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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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Communication that builds and maintains favorable relationships by informing and persuading one or more audiences to view an org
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5 0
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Antoine recently received an email from a fraudulent organization that sought his personal financial account information. Recogn
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Answer:

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Deep Water Mining added $411 to retained earnings last year on sales of $24,646. The administrative expenses were $4,370, deprec
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Answer:

It is $18,290.24

Explanation:

Profit after Tax (65%) = addition to retained earnings+dividend paid

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                                    = $ 696

Profit before Tax = [100/65] * $ 696

                            = $1070.76

Tax (35%)             = 35% * $1070.76

                            = $374.77

Gross Profit = Profit before tax + Total expenses

                    = $1070.76 + [  $4,370+ $103+ $812]

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Cost of Sales= $24,646 -$6355.76

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