Homework Answers
Double declining rate = 200/Useful life = 200/8 = 25%
Depreciation expense for year 1 = 29,000*25% = 7,250
Book value at the end of year 1
= Cost - Depreciation expense
= 29,000 - 7,250
= 21,750
Option B
Add Answer to:
On January 1, Year 1. Friedman Company purchased a truck that cost $29,000. The truck had...
On January 1, 2011 Murphy Co. purchased a truck that cost $36,000. The truck had an...
On January 1, 2011 Murphy Co. purchased a truck that cost $36,000. The truck had an expected useful life of 10 years and a $4,000 salvage value. The amount of depreciation expense recognized in 2012 assuming that Murphy uses the double declining-balance method is:
The Dalen Company purchased office equipment that cost $6,300 cash on January 1. The equipment had...
The Dalen Company purchased office equipment that cost $6,300 cash on January 1. The equipment had an estimated five year useful life and an estimated salvage value of $700. The amount of expense shown on the income statement and the amount of cash outflow from operating activities shown on the statement of cash flows at the end of the first year would be assume straight-line depreciation Income Statement $6,3ee $1,120 $1,120 Statement of Cash Flows $6,300 $6,300 $1,120 Multiple Choice...
Colvin Enterprises purchased a depreciable asset on October 1. Year 1 at a cost of $116,000....
Colvin Enterprises purchased a depreciable asset on October 1. Year 1 at a cost of $116,000. The asset is expected to have a salvage value of $15,400 at the end of its five year useful life. If the asset is depreciated on the double-declining balance method, the asset's book value on December 31, Year 2 will be: Multiple Choice Ο $104,400 Ο $62640 Ο $25,056 Ο $32724 Ο $21,816
Double Declining Balance Depreciation A small delivery truck was purchased on January 1 at a cost...
Double Declining Balance Depreciation A small delivery truck was purchased on January 1 at a cost of $25,000. It has an estimated useful life of four years and an estimated salvage value of $5,000. Prepare a depreciation schedule showing the depreciation expense, accumulated depreciation, and book value for each year under the Double Declining balance method Accum. depr. end of Yr. 2:$18,750
Flint Company purchased a delivery truck for $29,000 on January 1, 2020. The truck has an...
Flint Company purchased a delivery truck for $29,000 on January
1, 2020. The truck has an expected salvage value of $2,740, and is
expected to be driven 101,000 miles over its estimated useful life
of 10 years. Actual miles driven were 16,600 in 2020 and 13,100 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
Compute depreciation expense for 2020 and 2021 using (1) the
straight-line...
Dailey purchased a truck on January 1, 2015 for $9,000. The company expects the truck to...
Dailey purchased a truck on January 1, 2015 for $9,000. The company expects the truck to have a useful life of four years with an estimated residual value of $600. Dailey expects to drive the truck 31,000 miles during 2015, 22,000 miles during 2016, 14,000 miles in 2017, and 3,000 miles in 2018, for total expected miles of 70,000. Complete the following using the double-declining-balance method of depreciation. (Complete all answer boxes. Enter a "0" if there are any zero...
A company purchased a computer system at a cost of $24,000. The estimated useful life is...
A company purchased a computer system at a cost of $24,000. The estimated useful life is 5 years, and the estimated residual value is $1,000. Assuming the company uses the double-declining-balance method, what is the depreciation expense for the second year? (Do not round your intermediate calculations. Round your answer to the nearest whole dollar amount.) Multiple Choice Ο $7,260. Ο $8,010. Ο $9,600. Ο $5,760.
On January 1, Marble Trucking purchased a used Kenworth truck at a cost of $44,000. Marble...
On January 1, Marble Trucking purchased a used Kenworth truck at a cost of $44,000. Marble Trucking expects the truck to remain useful for four years (430,000 miles) and to have a residual value of $1,000. Marble Trucking expects the truck to be driven 86,000 miles the first year and 150,500 miles the second year. Compute second-year depreciation expense on the truck using the following methods a. Straight-line b. Units-of-production c. Double-declining-balance Start by selecting the formulas needed to compute...
On January 1, Year 1 XYZ Company paid $88,000 cash to purchase a truck. The truck...
On January 1, Year 1 XYZ Company paid $88,000 cash to purchase a truck. The truck has a $4,000 salvage value and a 4 year useful life. XYZ uses double declining balance depreciation. How much depreciation expense would XYZ report on its Year 2 income statement? $21,000 $22,000 $16,000 $44,000
Beckman Enterprises purchased a depreciable asset on October 1. Year 1 at a cost of $100.000....
