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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

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What is financial risk?
Rashid [163]

Answer:

what are the options? then ill reply with an answer.

3 0
3 years ago
At the end of the year, the deferred tax asset account had a balance of $4 million attributable to a temporary difference of $16
Alex

Answer:

1 . Dr ncome tax expense 7

Dr Deferred tax asset 4

Cr Income tax payable 11

2. Dr Income tax expense3

Cr Valuation allowance-Deferred tax asset3

Explanation:

Preparation of Journal entries

JournalDebitCredit

(In million)

1 . Dr ncome tax expense 7

($11-$4=7)

Dr Deferred tax asset 4

($16× 25% = $4)

Cr Income tax payable 11

($44 × 25% = $11 )

2. Dr Income tax expense3

Cr Valuation allowance-Deferred tax asset3

(3/4 × $4) = $3 million

Deferred tax asset= ($16× 25%)

Deferred tax asset= $4 million

Income tax payable= ($44 × 25%)

Income tax payable= $11 million

5 0
3 years ago
In 2016, the Neverland had a population of 8,200 and real GDP of 210,500. Neverland had 5% growth in real GDP per person. In 201
igomit [66]

Answer:

c.226,416

Explanation:

Calculation for what was real GDP in the Neverland in 2019

First step is to calculate real GDP per capital

Real GDP per capital=210,500/8,200

Real GDP per capital=25.6707

Second Step is to calculate Real GDP per person

Real GDP per person=(1+0.05)*25.6707

Real GDP per person=1.05*25.6707

Real GDP per person=26.954235

Last step is to calculate the real GDP in the Neverland in 2019

Using this formula

Real GDP in the Neverland in 2019=Real GDP per person* Population

Let plug in the formula

Real GDP in the Neverland in 2019=26.954235*8,400

Real GDP in the Neverland in 2019=226,416

Therefore the real GDP in the Neverland in 2019 will be 226,416

6 0
3 years ago
Read 2 more answers
Lyft raises ride-sharing fares when more people need rides and vice versa. This is referred to as _______. a. pricing based on p
Leto [7]

Lyft raises ride-sharing fares when more people need rides and vice versa. This is referred to as Surge pricing. Hence option D is correct.

<h3>What does pricing stand for?</h3>

Pricing is the process of determining the value that a manufacturer will receive in exchange for their goods and services. The producer uses a pricing strategy to make the cost of its products suitable for both the manufacturer and the consumer.

When a business increases the price of a good or service when demand is high and lowers prices when demand is low, this practice is known as "surge pricing."

Hence option d is correct.

Learn more about Surge pricing:

brainly.com/question/14237787

#SPJ1

8 0
1 year ago
Harrisburg Furniture Company started construction of a combination office and warehouse building for its own use at an estimated
expeople1 [14]

Answer:

(a) $406,720

(b) $176,891

Explanation:

(a) (i) Interest payable on short term loan in 2020:

= 1,400,000 × 10%

= $140,000

Interest payable on long term loan in 2020:

= 1,000,000 × 11%

= $110,000

Weighted average interest rate:

= [(Interest payable on short term loan + Interest payable on long term loan) ÷ (1,400,000 + 1,000,000)] × 100

= [($140,000 + $110,000) ÷ (1,400,000 + 1,000,000)] × 100

= ($250,000 ÷ 2,400,000) × 100

= 10.42%

(ii) Avoidable interest on this project:

= (2,000,000 × 12%) + [(3,600,000 - 2,000,000) × 10.42%]

= 240,000 + 166,720

= $406,720

(b) Total capitalization cost:

= Cost to complete the construction + Avoidable interest

= $5,200,000 + $406,720

= $5,606,720

Depreciation:

= (Total capitalization cost - Salvage value) ÷ Estimated life

= ($5,606,720 - $300,000) ÷ 30

= $5,306,720 ÷ 30

= $176,891

7 0
3 years ago
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