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Tasty Subs acquired a delivery truck on October 1, 2021, for $17,500. The company estimates a...
Burger Chef acquired a delivery truck on March 1, 2021, for $38,200. The company estimates a...
Burger Chef acquired a delivery truck on March 1, 2021, for $38,200. The company estimates a residual value of $2,600 and a four- year service life. It expects to drive the truck 89,000 miles. Actual mileage was 12,300 miles in 2021 and 12,700 miles in 2022. Calculate depreciation expense using the activity-based method for 2021 and 2022, assuming a December 31 year-end. (Do not round intermediate calculations.) Year Depreciation Expense 2021 2022
This is a 10 part question in accounting, Thanks! McCoy's Fish House purchases a tract of...
This is a 10 part question in accounting, Thanks!
McCoy's Fish House purchases a tract of land and an existing building for $980,000. The company plans to remove the old building and construct a new restaurant on the site. In addition to the purchase price, McCoy pays closing costs, including title Insurance of $2.800. The company also pays $13.600 In property taxes, which includes $8.800 of back taxes (unpald taxes from previous years) paid by McCoy on behalf of the...
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...
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...
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...
Storm Delivery Company purchased a new delivery truck for $72,000 on April 1, 2019. The truck...
Storm Delivery Company purchased a new delivery truck for $72,000 on April 1, 2019. The truck is expected to have a service life of 5 years or 120,000 miles and a residual value of $3,000. The truck was driven 12,000 miles in 2019 and 18,000 miles in 2020. Storm computes depreciation expense to the nearest whole month.
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, 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...
25. Lilly Dilly Delivery Service purchased a delivery van for $50,000 on 1/1/19. Lilly estimates that...
25.
Lilly Dilly Delivery Service purchased a delivery van for $50,000 on 1/1/19. Lilly estimates that the van will have a four-year service life, and the residual value of the van is $5,000. During the four year period, the company expected to drive the van 120,000 miles. Actual miles driven each year were: 33,000 miles in year 1, 36,000 miles in year 2, 28,000 miles in year 3, and 30,000 miles in year 4. Please pay attention to the dates!...
Togo’s Sandwiches acquired equipment on April 1, 2021, for $20,500. The company estimates a residual value...
Togo’s Sandwiches acquired equipment on April 1, 2021, for $20,500. The company estimates a residual value of $2,500 and a five-year service life. Required: Calculate depreciation expense using the straight-line method for 2021 and 2022, assuming a December 31 year-end.
Burger Chef acquired a delivery truck on March 1, 2021, for $38,200. The company estimates a residual value of $2,600 and a four- year service life. It expects to drive the truck 89,000 miles. Actual mileage was 12,300 miles in 2021 and 12,700 miles in 2022. Calculate depreciation expense using the activity-based method for 2021 and 2022, assuming a December 31 year-end. (Do not round intermediate calculations.) Year Depreciation Expense 2021 2022
This is a 10 part question in accounting, Thanks!
McCoy's Fish House purchases a tract of land and an existing building for $980,000. The company plans to remove the old building and construct a new restaurant on the site. In addition to the purchase price, McCoy pays closing costs, including title Insurance of $2.800. The company also pays $13.600 In property taxes, which includes $8.800 of back taxes (unpald taxes from previous years) paid by McCoy on behalf of 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...
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, 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...
25.
Lilly Dilly Delivery Service purchased a delivery van for $50,000 on 1/1/19. Lilly estimates that the van will have a four-year service life, and the residual value of the van is $5,000. During the four year period, the company expected to drive the van 120,000 miles. Actual miles driven each year were: 33,000 miles in year 1, 36,000 miles in year 2, 28,000 miles in year 3, and 30,000 miles in year 4. Please pay attention to the dates!...
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