Aggieland Enterprise just paid $400,000 to buy ten new company trucks for its salesperson to use....
Aggieland Enterprise just paid $400,000 to buy ten new company trucks for its salesperson to use. Aggieland expects to use these cars for five years and then replace them. If the salvage value of 5 of the cars is $2,000 each, and for the rest of the cars it is $10,000 each. How much depreciation expense will Aggieland record each year using the straight-line method
Homework Answers
Answer : $ 68,000
Annual Depreciation = (cost -Salvage Value )/ Life in Years
Cost = 400,000
Salvage Value =(5 *2,000)+(5*10,000) =60,000
Annual Depreciation = (400,000-60,000)/ 5 = $ 68,000 (Answer)
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Aggieland Enterprise just paid $400,000 to buy ten new company
trucks for its salesperson to use....
Yoshi Company completed the following transactions and events involving its delivery trucks. 2016 Jan. 1 Paid...
Yoshi Company completed the following transactions and events
involving its delivery trucks.
2016
Jan.
1
Paid $23,515 cash plus $1,785 in sales tax for a new delivery
truck estimated to have a five-year life and a $2,000 salvage
value. Delivery truck costs are recorded in the Trucks
account.
Dec.
31
Recorded annual straight-line depreciation on the truck.
2017
Dec.
31
Due to new information obtained earlier in the year, the
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Option #1: Computing and Recording Depreciation Two Brother's Moving Company purchased a group of new moving...
Option #1: Computing and Recording
Depreciation
Two Brother's Moving Company purchased a group of new moving
trucks for a total amount of $125,000. The vehicles are expected to
last five years due to the heavy use and have a
residual/scrap/salvage value of $10,000 at the end of that life.
Usage of the vehicle is tracked in miles and the vehicles in total
are expected to last 2,000,000 miles. During year one 750,000 miles
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Yoshi Company completed the following transactions and events
involving its delivery trucks.
2016
Jan.
1
Paid $23,515 cash plus $1,785 in sales tax for a new delivery
truck estimated to have a five-year life and a $2,000 salvage
value. Delivery truck costs are recorded in the Trucks
account.
Dec.
31
Recorded annual straight-line depreciation on the truck.
2017
Dec.
31
Due to new information obtained earlier in the year, the
truck’s estimated useful life was changed from five to four...
Yoshi Company completed the following transactions and events involving its delivery trucks. 2016 Jan. 1 Paid $23,515 cash plus $1,785 in sales tax for a new delivery truck estimated to have a five-year life and a $2,150 salvage value. Delivery truck costs are recorded in the Trucks account. Dec. 31 Recorded annual straight-line depreciation on the truck. 2017 Dec. 31 Due to new information obtained earlier in the year, the truck's estimated useful life was changed from five to four...
Yoshi Company completed the following transactions and events involving its delivery trucks. 2017 Jan. 1 Paid $23,515 cash plus $1,635 in sales tax for a new delivery truck estimated to have a five-year life and a $2,150 salvage value. Delivery truck costs are recorded in the Trucks account. Dec. 31 Recorded annual straight-line depreciation on the truck. 2018 Dec. 31 Due to new information obtained earlier in the year, the truck's estimated useful life was changed from five to four...
Yoshi Company completed the following transactions and events involving its delivery trucks. 2016 Jan. 1 Paid $20,515 cash plus $1,485 in sales tax for a new delivery truck estimated to have a five-year life and a $2,000 salvage value. Delivery truck costs are recorded in the Trucks account. Dec. 31 Recorded annual straight-line depreciation on the truck. 2017 Dec. 31 Due to new information obtained earlier in the year, the truck's estimated useful life was changed from five to four...
Yoshi Company completed the following transactions and events involving its delivery trucks. 2017 Jan. 1 Paid $23,515 cash plus $1,485 in sales tax for a new delivery truck estimated to have a five-year life and a $2,300 salvage value. Delivery truck costs are recorded in the Trucks account. Dec. 31 Recorded annual straight-line depreciation on the truck. 2018 Dec. 31 Due to new information obtained earlier in the year, the truck's estimated useful life was changed from five to four...
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Option #1: Computing and Recording
Depreciation
Two Brother's Moving Company purchased a group of new moving
trucks for a total amount of $125,000. The vehicles are expected to
last five years due to the heavy use and have a
residual/scrap/salvage value of $10,000 at the end of that life.
Usage of the vehicle is tracked in miles and the vehicles in total
are expected to last 2,000,000 miles. During year one 750,000 miles
were used, during year two 600,000 miles...
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