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elena-14-01-66 [18.8K]
3 years ago
9

On January 1, 2021, the Excel Delivery Company purchased a delivery van for $111,000. At the end of its five-year service life,

it is estimated that the van will be worth $11,400. During the five-year period, the company expects to drive the van 332,000 miles. Required: Calculate annual depreciation for the five-year life of the van using each of the following methods. double declining balance
Business
1 answer:
sveta [45]3 years ago
6 0

Answer:

Annual depreciation = $44,400

Explanation:

Given,

Purchase price of the delivery van = $111,000

Salvage value = $11,400

Useful Life = 5 years

We know that

annual depreciation under double declining balance (%) = (100%/useful life)*2

Putting the value in the formula, Annual depreciation (%) =   (100%/5)*2

                                                                                               = 40%

Annual depreciation = Purchase Price*Percentage of annual depreciation

Annual depreciation = $111,000*40% = $44,400

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Answer:

b.moral hazard

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If a person borrow from bank to buy car but actually he borrow to pay lottery. in this case the person will face Moral Hazards.

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3 years ago
All of the following are appropriate benchmarks for a state or local government to use as a basis for comparing performance exce
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Answer:

Federal agencies' financial information for a comparable time period.

Explanation:

Benchmarking can be regarded as management accounting innovation, which is been utilized in both the private and the public sectors for performance measurement as management. There are alot of success reported by public sector accounting researchers with the use of benchmarking, however there is

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✓Socioeconomic and demographic trends of governments of similar types and size available from U.S. Census Bureau.

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✓ International City/County Management Association's Financial Trend Monitoring System results for governments of similar types and size.

8 0
3 years ago
Madison Davidson negotiated for a $30,000 loan with $200 monthly payments, plus 9 percent interest. In this case, what is the mo
Julli [10]

Answer:

$225

Explanation:

Remember, the interest rates of a loan are spread out equally each month.

Therefore, we calculated the value of the total interest in dollars for a year:

30,000/100 x 9 = $2,700 (annual interest in dollars)

Next, we divide the annual interest in dollars by 12 to get the value from the first month:

$2700/12= $225 (First month interest in dollars)

4 0
3 years ago
Tierney Construction, Inc. recently lost a portion of its financial records in an office theft. The following accounting informa
defon

Answer:

$28,675 = direct materials used

Explanation:

<u>To calculate the direct material used, we need to use the following formula:</u>

Cost of goods manufactured= beginning WIP + direct materials used + direct labor + allocated manufacturing overhead - Ending WIP

112,450= 23,600 + direct materials used + (22,550*2.5) + 22,550 - 18,750

112,450 - 23,600 - 56,375 - 22,550 + 18,750 = direct materials used

$28,675 = direct materials used

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2 years ago
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