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svetlana [45]
3 years ago
10

Sooner Machinery Company purchased a delivery truck at a cost of $56,000 on March 10, 2018. The truck has a useful life of six y

ears with an estimated salvage value of $5,000. Compute the annual depreciation for the first two calendar years using
a. The straight-line method.
b. The 150% declining-balance method.
Business
1 answer:
Fofino [41]3 years ago
4 0

Answer:

Results are below.

Explanation:

Giving the following information:

Purchase price= $56,000

Useful life= 6 yearsd

Salvage value= $5,000

<u>a. To calculate the annual depreciation, we need to use the following formula:</u>

Annual depreciation= (original cost - salvage value)/estimated life (years)

Annual depreciation= (56,000 - 5,000) / 6= $8,500

<u>Year 1</u>:

Annual depreciation= (8,500/12)*10= $7,083.33

<u>Year 2:</u>

Annual depreciation= $8,500

<u>b. To calculate the annual depreciation, we need to use the following formula:</u>

Annual depreciation= 1.5*[(book value)/estimated life (years)]

<u>Year 1:</u>

Annual depreciation= [(1.5*8,500)/12]*10= $10,625

<u>Year 2:</u>

Annual depreciation= [(51,000 - 10,625)/6]*1.5

Annual depreciation= $10,093.75

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Even after understanding your customer segment and satisfying your customers, you have to keep up with the market trends and the changing needs of customers if you need to be successful.

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For a uniform series that starts at the end of the year two and stops at the end of year eight, the (F/A, i%, 7) factor will yie
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3 years ago
Revenues are normally recognized when the company transfers promised goods or services in the amount the company expects to be e
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Answer:

A. None

B. Interest revenue $1,500

C. Sales revenue $32,000

D. None

E. Sales revenue $16,000

F. None

G. None

H. None

I. None

J. Revenue tickets sales $10,000,000

K. None

L. $96,000

M. 300

Explanation:

Indication for the revenue account title and amount for each transaction

a. Since we were told that Subscription will begins in next fiscal this means that Revenue amount will be earned when subscription begins in the next fiscal year.

b. Annual interest = $1,500

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Interest revenue earned in September = $125

c. Based on the information given the amount of Revenue to be recognized for cash equivalent sales value will be $32,000

d. Since we were told that PVH has just received the order in the month of September this means that no revenue can be recognized.

e. Revenue to be recognized = 1,000 * $16

Revenue to be recognized = $16,000

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g. Based on the information given the payment that was made is for travel in January which means that revenue is to be recognized only when travel takes place. Hence, No revenue will be recognized in September.

h. Based on the information given the Issue of common stock will not be a sales transaction.

i. Based on the information given the amount of Cash received in the month of September is Únearned revenue reason been that revenue will be recognized l when football game is been played.

j. Based on the information given out of 7 games, first game is played, which means that the Revenue amount to be recognized will be :

Revenue= 70,000,000/ 7

Revenue = $10,000,000

k. Based on the information advance amount for future construction was received which is 'Unearned Revenue' therefore No revenue is earned yet.

l. Since It is sales on account the evenue to be recognized will be the amount of $96,000

m. Revenue to be recognized will be the amount of $300 because payment was made through credit card

Therefore the summary of Revenue account affected and Amount of Revenue earned in September is :

Revenue account affected; Amount of Revenue earned in September

A. None

B. Interest revenue $1,500

C. Sales revenue $32,000

D. None

E. Sales revenue $16,000

F. None

G. None

H. None

I. None

J. Revenue tickets sales $10,000,000

K. None

L. $96,000

M. 300

.

6 0
3 years ago
In the lesson, you learned about Dave and his bakery. It was mentioned that “in one hour of work, Dave can make either 60 donuts
MAXImum [283]
B. customers prefer donuts.
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At the equilibrium price, Multiple Choice there are forces that cause price to rise. quantity supplied may exceed quantity deman
Vilka [71]

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