3. Fill in the following blank spaces of the schedule of a truck's annual depreciation expense...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
3. Fill in the following blank spaces of the schedule of a truck's annual depreciation expense of a firm. The depreciation method applied is units of production. The truck was bought on 1st July 2021. Other relevant data as follows: Cost of purchase: $60,000 Residual value: $10,000 Potential full capacity of operation: 220,000 kilometers Operational data: year 1 (70,000 km), year 2 (55,000 km), and year 3 (50,000 km) Schedule of annual depreciation Depreciation cost per/km: $ Annual expenses allocated ($) 30/6/2024 Depreciation Units used base ($) (km) Date 1/07/2021 $60,000 30/06/2022 $................. 30/6/2023 $ 55,000 km $................ Accumulated depreciation ($) $................ $.. $. $................. $... $... Note: Every correct answer is awarded with 3 marks (1.5 x 16 = 24 marks) Carrying value ($) $........... $..... $. $.. (24 marks) 3. Fill in the following blank spaces of the schedule of a truck's annual depreciation expense of a firm. The depreciation method applied is units of production. The truck was bought on 1st July 2021. Other relevant data as follows: Cost of purchase: $60,000 Residual value: $10,000 Potential full capacity of operation: 220,000 kilometers Operational data: year 1 (70,000 km), year 2 (55,000 km), and year 3 (50,000 km) Schedule of annual depreciation Depreciation cost per/km: $ Annual expenses allocated ($) 30/6/2024 Depreciation Units used base ($) (km) Date 1/07/2021 $60,000 30/06/2022 $................. 30/6/2023 $ 55,000 km $................ Accumulated depreciation ($) $................ $.. $. $................. $... $... Note: Every correct answer is awarded with 3 marks (1.5 x 16 = 24 marks) Carrying value ($) $........... $..... $. $.. (24 marks)
Expert Answer:
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
Students also viewed these accounting questions
-
A machine was bought on 1st July 2017 for $ 40,000. The policy is to depreciate the motor van at 20% on reducing balance method and depreciation is charged in full in the year of purchase. Required:...
-
Fill in the following table. Compound Source Use Methanol Ethanol Ethylene glycol Glycerol Formaldehyde
-
Fill in the following table. If the factors in the first column change as indicated, in which direction will the variables in the remaining columns change? Consider only the immediate and direct...
-
The post-closing trial balances of two proprietorships on January 1, 2010, are presented below. Patrick and Samuelson decide to form a partnership, Pasa Company, with the following agreed upon...
-
Identify the construction controls for the class registration system of the previous question. Justify why these controls would be adequate for data quality, security, and recoverability.
-
Program the Atmega328p to: Use the input on TO as a counter in normal mode which will set an interrupt to occur every 10 counts which will increment the output on PORTC by one (in binary). Use an...
-
Explain briefly how you discover business classes and provide an example.
-
Consider a damped oscillator as illustrated in Figures 15.21 and 15.22. Assume the mass is 375 g, the spring constant is 100 N/m, and b = 0.100 N4 s/m. (a) How long does it takes for the amplitude to...
-
A manufacturer reports partially completed T-accounts for this year. Note: Assume all raw materials were used as direct materials. Raw Materials Inventory Beginning Purchases Available for use Ending...
-
You have a business based in Vietnam that has just imported a product from Thailand. The invoice for this purchase is denominated in Vietnamese dong and must be paid in 60 days. That is, you will pay...
-
Accounting Required information Problem 6-6A Record transactions using a perpetual system, prepare a partial income statement, and adjus here is the number to use $3290 2. Suppose by the end of...
-
How does state tax law affect the financing of parks and recreation facilities and programs?
-
In team sport (professional or college), which form of budgeting should be used?
-
Explain the process of calculating the millage needed to fund a new recreation center or high school facility.
-
What are some of the advantages of equity financing?
-
A certain bond portfolio has a value of $\$ 1,000$ today at a yield of $10 %$. Yesterday the same portfolio had a value of $\$ 990$ at a yield of $10.5 %$. (a) Estimate what the modified duration was...
-
Determine the domain of the following functions and represent in an (x, y)-plane. (a) f(x,y) = ln ((16-x - y)(x + y 4)) (b) f(x,y)=6-2x-3y
-
on 8 For the following set of lengths 130, 170, 160, 160, 150, 190 Third quartile is: et red d out of Select one: O a. 160 a question O b. 145 O c. 175 O d. 180
-
Yolanda earns $112,000 in 2012. Calculate the FICA tax that must be paid by: Yolanda:.....................Soc.Sec..................$__________...
-
Robert Ramos (age 36) is a single taxpayer, living at 8765 Bay Dr., Monterey, CA 93940. His Social Security number is 976-23-5132. Robert's earnings and income tax withholding as the manager of a...
-
Amy is a calendar-year taxpayer reporting on the cash basis. Please indicate how she should treat the following items for 2012: a. She makes a deductible contribution to an IRA on April 15,...
-
A project under consideration has a 10-year projected life. The initial investment for the project is estimated to have a mean of \(\$ 10,000\) and a standard deviation of \(\$ 1,000\). The annual...
-
True or False: In determining the optimum replacement interval, it is necessary to assume negligible salvage values.
-
Uncertainty can impact many elements of an engineering economic analysis. Given the list of factors below, rank them from most to least uncertain, and briefly justify why you ranked them in that...
Study smarter with the SolutionInn App