On December 31, year 0, your company bought a delivery truck for $50,000. The expected useful...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
On December 31, year 0, your company bought a delivery truck for $50,000. The expected useful life is 4 years, with an expected salvage value of $6,000. Based on this information, and assuming straight-line depreciation, calculate the following amounts (do not include dollar signs ($) or commas): (4 points) • Depreciation on delivery truck in year 1: $ Ending net book value of delivery truck for year 2: $ Accumulated depreciation at the beginning of year 3: S Net book value on Dec. 31, year 4: $ 5. On December 31, year 0, your company bought a delivery truck for $50,000. The expected useful life is 4 years, with an expected salvage value of $6,000. On January 1, year 4, your company sold the truck. Provide the financial statement effects of the sale under the different sale prices below. (3.75 points; 0.25 points per entry) • Leave out dollar signs (S) and commas. Sale price PP&E, Gross $17,725 $17,000 $17,430 Accumulated NI (pretax) Depreciation CFO (ignore taxes) CFI On December 31, year 0, your company bought a delivery truck for $50,000. The expected useful life is 4 years, with an expected salvage value of $6,000. Based on this information, and assuming straight-line depreciation, calculate the following amounts (do not include dollar signs ($) or commas): (4 points) • Depreciation on delivery truck in year 1: $ Ending net book value of delivery truck for year 2: $ Accumulated depreciation at the beginning of year 3: S Net book value on Dec. 31, year 4: $ 5. On December 31, year 0, your company bought a delivery truck for $50,000. The expected useful life is 4 years, with an expected salvage value of $6,000. On January 1, year 4, your company sold the truck. Provide the financial statement effects of the sale under the different sale prices below. (3.75 points; 0.25 points per entry) • Leave out dollar signs (S) and commas. Sale price PP&E, Gross $17,725 $17,000 $17,430 Accumulated NI (pretax) Depreciation CFO (ignore taxes) CFI
Expert Answer:
Answer rating: 100% (QA)
Here are the stepwise calculations for the 17430 sale price Original cost of ... View the full answer
Related Book For
College Accounting Chapters 1-30
ISBN: 978-1259631115
15th edition
Authors: John Price, M. David Haddock, Michael Farina
Posted Date:
Students also viewed these accounting questions
-
Digger Exploration Inc., a regional oil and gas company, is headquartered in Butte, America. The Company operates properties in Montana, North Dakota, Wyoming, and Colorado. The Companys current...
-
1.Which of the following below is NOT an element of internal control? a. risk assesment b. monitoring c. information and communication d. behavior analysis ANSWER:D 2. Which of the following below is...
-
The following are five unrelated events that pertain to the Rhineland Company. Prepare the indicated journal entries and/or adjusting journal entries.. AUG-1-The company purchased piece of equipment...
-
A curve has equation y = x 2 ln 3x. Find the value of dy/dx and d 2 y/dx2 at the point where x = 2.
-
The trial balance of Beechers Sporting Warehouse, Inc., shows a $110,000 outstanding balance in Accounts Receivable at the end of 2011. During 2012, 90% of the total credit sales of $4,400,000 was...
-
Table 28.8 gives abbreviated balance sheets and income statements for Walmart. At the end of fiscal 2017, Walmart had 2,960 million shares outstanding with a share price of $106. The company?s...
-
Since meat is higher on the food chain than grains, the more calories you get from meat, the more agricultural land you use. Using the arable land area in your state and data from [30] (which...
-
Eggs are sorted into two sizes (large and extra large) at the Cheerful Chicken Dairy. Unfortunately, business has not been good lately, and since the Cheerful Chickens 40-year-old egg-sorting machine...
-
A hiker walks 27.0 km from her base camp at 35 south of east. The next day, she walks 41.0 km in a direction 65 north of east and discovers a forest
-
Carter Enterprises is involved in the soybean business in South Carolina, Alabama, and Georgia. The president of the company, Earl Carter, goes to a commodity sale once a month where he buys and...
-
The following transactions represent part of the activities of Lyon Company for the first month of its existence. Indicate the effect of each transaction upon the total assets of the business by one...
-
Oscar Company builds outdoor furniture using a variety of woods and plastics. What is a constraint? List at least four possible constraints at Oscar Company.
-
In given sequence of numbers: 1, 2, 3, 4, 5, 6, 7, 8, 9 a. Draw a binary Max-heap by inserting the above numbers one by one b. Also draw the tree that will be formed after calling Dequeue() on this...
-
The mass of a hypothetical planet is \(1 / 80\) that of Earth and its radius is \(1 / 4\) that of Earth. What is the ratio of the acceleration due to gravity on the planet to that on Earth?
-
Explain why each of the following receipts is reportable income or not. a. Check received for shoveling snow from neighbor b. Gift card received for photography session c. $ \( $ 500 found in jewelry...
-
Consider motionless air with \(p_{1}=0.1 \mathrm{~atm}\) and \(T_{1}=300 \mathrm{~K}\) in a constant-area tube. We wish to accelerate this gas to Mach 1.5 by sending a normal shock wave through the...
-
Assuming the purchase option is not actually exercised at the expiration of the lease term and the fair value of the machinery on the same date is P1,050,000, what is the gain or loss on finance...
-
1. Below is depicted a graph G constructed by joining two opposite vertices of C12. Some authors call this a "theta graph" because it resembles the Greek letter 0. a. What is the total degree of this...
-
What is the basic test for determining whether impairment does, in fact, exist?
-
Why is interest expense not allocated to departments?
-
What account is debited and what account is credited when manufacturing overhead is applied?
-
Consider the differential equation of motion for the free vibration of a damped single-degreeof-freedom system given by Show that Eq. (E.1) remains the same irrespective of the units used by...
-
Derive an expression for the time at which the response of a critically damped system will attain its maximum value. Also find the expression for the maximum response.
-
A shock absorber is to be designed to limit its overshoot to \(15 \%\) of its initial displacement when released. Find the damping ratio \(\zeta_{0}\) required. What will be the overshoot if...
Study smarter with the SolutionInn App