Question: Hi, I need help with this question: Three different companies each purchased trucks on January 1, 2018, for $82,000. Each truck was expected to last

Hi, I need help with this question:

Three different companies each purchased trucks on January 1, 2018, for $82,000. Each truck was expected to last four years or 250,000 miles. Salvage value was estimated to be $6,000. All three trucks were driven 79,000 miles in 2018, 56,000 miles in 2019, 51,000 miles in 2020, and 71,000 miles in 2021. Each of the three companies earned $71,000 of cash revenue during each of the four years. Company A uses straight-line depreciation, company B uses double-declining-balance depreciation, and company C uses units-of-production depreciation.

Calculate the retained earnings on the December 31, 2021, balance sheet?

	Retained earnings
company A
company B
company C

Please, help!!

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

help with below question Three different companies each purchased trucks on January 1, Year 1, for $72,000. Each truck was expected to last four years or 200,000 miles. Salvage value was estimated to...

These are all a part of one question. Please help explain the answers in order for me to understand how to complete the question Three different companies each purchased trucks on January 1, Year 1,...

Please help me! Return to question Three different companies each purchased trucks on January 1, Year 1, for $56,000. Each truck was expected to last four years or 250,000 miles. Salvage value was...

Please answer only if you know how to, and answer all parts of the question. Three different companies each purchased trucks on January 1, Year 1, for $62,000. Each truck was expected to last four...

This problem is grouped up together. Need help pls Required information [The following information applies to the questions displayed below.) Three different companies each purchased trucks on...

Required information [The following information applies to the questions displayed below.) Three different companies each purchased trucks on January 1, 2018, for $70,000. Each truck was expected to...

2. Three different companies each purchased trucks on January 1, 2018, for $88,000. Each truck was expected to last four years or 250,000 miles. Salvage value was estimated to be $6,000. All three...

Required information Problem 8-26A Determining the effect of depreciation expense on financial statements LO 8-2, 8-3, 8-4 [The following information applies to the questions displayed below.] Three...

Required information {The following information applies to the questions displayed below) Three different companies each purchased trucks on January 1, Year 1, for $60,000. Each truck was expected to...

[ The following information applies to the questions displayed below. ] Three different companies each purchased trucks on January 1, 2018, for $72,000. Each truck was expected to last four years or...

Required: a.) Calculate the profits of each of the divisions and the overall profits in Alice Ltd under the current transfer pricing policy as given in the question. (Include workings on how you...

Assume that your local bank gives you a $1,000 loan at 10% per year but deducts the interest in advance. Is 10% the real rate of interest that you will pay? How can the true interest rate be...

Equal interest rates, interest periods, and dollar amounts each interest period are all characteristics of Blank _ _ _ _ _ _ . Multiple choice question. annuities profitabilities future value present...

The first scenario will be a Verbal Judo scenario in which your scenario follows the standard Verbal Judo interaction: You need to ask somebody to modify their behavior either to do something or to...

3. Explain the forces that influence how people handle conflict

2. Describe ways in which group size, social relationships, and communication networks affect group communication

1. List the characteristics and types of groups and explain how groups develop