Homework Answers
| d-1 Company A | $195000 | |
| Company B | $195000 | |
| Company C | $195000 | |
| d-2 Highest Retained Earnings | Each company have sames Retained Earnings |
Retained earning will include all the three year Income and the 4th year income as well hence the retained earning for the 4th year will be total of all the 4 year net income.
As on the closing of financial year books are closed for the temporary account and the net income summary are transfered to the retained earning .
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Required Information [The following information applies to the questions displayed below.] Three different companies each purchased...
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Required information [The following information applies to the questions displayed below.) Three different companies each purchased...
Required information [The following information applies to the questions displayed below.) Three different companies each purchased trucks on January 1, 2018, for $70,000. Each truck was expected to last four years or 200,000 miles. Salvage value was estimated to be $5,000. All three trucks were driven 66,000 miles in 2018, 41,000 miles in 2019, 39,000 miles in 2020, and 61,000 miles in 2021. Each of the three companies earned $59,000 of cash revenue during each of the four years. Company...
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Three different companies each purchased trucks on January 1, Year 1, for $78,000. Each truck was expected to last four years or 250,000 miles. Salvage value was estimated to be $5,000. All three trucks were driven 82,000 miles in Year 1, 52,000 miles in Year 2, 47,000 miles in Year 3 and 72,000 miles in Year 4. Each of the three companies earned $67,000 of cash revenue during each of the four years. Company A uses straight-line depreciation, company B...
Required information [The following information applies to the questions displayed below.] Three different companies each purchased trucks on January 1, Year 1, for $62,000. Each truck was expected to last four Years or 250,000 miles. Salvage value was estimated to be $2,000. All three trucks were driven 75,000 miles in Year 1, 60,000 miles in Year 2, 50,000 miles in Year 3, and 70,000 miles in Year 4. Each of the three companies earned $51,000 of cash revenue during each...
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