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Tomtit [17]
3 years ago
15

Whippet Bus Lines uses the units-of-activity method in depreciating its buses. One bus was purchased on January 1, 2017, at a co

st of $101,000. Over its 4-year useful life, the bus is expected to be driven 186,000 miles. Salvage value is expected to be $8,000.
Business
1 answer:
Arte-miy333 [17]3 years ago
6 0

Answer:

Whippet Bus lines should depreciate the bus $0.50 for every mile driven.

Explanation:

To determine the amount of money that Whippet Bus should depreciate for every mile driven, we first must find the total depreciable value of the bus:

depreciable value = purchase cost - salvage value = $101,000 - $8,000 = $93,000

Now we divide the depreciable value by the expected useful life of the bus measured in miles:

cost per unit of activity = $93,000 / 186,000 miles = $0.50 per mile

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Answer:

Chevrolet Dealership

A) The total cost of the entire inventory is:

= $575,000

B) Each inventory would be reported at the LCNRV:

Inventory Items  Quantity  Reporting Cost/Value

Vans                        4              NRV

Trucks                     7              NRV

2-door sedans        3              Cost

4-door sedans        5              Cost

Sports cars              1              Cost

SUVs                       6              NRV

C) Journal Entry:

Debit Cost of goods sold $27,000

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To write-down costs to net realizable values.

D) TRUE.

Explanation:

a) Data and Calculations:

Inventory Items  Quantity    Cost per unit      NRV per Unit      LCNRV

Vans                        4           27000 $108,000      25000        $100,000

Trucks                     7            18000   126,000       17000           119,000

2-door sedans        3           13000     39,000      15000            39,000

4-door sedans        5           17000     85,000     20000            85,000

Sports cars              1          37000      37,000     40000            37,000

SUVs                       6         30000    180,000     28000           168,000

Total Cost                                      $575,000                         $548,000

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3 years ago
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Answer:

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8 0
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Costly Corporation is considering a new preferred stock issue. The preferred would have a par value of $1000 with an annual divi
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Answer:

28.63%

Explanation:

The computation of the cost of preferred stock is shown below:

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And, the price of the stock is

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So, the cost of preferred stock is

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Hence the correct option is D.

5 0
3 years ago
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