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iris [78.8K]
3 years ago
13

Company acquired a new truck at at cost of $52,000 on January 1, 2019. The truck is expected to be used for 4 years and have a s

alvage value of $8,000 at that time. The company uses the straight-line method to calculate depreciation. #1. Calculate depreciation expense for 2019 #2 Calculate depreciation expense for 2020 #3 Calculate accumulated depreciation as of 12/31/2019 #4 Calculate accumulated depreciation as of 12/31/2020 #5 Calculate the book value as of 12/31/2020
Business
1 answer:
AfilCa [17]3 years ago
3 0

Answer and Explanation:

The computation is shown below:

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

= ($52,000 - $8,000) ÷ (4 years)

= ($44000) ÷ (4 years)  

= $11,000

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

a. The depreciation expense for 2019 is $11,000

b.  The depreciation expense for 2020 is $11,000

c. The accumulated depreciation for year 2019 is $11,000

d. The accumulated depreciation for year 2020 is $22,000 ($11,000 + $11,000)

e. The book value is

= Original cost - accumulated depreciation

= $52,000 - $22,000

= $30,000

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Explanation:

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3 years ago
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An indication of one’s lifestyle is __________________.
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all of the above

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2 years ago
Farina Foods manufactures a dog food product called Special Scoops. Farina currently has 20,000 bags of Special Scoops in invent
BlackZzzverrR [31]

Answer:

B. process Special Scoops further into Prime Scoops and Canine Sports to increase profits by $37,000.

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Calculation to determine what the decision that Farina should make and the reason is

First step is to calculate the Special scoops

Special scoops = 20,000 bags x ($7 - $1.50) - $20,000

Special scoops =20,000 bags x$5.5-$20,000

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Second step is to calculate the Prime scoops

Prime scoops = 15,000 bags x $8 + 10,000 bags x $6 - (20,000 bags x $1.50 + $20,000 + $3,000)

Prime scoops =$120,000+$60,000-($30,000+$20,000+$3,000)

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Now let calculate the Profit increase

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3 years ago
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134

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3 years ago
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vladimir2022 [97]

Answer: D. Longhorn owns the inventory and should report it on its balance sheet.

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Goods to be sold on consignment for a company means a company is selling goods for another company and will be paid for their services.

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