![Exercise 11-1 Depreciation methods (LO11-2] On January 1, 2018, the Excel Delivery Company purchased a delivery van for S1470](http://img.homeworklib.com/questions/b0c69140-7308-11ea-b931-83001b148b99.png?x-oss-process=image/resize,w_560)
Homework Answers
| Straight Line method | = | $ 26,400 | per year |
| Workings: | |||
| Straight Line method:- | |||
| Depreciation expense | = | (Cost - Residual value) / useful Value | |
| = | ($147000 - $15000) / 5 years | ||
| = | $ 26,400 | per year | |
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Exercise 11-1 Depreciation methods (LO11-2] On January 1, 2018, the Excel Delivery Company purchased a delivery...
Exercise 11-1 Depreciation methods [LO11-2] On January 1, 2018, the Excel Delivery Company purchased a delivery...
Exercise 11-1 Depreciation methods [LO11-2] On January 1, 2018, the Excel Delivery Company purchased a delivery van for $75,000. At the end of its five-year service life, it is estimated that the van will be worth $7,800. During the five-year period, the company expects to drive the van 224,000 miles. Required: Calculate annual depreciation for the five-year life of the van using each of the following methods. 1. Straight line. 2. Sum-of-the-years’-digits. 3. Double-declining balance. 4. Units of production using...
On January 1, 2018, the Excel Delivery Company purchased a delivery van for $123,000. At the...
On January 1, 2018, the Excel Delivery Company purchased a delivery van for $123,000. At the end of its five-year service life, it is estimated that the van will be worth $12,600. During the five-year period, the company expects to drive the van 368,000 miles. Required: Calculate annual depreciation for the five-year life of the van using each of the following methods. 1. Straight line. 2. Sum-of-the-years'-digits. 3. Double-declining balance. 4. Units of production using miles driven as a measure...
On January 1, 2018, the Excel Delivery Company purchased a delivery van for $57,000. At the...
On January 1, 2018, the Excel Delivery Company purchased a delivery van for $57,000. At the end of its five-year service life, it is estimated that the van will be worth $5,400. During the five-year period, the company expects to drive the van 172,000 miles. Required: Calculate annual depreciation for the five-year life of the van using each of the following methods. 1. Straight line. 2. Sum-of-the-years'-digits. 3. Double-declining balance. 4. Units of production using miles driven as a measure...
On January 1, 2018, the Excel Delivery Company purchased a delivery van for $33,000. At the...
On January 1, 2018, the Excel Delivery Company purchased a
delivery van for $33,000. At the end of its five-year service life,
it is estimated that the van will be worth $3,000. During the
five-year period, the company expects to drive the van 100,000
miles.
On January 1, 2018, the Excel Delivery Company purchased a delivery van for $33,000. At the end of its five-year service life, it estimated that the van will be worth $3,000. During the five-year period,...
On January 1, 2021, the Excel Delivery Company purchased a delivery van for $45,000. At the end of its five-year service...
On January 1, 2021, the Excel Delivery Company purchased a delivery van for $45,000. At the end of its five-year service life, it is estimated that the van will be worth $4,200. During the five-year period, the company expects to drive the van 136,000 miles. Required: Calculate annual depreciation for the five-year life of the van using each of the following methods. 1. Straight line. 2. Double-Declining Balance
On January 1, 2021, the Excel Delivery Company purchased a delivery van for $51,000. At the...
On January 1, 2021, the Excel Delivery Company purchased a
delivery van for $51,000. At the end of its five-year service life,
it is estimated that the van will be worth $6,000. During the
five-year period, the company expects to drive the van 171,000
miles. Required: Calculate annual depreciation for the five-year
life of the van using the Units of production using miles driven as
a measure of output, and the following actual mileage: (Do
not round intermediate calculations.)
X...
Required information The following information applies to the questions displayed below.) On January 1, 2021, the...
Required information The following information applies to the questions displayed below.) On January 1, 2021, the Excel Delivery Company purchased a delivery van for $147,000. At the end of its five-year service life, it is estimated that the van will be worth $15,000. During the five-year period, the company expects to drive the van 440,000 miles. Required: Calculate annual depreciation for the five-year life of the van using each of the following methods. 1. Straight line. Straight-line per year 2....
