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NNADVOKAT [17]
3 years ago
11

equired information [The following information applies to the questions displayed below.] Three different companies each purchas

ed trucks on January 1, 2018, for $50,000. Each truck was expected to last four years or 200,000 miles. Salvage value was estimated to be $5,000. All three trucks were driven 66,000 miles in 2018, 42,000 miles in 2019, 40,000 miles in 2020, and 60,000 miles in 2021. Each of the three companies earned $40,000 of cash revenue during each of the four years. Company A uses straight-line depreciation, company B uses double-declining-balance depreciation, and company C uses units-of-production depreciation. Answer each of the following questions. Ignore the effects of income taxes. Required Required a-1. Calculate the net income for 2018?
Business
1 answer:
Shkiper50 [21]3 years ago
6 0

Answer:

Check the explanation

Explanation:

the 2018 net income for company A, B and C

Company A:  

Depreciation expense  11250  =     (50000-5000)/4

Net income  28750  =   40000-11250

 

Company B:  

Depreciation expense  25000  =   50000*50%i.e 0.5

Net income  15000  = 40000-25000

 

Company C:  

Depreciation expense  14850 =(50000-5000)/200000*66000

Net income  25150 =40000-14850

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