1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
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

You might be interested in
Min applies for a job as a receptionist at an accounting firm. If she is denied a job because she is of Asian origin, she may be
Likurg_2 [28]

Answer:

Option C is the correct answer.

Explanation:

What do we understand by disparate-treatment discrimination?

It simply refers to an act of unequal behavior towards someone because of some existing prejudices in the mind of those that commit the act. These prejudices could include false believes about the person coming in. For example a stereotype about being Asian or probably, one about being a female. So what this means is that this act is committed when an unequal behavior is shown to a person because of some characteristics possessed by the person for example gender-based or demographic considerations.

Important to note is that this act is illegal. Since it is illegal, a person feeling he had been a victim could get a court to preside over his/her issues with the said person

6 0
3 years ago
Read 2 more answers
What an example of current Marketing situation of a business or service​
Romashka-Z-Leto [24]
It’s difficult for companies to market their movies since many people aren’t visiting theatres with Delata variant going on. Companies like Disney/Marvel recognise this and teased their “Black Widow”movie to Disney plus for people who refused to go to the theatres.
8 0
3 years ago
Determine which of the following statements are correct regarding the difference between physical flow and the cost flow of good
Viktor [21]

Answer:

a.Perishable items must have an actual physical flow of FIFO

Explanation:

  • Cost flow estimates are required to determine the cost of goods sold and to end inventory. Companies make some ump habits about what goods are sold and what items are listed (as a result of various accounting methods).
  • Financial reporting and tax benefits and the actual movement of goods are not required to be accepted
  • The continuous inventory system may have different end inventory and COGS yields compared to the periodic inventory system due to LIFO's calculation time and weighted average cost flow estimates.
  • Reducing or exceeding the lower price of goods sold when prices fall or rise
4 0
3 years ago
Research and development costs should be: A. Expensed in the period incurred. B. Expensed in the period they are determined to b
Vladimir79 [104]

Answer:

The correct answer is letter "A": Expensed in the period incurred.

Explanation:

Research and Development (R&D) costs are spent on the development of new products that could or could not end up being commercially offered. These kinds of costs are usually expensed at the same time they are incurred. According to the U.S. Statement of Financial Accounting Standards, the R&D costs cannot be capitalized.

6 0
3 years ago
Rossiter Restaurants is analyzing a project that requires $180,000 of fixed assets. When the project ends, those assets are expe
Korolek [52]

Answer:

We consider the salvage value as an income at the last moment.

Explanation:

The salvage value is the money we can when we sell the fixed assets we use in project.  

When we compute the net present value ,  we consider the salvage value as an income in the last moment.  We have to consider the time of the project to bring it at the actual moment. If the rate of discount is different to 0,  the actual value of salvage value ,  will always be smaller that the $45,000

4 0
3 years ago
Other questions:
  • How are issues such as customer theft and spoilage addressed at year-end?
    5·1 answer
  • The following data are from the accounting records of Kain Company: Net income $40,000 Depreciation expense 8,000 Decrease in ac
    15·1 answer
  • In order have legal standing, ____.
    11·1 answer
  • The bid-ask spread exists because of _______________. A. market inefficiencies B. discontinuities in the markets C. the need for
    13·1 answer
  • In financial management, risk is referred to as the environmental factors that may affect a business adversely. internal factors
    10·1 answer
  • Why is it difficult to pay off debt and how can debt payments work against consumers?
    15·1 answer
  • During a resuscitation, the team leader assigns team roles and tasks to each member. You recognize that a task has been overlook
    12·1 answer
  • