1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Thepotemich [5.8K]
3 years ago
9

On January 1, 2021, the Excel Delivery Company purchased a delivery van for $153,000. At the end of its five-year service life,

it is estimated that the van will be worth $15,600. During the five-year period, the company expects to drive the van 458,000 miles. Required: Calculate annual depreciation for the five-year life of the van using each of the following methods. 2. Double-declining balance. (Round your answers to the nearest whole dollar amount.) Answer is complete but not entirely correct. Year 2021 2022 2023 2024 2025 Total Depreciation $ 61,200 36,720 22,032 13,219 7 ,932 $ 141,103 1
Business
1 answer:
I am Lyosha [343]3 years ago
5 0

Answer:

Instructions are listed below.

Explanation:

Giving the following information:

On January 1, 2021, the Excel Delivery Company purchased a delivery van for $153,000. At the end of its five-year service life, it is estimated that the van will be worth $15,600.

Annual depreciation= 2*[(book value)/estimated life (years)]

Year 1= (153,000/5)*2= 61,200

Year 2= [(153,000 - 61,200)/5]*2= 36,720

Year 3= (55,080/5)*2= 22,032

Year 4= 13,219

Year 5= 7,932

Total= $141,103

You might be interested in
(1 pt.) Arna, Inc. uses the dollar-value LIFO method of computing its inventory. Data for the past 3 years follow. Year ended De
Natali5045456 [20]

Answer:

A.2013 $20,560

B.2014 $23,125

Explanation:

2013 inventory at base amount ($22,140 ÷ 1.08)$20,500

2012 inventory at base amount(19,750)

Increase in base inventory $750

2013 inventory under LIFO

Layer one ($19,750 × 1.00)$19,750

Layer two ($750 × 1.08)810

Total $20,560

2014 inventory at base amount ($25,935 ÷ 1.14)$22,750

2013 inventory at base amount(20,500)

Increase in base inventory $2,250

2013 inventory under LIFO

Layer one ($19,750 × 1.00)$19,750

Layer two ($750 × 1.08)810

Layer three ($2,250 × 1.14)2,565

Total $23,125

8 0
3 years ago
MBO works by objectives moving through the organization; that is, top managers set general organizational objectives, which are
Marina CMI [18]

Answer:

Cascade down.

Explanation:

MBO means Management by Objectives.

Is a program that encompasses:

-specifict goals

-participatetively set

-for an explicit time period

-with feedback on goal progress

MBO operationalizes the concept of objectives by devising a process by which objectives cascade down through the organization.

The result is a hierarchy of objectives that links objectives at one level to those at the next level.

For individual employee, MBO provides specific personal performance objectives.

The cascade down of objectives is:

1 Overall organizational objectives

2 Divisional objectives

3 Departamental objectives

4 Individual objectives

4 0
2 years ago
Mayan company had net income of $33,480. the weighted-average common shares outstanding were 9,300. the company has no preferred
Dvinal [7]

Answer:

Earnings Per Share = $3.6

Explanation:

Given

Net Income Average = $33,480

Weighted-average common shares outstanding = 9,300

Shares sold = 4,300

Required

Calculate the company's earnings per share.

Earning per share is calculated as thus;

Let N represent the Net Income; P represent the Preferred Dividend and W represent the Weighted-average common shares outstanding

Earnings Per Share = \frac{N - P}{W}

The question says there was no preferred stock;

So, P= 0

Substitute $33,480 for N and 9,300 for W.

The formula becomes;

Earnings Per Share = \frac{33,480 - 0}{9300}

Earnings Per Share = \frac{33,480}{9300}

Earnings Per Share = 3.6

Hence, the calculated Earnings per share of Mayan company is $3.6

3 0
3 years ago
David is a drug rep for a pharmaceutical company. He is in the process of prospecting at various medical offices to see who migh
xenn [34]

Answer:

determine purchase authority

Explanation:

Based on the scenario being described within the question it can be said that David was not successful because he forgot to determine purchase authority. In other words he gave the presentation to someone (the receptionist) that does not have any authority to make purchases for the company and is why he was unsuccessful. David needed to find the individual in charge of buying the pharmaceuticals for the company and give him the presentation.

4 0
2 years ago
Read 2 more answers
Classify each of the following financial statement items based upon the major balance sheet classifications. select a major bala
seropon [69]

Answer:

Prepaid Advertising - Current Asset

Equipment - Property, Plant, and Equipment

Trademarks - Intangible Assets

Salaries and Wages payable - Current Liabilities

Income Tax payable - Current Liabilities

Retained Earnings - Stockholder's Equity

Account Receivable - Current Assets

Land (Held for future use) - Long term Investment

Patents - Intangible Asset

Bonds Payable - Long term Liability

Common Stock - Stockholder's Equity

Accumulated Depreciation -  Property, Plant, and Equipment

Unearned sales revenue - Current Liability

Explanation:

Balance Sheet of a company has different heads under which items are classified according to their nature. The major account heads for classification are Assets, Liabilities and Equity.

Prepaid Advertising and Account receivable are classified as current asset because this is expected to be used within a year.

Equipment is classified as Long term asset under the head, Property, Plant and Equipment. The equipment has estimated useful life more than a year then it is classified as Long term asset.

Trademarks and patents are classified as intangible assets, because they are not physical in nature.

Salaries and Wages payable, Income Tax payable and Unearned sales revenue are classified as Current liabilities. These expenses are due to pay within a year.

Retained Earnings and Common Stock are classified as Stockholders equity. The amount after subtracting all liabilities from total assets is referred to as Stockholder equity.

Accumulated depreciation is deducted from Property, Plant and Assets. This has negative sign and is a contra asset account.

5 0
3 years ago
Other questions:
  • Randy is shopping for an all-in-one printer/copier/scanner/fax machine. he decides to purchase a certain model because it has th
    13·1 answer
  • If a stock's dividend is expected to grow at a constant rate of 5% a year, which of the following statements is CORRECT? The sto
    7·1 answer
  • Which of the following are true?
    6·1 answer
  • If a check written and paid by the bank for $638 is incorrectly recorded on the company’s books at $683, the appropriate treatme
    12·1 answer
  • Fullerton Waste Management purchased land and a warehouse for $720,000. In addition to the purchase price, Fullerton made the fo
    12·1 answer
  • LO 1.2What are the key differences between financial accounting and managerial accounting?
    8·1 answer
  • Tate Industries stock is selling for $20 a share. You would like to purchase as many shares of this stock as you can. Your margi
    15·1 answer
  • Loren Company recently purchased materials from a new supplier at a very attractive price. The materials were found to be of poo
    6·1 answer
  • Bramble Corp. purchased a machine for $65600 on July 1, 2020. The company intends to depreciate it over 8 years using the double
    15·1 answer
  • Donn Luxury Resort has just received a utility expense of $45,000. However, the utility expense for Donn was budgeted as $38,700
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!