User Account

All Pages

Calculate annual depreciation for the five year

Assignment Help Accounting Basics
Reference no: EM13998903

On January 1, 2011, the Excel Delivery Company purchased a delivery van for $33,000. At the end of its five-year service life, it is estimated that the van will be worth $3,000. During the five-year period, the company expects to drive the van 100,000 miles.

Required:

Calculate annual depreciation for the five-year life of the van using each of the following methods. Round all computations to the nearest dollar.

1. Straight line.
2. Sum-of-the-years' digits.
3. Double-declining balance.
4. Units of production using miles driven as a measure of output, and the following actual mileage:
Year Miles
2011 ......... 22,000
2012 ......... 24,000
2013 ......... 15,000
2014 ......... 20,000
2015 ......... 21,000

Reference no: EM13998903

Questions Cloud

What factors influence a firms competitive strategies : What factors influence a firm's competitive strategies? How would global competition affect those strategies? Use examples to support your answer.
What variables can you use to measure correlations : As you present your topic in this discussion, think about how you would study it. What is your research question and your theory behind it? What variables can you use to measure correlations that are connected to your research question
What are the pros and cons of trade restrictions : What are the pros and cons of trade restrictions? What are the pros and cons of free trade? Which is better in your opinion?
Account for the difference in wages between two industries : What may account for the difference in the wages between two industries that have been highly competitive? Identify and describe each factor and explain its effect on wages. If you make any assumptions about the scenario, state them.
Calculate annual depreciation for the five year : Calculate annual depreciation for the five-year life of the van using each of the following methods. Round all computations to the nearest dollar.
Describe how the agency implements the relevant law : As the human resources manager, it is your responsibility to keep all human resources employees informed about current employment law.
Write a program class the speed of sound : Write a program class The Speed Of Sound that asks the user to enter "air", "water", or "steel", and the distance that a sound wave will travel in the medium. The program should then display the amount of time it will take.
What is the present worth of a series : What is the present worth of a series that gives you $56 in period 1 and then gives you $1 more each time period until period 100 when the interest rate is 5%?
Explain how you find the winning strategy : This game is adopted from episode six of the Survivor Thailand television series that aired in fall 2002. Two players alternate in taking turns to remove some number of flags from a field with 31 flags. Each time it is a player’s turn, he may choose ..

Reviews

Write a Review

Accounting Basics Questions & Answers

  Total machine hours incurred during the year 118000

the following information relates to araceli manufacturing companytotal estimated maunufacturing overhead cost at

  For this item extracted from the financial

assume the indirect method is used to compute net cash flows from operating activities. for this item extracted from

  Which will bill the gef for services rendered

Accounting for the GEF will be done by the city, existing accounting department (a General Fund department) which will bill the GEF for services rendered at the end of the year. To help the GEF get on its feet financially, no interfund payables wi..

  Consider a project to supply 102 million postage stamps per

consider a project to supply 102 million postage stamps per year to the u.s. postal service for the next five years.

  Profitability index of the project

The present value of the cash inflows would be $56,500. The profitability index of the project is closest to: (Round your answer to 2 decimal places.)

  What future technology and trends may affect the

what future technology and trends may affect the accounting profession? what changes in information technology will

  Determine the net cash provided by operating activities

Cash dividends were $24. The company sold equipment for $ 10 that was originally purchased for $4 and that had accumulated depreciation of $4. Using the direct method, determine the net cash provided by (used by) operating activities

  Problem regarding the effect of bond issuance

A bond with a face value of $10,000 is issued at a discount of $800 on January 1, 2014. The face rate of interest on the bond is 7%.

  Role of adjusting and closing entries in the preparation

Role of adjusting and closing entries in the preparation of the income statement, statement of retained earnings, and balance sheet and how is cash-basis accounting different from accrual-basis accounting

  Consolidation workpaper at the date of acquisition

Alpha acquired 100% of Beta's common stock for $400,000. On this date the Fair Market Value of some of Beta's assets and liabilities were: Prepare a consolidation workpaper at the date of acquisition based upon the following book values at the date:

  Recognition of the gain

Justings Co. owned 80% of Evana Corp. During 2006, Justings sold to Evana land with a book value of $48,000. The selling price was $70,000. In its accounting records, Justings should:

  Dscribe current assets and their relevance for

describe current assets and their relevance for analysisdescribe current assets and their relevance for

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd