Question: What is the working out for this question? A motor vehicle was purchased for $160,000 on 1 st January, 2017. It is estimated that it

What is the working out for this question?

A motor vehicle was purchased for $160,000 on 1^st January, 2017. It is estimated that it has a useful life of 4 years and will then be sold for $10,000. The financial year ends on 31^st December.

For the diminishing balance method, the firm uses a 50% depreciation rate.

(a)How much depreciation would be shown on the Income Statement for each of the 4 years using the straight-line method?

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!

Spencer Duck (SSN 000-22-1111) is single and his eight-year-old son, Mitch, lives with him nine months of the year in a rented condominium at 321 Hickory Drive in Ames, Iowa. Mitch lives with his...

A motor vehicle was purchased for $160,000 on 1 st January, 2017. It is estimated that it has a useful life of 4 years and will then be sold for $10,000. The financial year ends on 31 st December....

Question 1 (13 marks) A motor vehicle was purchased for $160,000 on 1 st January, 2017. It is estimated that it has a useful life of 4 years and will then be sold for $10,000. The financial year ends...

A motor vehicle was purchased for $160,000 on 1 st January, 2017. It is estimated that it has a useful life of 4 years and will then be sold for $10,000. The financial year ends on 31 st December....

A motor vehicle was purchased for $160,000 on 1 st January, 2017. It is estimated that it has a useful life of 4 years and will then be sold for $10,000. The financial year ends on 31 st December.For...

Bried Exercises 10-13 201. McDonald's Corporation reports total averape assets of $28.9 Life Discuss the implications this has for comparing the results of the billion and net sales of $205 billion....

Question 1 Jordan Lid acquired a new equipment on 1 July 2019 for $130,000 cash. The equipment has an estimated useful life of 10 years and $10,000 residual value. On 30 June 2020, that equipment's...

Endless Limited - PPE IAS 16 Endless Limited is a large catering company. Food is prepared on site and delivered hot to clients' premises on a daily basis. The financial reporting staff are preparing...

basically, we have to use the information given below to complete and correct the incomplete financial accounts drafted by the accountant Question 1 (Marks:48) Background: You and a couple of your...

There are page numbers. NB: (spot rate is 1 Euro is R15) The question asks to complete, correct and redo the entire entry for all the financial accounts drafted by the accountant with the given...

Look through the U.S. Securities and Exchange Commission (SEC) website. Now, analyze and explain the SEC rule-making process by which this federal agency implements legislation passed by Congress and...

Sami walks into a restaurant. She is given a menu, which indicates that lobster is $30. Sami orders the lobster. It arrives, and Sami thinks it is very tasty. When the bill arrives, Sami tries to...

In the situation where the foreign subsidiary operates in a hyperinflationary economy and the functional currency is the Canadian dollar, what steps should be taken by the Canadian parent company to...

McElroy, Inc., produces a single model of a popular cell phone in large quantities. A single cell phone moves through two departments, assembly and testing. The manufacturing costs in the assembly...

26. In finding the De of Lance's score in Mathematics for the Third Quarter, he got the score 20. What does it mean? A. 8% of his scores are less than or equal to 20 B. 88% of his scores are less...

consider the following code snippet: class A public: class B: private Al O a. class B will inherit all the data members of class A and make them private access O b. class A will inherit all the data...

Assume the random variable x is normally distributed with mean u= 50 and standard deviation o= 7. Find the indicated probability. P(x > 43) P(x> 43) =| (Round to four decimal places as needed.)

Assume the random variable x is normally distributed with mean = 83 and standard deviation a = 5. Find the indicated probability. P(x

Question 7 . Given the following simple maze, convert the maze into a graph. ( 5 points ) Question 8 . Implement depth first search in the maze function in homework 1 . py . ( 2 0 points ) Question 9...

1. Why do we trust one type of information more than another?

9. Imagine giving a talk to an assembly that is critical of you. Imagine a large aggressive dog that is your friend and facing the assembly. Imagine further that you are on a mountain top and the...

8. Now spend two to three hours walking around listening to what people are saying. Place yourself in a place where you can hear what people are saying clearly and distinctly, for example in a cafe,...