On January 1, 2021, the Excel Delivery Company purchased a delivery van for $45,000. At the end of its five-year service...
On January 1, 2021, the Excel Delivery Company purchased a delivery van for $45,000. At the end of its five-year service life, it is estimated that the van will be worth $4,200. During the five-year period, the company expects to drive the van 136,000 miles. Required: Calculate annual depreciation for the five-year life of the van using each of the following method. 1. Units of production using miles driven as a measure of output, and the following actual mileage: (Do...
Required information The following information applies to the questions displayed below.] On January 1, 2021, the...
Required information The following information applies to the questions displayed below.] On January 1, 2021, the Excel Delivery Company purchased a delivery van for $123,000. At the end of its five-year service life, it is estimated that the van will be worth $12,600. During the five-year period, the company expects to drive the van 368,000 miles Required: Calculate annual depreciation for the five-year life of the van using each of the following methods. 1. Straight line Straight-line per year On...
Required information The following information applies to the questions displayed below.) On January 1, 2021, the...
Required information The following information applies to the questions displayed below.) On January 1, 2021, the Excel Delivery Company purchased a delivery van for $105,000. At the end of its five. year service life, it is estimated that the van will be worth $10,800. During the five-year period, the company expects to drive the van 314,000 miles. Required: Calculate annual depreciation for the five-year life of the van using each of the following methods. 1. Straight line. Straight-line $ 18,840...
On January 1, 2018, the Excel Delivery Company purchased a delivery van for $123,000. At the end of its five-year service life, it is estimated that the van will be worth $12,600. During the five-year period, the company expects to drive the van 368,000 miles. Required: Calculate annual depreciation for the five-year life of the van using each of the following methods. 1. Straight line. 2. Sum-of-the-years'-digits. 3. Double-declining balance. 4. Units of production using miles driven as a measure...
On January 1, 2018, the Excel Delivery Company purchased a delivery van for $57,000. At the end of its five-year service life, it is estimated that the van will be worth $5,400. During the five-year period, the company expects to drive the van 172,000 miles. Required: Calculate annual depreciation for the five-year life of the van using each of the following methods. 1. Straight line. 2. Sum-of-the-years'-digits. 3. Double-declining balance. 4. Units of production using miles driven as a measure...
On January 1, 2018, the Excel Delivery Company purchased a
delivery van for $33,000. At the end of its five-year service life,
it is estimated that the van will be worth $3,000. During the
five-year period, the company expects to drive the van 100,000
miles.
On January 1, 2018, the Excel Delivery Company purchased a delivery van for $33,000. At the end of its five-year service life, it estimated that the van will be worth $3,000. During the five-year period,...
On January 1, 2021, the Excel Delivery Company purchased a
delivery van for $51,000. At the end of its five-year service life,
it is estimated that the van will be worth $6,000. During the
five-year period, the company expects to drive the van 171,000
miles. Required: Calculate annual depreciation for the five-year
life of the van using the Units of production using miles driven as
a measure of output, and the following actual mileage: (Do
not round intermediate calculations.)
X...
Required information The following information applies to the questions displayed below.) On January 1, 2021, the Excel Delivery Company purchased a delivery van for $147,000. At the end of its five-year service life, it is estimated that the van will be worth $15,000. During the five-year period, the company expects to drive the van 440,000 miles. Required: Calculate annual depreciation for the five-year life of the van using each of the following methods. 1. Straight line. Straight-line per year 2....
Required information The following information applies to the questions displayed below.] On January 1, 2021, the Excel Delivery Company purchased a delivery van for $123,000. At the end of its five-year service life, it is estimated that the van will be worth $12,600. During the five-year period, the company expects to drive the van 368,000 miles Required: Calculate annual depreciation for the five-year life of the van using each of the following methods. 1. Straight line Straight-line per year On...
Required information The following information applies to the questions displayed below.) On January 1, 2021, the Excel Delivery Company purchased a delivery van for $105,000. At the end of its five. year service life, it is estimated that the van will be worth $10,800. During the five-year period, the company expects to drive the van 314,000 miles. Required: Calculate annual depreciation for the five-year life of the van using each of the following methods. 1. Straight line. Straight-line $ 18,840...
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