Beckman Enterprises purchased a depreciable asset on October 1. Year 1 at a cost of $100.000. The asset is expected to have a salvage value of $15.000 at the end of its five-year useful life. If the asset is depreciated on the double-declining-balance method, the asset's book value on December 31. Year 2 will be: Multiple Choice $18,360 $21,600 $27540 $54,000 $90,000
The Dalen Company purchased office equipment that cost $6,300 cash on January 1. The equipment had an estimated five year useful life and an estimated salvage value of $700. The amount of expense shown on the income statement and the amount of cash outflow from operating activities shown on the statement of cash flows at the end of the first year would be assume straight-line depreciation Income Statement $6,3ee $1,120 $1,120 Statement of Cash Flows $6,300 $6,300 $1,120 Multiple Choice...
Colvin Enterprises purchased a depreciable asset on October 1. Year 1 at a cost of $116,000. The asset is expected to have a salvage value of $15,400 at the end of its five year useful life. If the asset is depreciated on the double-declining balance method, the asset's book value on December 31, Year 2 will be: Multiple Choice Ο $104,400 Ο $62640 Ο $25,056 Ο $32724 Ο $21,816
Flint Company purchased a delivery truck for $29,000 on January
1, 2020. The truck has an expected salvage value of $2,740, and is
expected to be driven 101,000 miles over its estimated useful life
of 10 years. Actual miles driven were 16,600 in 2020 and 13,100 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
Compute depreciation expense for 2020 and 2021 using (1) the
straight-line...
Dailey purchased a truck on January 1, 2015 for $9,000. The company expects the truck to have a useful life of four years with an estimated residual value of $600. Dailey expects to drive the truck 31,000 miles during 2015, 22,000 miles during 2016, 14,000 miles in 2017, and 3,000 miles in 2018, for total expected miles of 70,000. Complete the following using the double-declining-balance method of depreciation. (Complete all answer boxes. Enter a "0" if there are any zero...
A company purchased a computer system at a cost of $24,000. The estimated useful life is 5 years, and the estimated residual value is $1,000. Assuming the company uses the double-declining-balance method, what is the depreciation expense for the second year? (Do not round your intermediate calculations. Round your answer to the nearest whole dollar amount.) Multiple Choice Ο $7,260. Ο $8,010. Ο $9,600. Ο $5,760.
On January 1, Marble Trucking purchased a used Kenworth truck at a cost of $44,000. Marble Trucking expects the truck to remain useful for four years (430,000 miles) and to have a residual value of $1,000. Marble Trucking expects the truck to be driven 86,000 miles the first year and 150,500 miles the second year. Compute second-year depreciation expense on the truck using the following methods a. Straight-line b. Units-of-production c. Double-declining-balance Start by selecting the formulas needed to compute...
Beckman Enterprises purchased a depreciable asset on October 1. Year 1 at a cost of $100.000. The asset is expected to have a salvage value of $15.000 at the end of its five-year useful life. If the asset is depreciated on the double-declining-balance method, the asset's book value on December 31. Year 2 will be: Multiple Choice $18,360 $21,600 $27540 $54,000 $90,000
Most questions answered within 3 hours.
-
The free energy change for the following reaction at 25 °C, when
[Sn2+] = 1.17 M...
asked 18 minutes ago -
An MNE is this kind of industry when competition in one country
is essentially independent of...
asked 1 hour ago -
. For this set of questions, determine what
proportion of a normal distribution is located betweeneach...
asked 2 hours ago -
A college student is employed as a door-to-door newspaper
salesman. Historical data suggests that the student...
asked 3 hours ago -
MATLAB HW 11 problem using Switch Case and Input commands
Write a script file that calculates...
asked 3 hours ago -
Considering gravitational time dilation, calculate the time that
passes in Earth’s surface while 1 hour passes...
asked 3 hours ago -
Minitab Problem: Take the Lake Hume June rainfall data and find
use the processes outlined in...
asked 4 hours ago -
X Company is trying to decide whether to continue using old
equipment to make Product A...
asked 4 hours ago -
IN PYTHON ONLY !! Program 2: Re-work
program #5 (WeeklyHours) from the previous assignment such that...
asked 5 hours ago -
The average length of time between arrivals at a turnpike
toll-booth is 26 seconds. What is...
asked 6 hours ago -
(a) A piston at 6.1 atm contains a gas that occupies a volume of
3.5 L....
asked 8 hours ago -
Please answer true or false. Words
cannot be changed or added in to make it true...
asked 8 hours ago