Pet Groomer Corp. purchased a mobile car wash for $64,000. The company expected the car wash...
Pet Groomer Corp. purchased a mobile car wash for $64,000. The company expected the car wash to last for six years or 100,000 miles, with an estimated value of $5,000 at the end of that time. During the second year, the mobile car wash was driven 20,000 miles.
Required: Compute depreciation expense for the second year under each of the methods below label your final answer. a. Straight line b. Double Declining Balance c. Units of Activities
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Pet Groomer Corp. purchased a mobile car wash for $64,000. The
company expected the car wash...
Marigold Corp. purchased a truck for $66,000. The company expected the truck to last four years...
Marigold Corp. purchased a truck for $66,000. The company
expected the truck to last four years or 102,000 miles, with an
estimated residual value of $15,000 at the end of that time. During
the second year the truck was driven 47,000 miles. Compute the
depreciation for the second year under each of the methods below
and place your answers in the blanks provided.
Units-of-activity
$enter the depreciation for the second year under the
Units-of-activity method in dollars
Double-declining-balance
$enter the...
Whispering Winds Corp. purchased a truck for $73,000. The company expected the truck to last four...
Whispering Winds Corp. purchased a truck for $73,000. The
company expected the truck to last four years or 110,000 miles,
with an estimated residual value of $18,000 at the end of that
time. During the second year the truck was driven 30,000 miles.
Compute the depreciation for the second year under each of the
methods below and place your answers in the blanks
provided.
Units-of-activity
$enter the depreciation for the second year under the
Units-of-activity method in dollars
Double-declining-balance
$enter...
Bennet company uses the allowance method to account for unco Assume the Mariano Trucking Company purchased...
Bennet company uses the allowance method to account for
unco
Assume the Mariano Trucking Company purchased a truck to use in its business. The purchase date was January 1, and the price was $55,000. The estimated useful life of the truck was 5 years, and the estimated salvage value was $5,000. The truck was expected to last 100,000 miles, and was driven 12,000 miles the first year, 23,000 miles the second year, 35,000 miles the third year, 20,000 miles the...
Penny Corp. purchased a new car on March 1, 2019 for $25,000. The estimated useful life...
Penny Corp. purchased a new car on March 1, 2019 for $25,000. The estimated useful life of the car was five years or 500,000 kms. Estimated salvage value was $5,000. The car was driven 120,000 kms. in 2019 and 150,000 kms. in 2020. Required: Calculate the depreciation for 2019 and 2020 using 1. The straight-line method 2. Usage method (kms.) 3. Double-declining balance method. Assume where applicable that the company uses the X year rule to calculate depreciation expense in...
Question 14 0/1 View Policies Show Attempt History Current Attempt in Progress Weller Company purchased a truck for $66...
Question 14 0/1 View Policies Show Attempt History Current Attempt in Progress Weller Company purchased a truck for $66,000. The company expected the truck to last four years or 100,000 miles, with an estimated residual value of $6,000 at the end of that time. During the second year the truck was driven 27,000 miles. Compute the depreciation for the second year, under each of the methods below and place your answers in the blanks provided. जी Units-of-activity 0.6 Double-declining-balance $...
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....
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...
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...
10 points QUESTION 4 Save Answer In 2018 Vickers Company purchased equipment for $140,000 and recorded $20,000 in depre...
10 points QUESTION 4 Save Answer In 2018 Vickers Company purchased equipment for $140,000 and recorded $20,000 in depreciation expense. How does the recording of the equipment purchase and the depreciation expense affect the statement of cash flows? Cash flow for operating activities ($20,000); cash flow for investing А. activities ($140,000) B. Cash flow for investing activities ($160,000) C. Cash flow for operating activities ($140,000) D. Cash flow for investing activities ($140,000) 10 points QUESTION 5 Save Answer On January...
Please explain how to do units of activity method and declining balance. Novak Corp. purchased a...
Please explain how to do units of activity method and declining balance. Novak Corp. purchased a delivery truck for $35,600 on January 1, 2020. The truck has an expected salvage value of $1,600, and is expected to be driven 100,000 miles over its estimated useful life of 8 years. Actual miles driven were 16,100 in 2020 and 11,700 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...
Marigold Corp. purchased a truck for $66,000. The company
expected the truck to last four years or 102,000 miles, with an
estimated residual value of $15,000 at the end of that time. During
the second year the truck was driven 47,000 miles. Compute the
depreciation for the second year under each of the methods below
and place your answers in the blanks provided.
Units-of-activity
$enter the depreciation for the second year under the
Units-of-activity method in dollars
Double-declining-balance
$enter the...
Whispering Winds Corp. purchased a truck for $73,000. The
company expected the truck to last four years or 110,000 miles,
with an estimated residual value of $18,000 at the end of that
time. During the second year the truck was driven 30,000 miles.
Compute the depreciation for the second year under each of the
methods below and place your answers in the blanks
provided.
Units-of-activity
$enter the depreciation for the second year under the
Units-of-activity method in dollars
Double-declining-balance
$enter...
Bennet company uses the allowance method to account for
unco
Assume the Mariano Trucking Company purchased a truck to use in its business. The purchase date was January 1, and the price was $55,000. The estimated useful life of the truck was 5 years, and the estimated salvage value was $5,000. The truck was expected to last 100,000 miles, and was driven 12,000 miles the first year, 23,000 miles the second year, 35,000 miles the third year, 20,000 miles the...
Penny Corp. purchased a new car on March 1, 2019 for $25,000. The estimated useful life of the car was five years or 500,000 kms. Estimated salvage value was $5,000. The car was driven 120,000 kms. in 2019 and 150,000 kms. in 2020. Required: Calculate the depreciation for 2019 and 2020 using 1. The straight-line method 2. Usage method (kms.) 3. Double-declining balance method. Assume where applicable that the company uses the X year rule to calculate depreciation expense in...
Question 14 0/1 View Policies Show Attempt History Current Attempt in Progress Weller Company purchased a truck for $66,000. The company expected the truck to last four years or 100,000 miles, with an estimated residual value of $6,000 at the end of that time. During the second year the truck was driven 27,000 miles. Compute the depreciation for the second year, under each of the methods below and place your answers in the blanks provided. जी Units-of-activity 0.6 Double-declining-balance $...
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....
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...
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...
10 points QUESTION 4 Save Answer In 2018 Vickers Company purchased equipment for $140,000 and recorded $20,000 in depreciation expense. How does the recording of the equipment purchase and the depreciation expense affect the statement of cash flows? Cash flow for operating activities ($20,000); cash flow for investing А. activities ($140,000) B. Cash flow for investing activities ($160,000) C. Cash flow for operating activities ($140,000) D. Cash flow for investing activities ($140,000) 10 points QUESTION 5 Save Answer On January...
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