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Westkost [7]
1 year ago
12

Quick-as-Lightning, a delivery service, purchased a new delivery truck for $40,000 on January 1, 2019. The truck is expected to

have a useful life of ten years or 150,000 miles and an expected residual value of $3,000. The truck was driven 15,000 miles in 2019 and 13,400 miles in 2020.
Business
1 answer:
stich3 [128]1 year ago
8 0

1. $3,700

2. $8,000 and $6,400

3. $5,120

The computation of the depreciation expense for the years are shown below:

1) Straight-line method:

= (Original cost - residual value) ÷ (useful life)

= ($40,000 - $3,000) ÷ (10 years)

= ($37,000) ÷ (10 years)  

= $3,700

In this method, the depreciation is same for all the remaining useful life

So for year 2019 and 2020 the same depreciation expense i.e $3,700 is charged separately for each year

(2) Double-declining balance method:

First we have to find the depreciation rate which is given below:

= One ÷ useful life

= 1 ÷ 10

= 10%

Now the rate is double So, 20%

In year 2019, the original cost is 40,000, so the depreciation is $8,000 after applying the 20% depreciation rate

And, in year 2020, the depreciation is

= ($40,000 - $8,000) × 20%

= $6,400

3) For 2021, it would be

= ($40,000 - $8,000 - $6,400) × 20%

= $5,120

Basically we applied the above formulas

To know more about Depriciation follow the link:

brainly.com/question/1203926

#SPJ4

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Answer:

Collaborative relationship

Explanation:

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3 years ago
One of the ways that restaurants often adapt their product offerings to address changes in competition is to ____________.
ivann1987 [24]
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3 years ago
Suppose the state of Wyoming passes a law that increases the tax on cigarettes. As aresult, smokers who live in Wyoming start pu
fomenos

Answer:

a. People respond to incentives.

Explanation:

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Consequently, an increase in the tax on cigarettes altered the behavior of the smokers in Wyoming, it made them to purchase from neighboring states.

This illustrates or reflect the fact that people respond to incentives.

6 0
3 years ago
How is a subsidy affect supply.
OlgaM077 [116]
How does a subsidy affect supply?
A subsidy by nature increases the purchasing power of the individual or class it is awarded to. It's like free money that can only be spent on certain things.
8 0
3 years ago
question content area for the year ended december 31, orion, inc. mistakenly omitted adjusting entries for $1,500 of supplies th
Oduvanchick [21]

Errors will have a $2,300 overstatement of net income on revenues, costs, and net income.

The amount earned by an individual or business after costs, allowances, and taxes is referred to as net income. Net income in the company is the amount that remains after all costs, such as salaries and wages, the cost of goods or raw materials, and taxes, have been paid.

Net income = Total revenue - total expenses

where,

Total revenue = Unearned revenue = $4,200

Total Expense = Supplies expense + insurance expense = $1,500 + $5,000 = $6,500

Net Income = Total revenue - Total Expenses = $4,200 - $6,500

Net Income = -$2,300

Therefore, there's an overstatement of $2300 in Net Income.

To know more about Net Income, refer to this link:

brainly.com/question/6391667

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6 0
1 year ago
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