Homework Answers
Depreciation under units of production method = (Cost - Residual value) * Miles driven in the year / Total estimated miles
Depreciation for 2015 = ($65,000 - $5,000) * 5,000 / 30,000 = $10,000
Depreciation for 2016 = ($65,000 - $5,000) * 3,000 / 30,000 = $6,000
Accumulated depreciation at the end of 2016 = $10,000 + $6,000 = $16,000
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QUESTION 3 Hillview Estates purchased a tractor on January 1, 2015, for $65,000. The tractor's useful...
QUESTION 3 Hillview Estates purchased a tractor on January 1, 2015, for $65,000. The tractor's useful...
QUESTION 3 Hillview Estates purchased a tractor on January 1, 2015, for $65,000. The tractor's useful life is estimated to be 30,000 miles and has a residual value of $5,000. If Hillview used the tractor 5,000 miles in 2015 and 3,000 miles in 2016, what is the balance for accumulated depreciation at the end of 2016 using the units-of-production method? O A. $16,000 B $38,000 -$12,000 D. $6,000 o E. $10,000
A company purchased a tractor on January 1, 2021, for $65,000. The tractor's useful life is...
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only final answers plz no explaining
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only final answers no explaining 1. Real Angus Steakhouse purchased land for $75,000 cash. They also...
only final answers no explaining
1. Real Angus Steakhouse purchased land for $75,000 cash. They also incurred commissions of $4,500 property taxes of $5.000, and title insurance of $800. The 55.000 in property taxes includes $4.000 in back taxes paid by Real Angus on behalf of the seller and $1.000 due for the current year after the purchase date For what amount should Real Angus Steakhouse record the land? A. 583.500 B. 584,300. C. 585,300. D. 575.000 25. Costello Company...
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QUESTION 3 Hillview Estates purchased a tractor on January 1, 2015, for $65,000. The tractor's useful life is estimated to be 30,000 miles and has a residual value of $5,000. If Hillview used the tractor 5,000 miles in 2015 and 3,000 miles in 2016, what is the balance for accumulated depreciation at the end of 2016 using the units-of-production method? O A. $16,000 B $38,000 -$12,000 D. $6,000 o E. $10,000
23. What is the formula to compute the book value of an asset? A. The fair value of the asset if the asset is sold. B. The cost of the asset less its accumulated depreciation C. The cost of the asset minus the asset's residual value. D. The cost at which the asset was purchased 24. Crestview Estates purchased a tractor on January 1, 2018, for $65,000. The tractor's useful life is estimated to be 10 years and has a...
only final answers plz no explaining
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only final answers no explaining
1. Real Angus Steakhouse purchased land for $75,000 cash. They also incurred commissions of $4,500 property taxes of $5.000, and title insurance of $800. The 55.000 in property taxes includes $4.000 in back taxes paid by Real Angus on behalf of the seller and $1.000 due for the current year after the purchase date For what amount should Real Angus Steakhouse record the land? A. 583.500 B. 584,300. C. 585,300. D. 575.000 25. Costello Company...
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