Solution-Calculate annual depreciation for the five year

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 ..

User Account

All Pages

Calculate annual depreciation for the five year

Reference no: EM13998903

Reference no: EM13998903

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT