Reference no: EM131203387
Prior to adjustment at the end of the year, the balance in Trucks is $297,013 and the balance in Accumulated Depreciation—Trucks is $102,180. Details of the subsidiary ledger are as follows: Estimated Accumulated Depreciation at Miles Operated Truck No. Cost Residual Value Useful Life Beginning of Year During Year 1 $80,302 $15,380 249,700 miles — 20,300 2 51,225 5,730 303,300 miles $14,540 32,100 3 79,600 12,940 202,000 miles 62,350 8,100 4 85,886 23,330 240,600 miles 25,290 22,000 Required: A. Determine the depreciation rates per mile and the amount to be credited to the accumulated depreciation section of each of the subsidiary accounts for the miles operated during the current year. B. Journalize the entry to record depreciation for the year. Refer to the Chart of Accounts for exact wording of account titles. A. Determine the depreciation rates per mile and the amount to be credited to the accumulated depreciation section of each of the subsidiary accounts for the miles operated during the current year. Truck No. Rate per Mile Miles Operated Credit to Accumulated Depreciation 1 20,300 2 32,100 3 8,100 4 22,000 Total B. Journalize the entry to record depreciation for the year. Refer to the Chart of Accounts for exact wording of account titles. PAGE 1 JOURNAL DATE DESCRIPTION POST. REF. DEBIT CREDIT 1 Adjusting Entries 2 3
|
What are your fixed costs-segregate them in the budget model
: Prepare and Perform a) What are your fixed costs? Segregate them in the budget model. b) Determine how variable costs change as activity measures change. How can this information be applied?
|
|
Prepare the general journal entries for any amortization
: A tract of land was acquired for $200,000 as a potential future building site from Flopper Corp. A plant facility consisting of land and building was acquired from Slick Company in exchange for 20,000 shares of Flopper's common stock. Prepare the Gen..
|
|
Terms of the corporation
: Carole owns? 75% of Pet? Foods, Inc. As? CEO, Carole must travel extensively and does so on the company jet. In? addition, she also uses the jet to take several personal vacations. Carole reports the value of the personal use of the? jet, $140,000, a..
|
|
Successful company in commercial and residential painting
: Progressive Painting Company (PPC) is a successful company in commercial and residential painting. PPC has a variety of jobs: new construction, repair and repainting existing structures and restoration of very old buildings and homes. The company is ..
|
|
Determine the depreciation rates per mile
: Prior to adjustment at the end of the year, the balance in Trucks is $297,013 and the balance in Accumulated Depreciation—Trucks is $102,180. Details of the subsidiary ledger are as follows: Estimated Accumulated Depreciation at Miles Operated Truck ..
|
|
Predetermined overhead rate can affect profits and losses
: Explain how using a predetermined overhead rate can affect profits and losses? That is, why might the predetermined overhead be inaccurate when compared to the actual results of the activities by the predetermined overhead rate?
|
|
Prepare journal entries for the transactions
: Prepare journal entries for the following transactions:
|
|
Thenominal interest rate-monthly loan payment
: You want to buy a car, and a local bank will lend you 20,000,The loan will be fully amortized over 5 years(60 Months) and thenominal interest rate will be 12% with interest paid monthly. What will be the monthly loan payment? What will be the loan's ..
|
|
Calculate the ending inventory and cost of goods sold
: Surplus, Inc. uses a periodic inventory system and the had the following activity for 2007: Purchases Sales Balance January 1, 2007 110 units at $50 or $5,500 2/10/07 purchase 80 units at $60 or $4,800 4/14/07 sale 60 units 5/9/07 purchase 120 units ..
|