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tatyana61 [14]
3 years ago
11

On January 1, 2016, Wasson Company purchased a delivery vehicle costing $50,710. The vehicle has an estimated 8-year life and a

$4,700 residual value. Wasson uses the units-of-production depreciation method and Wasson estimates that the vehicle will be driven 107,000 miles. What is the vehicle's book value as of December 31, 2017 assuming Wasson uses the units-of-production depreciation method and the vehicle was driven 10,700 miles during 2016 and 18,700 miles during 2017? (Do not round your intermediate calculations.)
A. $34,508.
B. $38,068.
C. $33,368.
D. $39,208.
Business
1 answer:
oee [108]3 years ago
7 0

Answer:

Book value= $33,008

Explanation:

Giving the following information:

On January 1, 2016:

Purchase cost= $50,710.

Residual value= $4,700

Wasson uses the units-of-production depreciation method.

The vehicle will be driven 107,000 miles.

2016= 10,700 miles

2017= 18,700

First, we need to calculate the depreciation of 2016 and 2017, using the following formula:

Annual depreciation= [(original cost - salvage value)/useful life of miles]*miles

2016= [(50,710 - 4,700)/107,000]*10,700= $4,601

207= 0.43*18,700= $8,401

Book value= depreciable value - accumulated depreciation

Book value= 46,010 - (4,601 + 8,401)= $33,008

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Answer:

(1) establish the fund on January 1,

  • Dr Petty cash fund 200
  •     Cr Cash 200

(2) reimburse it on January 8

  • Dr Postage expenses 39
  • Dr Transportation expenses 12
  • Dr Delivery expenses 14
  • Dr Miscellaneous expenses 28
  •     Cr Cash 93

(3) both reimburse the fund and increase it to $350 on January 8, assuming no entry in part 2.

  • Dr Petty cash fund 150
  • Dr Postage expenses 39
  • Dr Transportation expenses 12
  • Dr Delivery expenses 14
  • Dr Miscellaneous expenses 28
  •     Cr Cash 243

The only difference between part 2 and 3 is that the Petty cash fund is increased by $150, and cash decreases by $243 instead of $93.

6 0
3 years ago
Clearly establishing property rights for water ownership would result in which of the following? Choose one or more: A. incentiv
Tems11 [23]

Answer:

The options chosen are:

B. the tragedy of the commons;

C. incentive to conserve the property;

E. incentive to protect the property.

Explanation:

<em> B. The tragedy of the commons- </em>Open-access regimes can be exploited on a first-come, first-served basis, because no individual or group has the legal power to restrict access. The consequences of open access have become popularly known as what Hardin (1968) misleadingly called ‘the Tragedy of the Commons.’

<em>C. incentive to conserve the property:</em> In addition, clearly defining and assigning property rights should resolve environmental problems by internalising externalities and relying on incentives for private owners to conserve resources for the future.

<em>E.</em> The Incentive to protect the property -<em> </em><em>The incentives associated with private property rights can help conserve scarce resources: Private ownership entails penalties for premature harvesting or over-harvesting of resources. Private ownership rewards community and individual cooperation. Private ownership rewards conservation and stewardship behaviour.</em>

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3 years ago
Wilma, Betty, and Fred are partners who share income and losses in a 5:3:2 ratio. Wilma decides to retire from the partnership w
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Answer:

<u>debited</u>

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When partners retire, the balances standing to the credit of their capital accounts needs to be settled or paid off.

As per the given information, Wilma is paid $45000 in cash. The journal entry in this case would be:

Wilma's Capital A/C                                    Dr.  $45000

    To Cash A/C                                                                $45000

For the remaining balance, Wilma shall be paid in cash as follows,

Wilma's Capital A/C                                    Dr. $5000

     To Cash A/c                                                            $5000

(Being settlement of a retiring partner's capital account being recorded)

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5. Debit cards can be:
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The answer to that question is letter D. hope this helps
5 0
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20
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6 0
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