2019?
Bridgeport Company purchased a delivery truck for $27,000 on January 1, 2020. The truck has an...
Bridgeport Company purchased a delivery truck for $27,000 on
January 1, 2020. The truck has an expected salvage value of $1,500,
and is expected to be driven 102,000 miles over its estimated
useful life of 10 years. Actual miles driven were 12,800 in 2020
and 14,300 in 2021.
Compute depreciation expense for 2020 and 2021 using (1) the
straight-line method, (2) the units-of-activity method, and (3) the
double-declining-balance method. (Round depreciation
cost per unit to 2 decimal places, e.g. 0.50...
Exercise 9-06 Blossom Company purchased a delivery truck for $32,000 on July 1, 2022. The truck has an expec...
Exercise 9-06
Blossom Company purchased a delivery truck for $32,000 on July
1, 2022. The truck has an expected salvage value of $4,000, and is
expected to be driven 100,000 miles over its estimated useful life
of 8 years. Actual miles driven were 15,000 in 2022 and 12,000 in
2023. Blossom uses the straight-line method of depreciation.
We were unable to transcribe this imageWe were unable to transcribe this imageExercise 9-06 Blossom Company purchased a delivery truck for $32,000 on...
Ivanhoe Company purchased a delivery truck for $40,000 on July 1, 2022. The truck has an...
Ivanhoe Company purchased a delivery truck for $40,000 on July 1, 2022. The truck has an expected salvage value of $10,000, and is expected to be driven 100,000 miles over its estimated useful life of 8 years. Actual miles driven were 15,000 in 2022 and 12,000 in 2023. Ivanhoe uses the straight-line method of depreciation. Your answer is partially correct. Compute depreciation expense for 2022 and 2023. Depreciation Expense 2022 2023 Straight-line method $ $ 3750 3750
Depreciation Methods A delivery truck costing $24,000 is expected to have a $2,000 salvage value at...
Depreciation Methods A delivery truck costing $24,000 is expected to have a $2,000 salvage value at the end of its useful life of four years or 125,000 miles. Assume that the truck was purchased on January 2. Calculate the depreciation expense for the second year using each of the following depreciation methods: (a) straight-line, (b) double-declining balance, and (c) units of production (Assume that the truck was driven 28,000 miles in the second year.) Round all answers to the nearest...
Bridgeport Company purchased a delivery truck for $27,000 on January 1, 2020. The truck has an...
Bridgeport Company purchased a delivery truck for $27,000 on
January 1, 2020. The truck has an expected salvage value of $1,500,
and is expected to be driven 102,000 miles over its estimated
useful life of 10 years. Actual miles driven were 12,800 in 2020
and 14,300 in 2021.
'Calculate depreciation expense per mile under units-of-activity
method. (Round answer to 2 decimal places, e.g.
0.50.)
Depreciation expense
$
per mile
Depreciation Methods A delivery truck costing $22.000 is expected to have a $2,000 salvage value at the end of its...
Depreciation Methods A delivery truck costing $22.000 is expected to have a $2,000 salvage value at the end of its useful life of four years or 100,000 miles. Assume that the truck was purchased on January 2. Calculate the depreciation expense for the second year using each of the following depreciation methods: (a) straight-line, (b) double-declining balance, and (c) units-of- production. (Assume that the truck was driven 30,000 miles in the second year.) Round all answers to the nearest dollar....
Bridgeport Company purchased a delivery truck for $27,000 on
January 1, 2020. The truck has an expected salvage value of $1,500,
and is expected to be driven 102,000 miles over its estimated
useful life of 10 years. Actual miles driven were 12,800 in 2020
and 14,300 in 2021.
Compute depreciation expense for 2020 and 2021 using (1) the
straight-line method, (2) the units-of-activity method, and (3) the
double-declining-balance method. (Round depreciation
cost per unit to 2 decimal places, e.g. 0.50...
Exercise 9-06
Blossom Company purchased a delivery truck for $32,000 on July
1, 2022. The truck has an expected salvage value of $4,000, and is
expected to be driven 100,000 miles over its estimated useful life
of 8 years. Actual miles driven were 15,000 in 2022 and 12,000 in
2023. Blossom uses the straight-line method of depreciation.
We were unable to transcribe this imageWe were unable to transcribe this imageExercise 9-06 Blossom Company purchased a delivery truck for $32,000 on...
Ivanhoe Company purchased a delivery truck for $40,000 on July 1, 2022. The truck has an expected salvage value of $10,000, and is expected to be driven 100,000 miles over its estimated useful life of 8 years. Actual miles driven were 15,000 in 2022 and 12,000 in 2023. Ivanhoe uses the straight-line method of depreciation. Your answer is partially correct. Compute depreciation expense for 2022 and 2023. Depreciation Expense 2022 2023 Straight-line method $ $ 3750 3750
Depreciation Methods A delivery truck costing $24,000 is expected to have a $2,000 salvage value at the end of its useful life of four years or 125,000 miles. Assume that the truck was purchased on January 2. Calculate the depreciation expense for the second year using each of the following depreciation methods: (a) straight-line, (b) double-declining balance, and (c) units of production (Assume that the truck was driven 28,000 miles in the second year.) Round all answers to the nearest...
Bridgeport Company purchased a delivery truck for $27,000 on
January 1, 2020. The truck has an expected salvage value of $1,500,
and is expected to be driven 102,000 miles over its estimated
useful life of 10 years. Actual miles driven were 12,800 in 2020
and 14,300 in 2021.
'Calculate depreciation expense per mile under units-of-activity
method. (Round answer to 2 decimal places, e.g.
0.50.)
Depreciation expense
$
per mile
Depreciation Methods A delivery truck costing $22.000 is expected to have a $2,000 salvage value at the end of its useful life of four years or 100,000 miles. Assume that the truck was purchased on January 2. Calculate the depreciation expense for the second year using each of the following depreciation methods: (a) straight-line, (b) double-declining balance, and (c) units-of- production. (Assume that the truck was driven 30,000 miles in the second year.) Round all answers to the nearest dollar....
Most questions answered within 3 hours.
-
A
symbol is something that stands for something else. What are the
symbols in education?what are...
asked 4 minutes ago -
The charge to the left in the figure above has a
magnitude of 2.90 nC, and...
asked 1 hour ago -
Verify the MIRR is 9.29% given cash flows in years 1 and 2 of
$1,000 each,...
asked 2 hours ago -
Calculate the pH of a 5.7 M solution of aniline (C6H5NH2; Kb =
3.8 x 10^-10)
asked 4 hours ago -
LSL R3, R3, R12
Memory
Address
Orig.
Data
Updated
Data
Register
Orig.
Data
Updated
Data
0x84F0...
asked 4 hours ago -
Air at 100 kPa and density of 1.2 kg/m3 flows upward through a
5-cm diameter inclined...
asked 4 hours ago -
Define the following concepts in your own words: (a) stiffness,
(b) strength, (c) strain,
(d) ductility,...
asked 5 hours ago -
In C++
In this homework, you will be tasked with creating functions to
manipulate strings that...
asked 5 hours ago -
An isolated colony represents a pure culture. one rare occasions
, however , a colony can...
asked 5 hours ago -
*****DO NOT ANSWER THIS QUESTION IF YOU DON'T
KNOW*******Rights and Duties of Auditors; Minimum 4000
words...
asked 6 hours ago -
The probability that Janie is wearing sunglasses is 1/4. The
probability that she is wearing sunglasses...
asked 7 hours ago -
Do you believe social media is more of a help or a hindrance in
controlling crises...
asked 7 hours ago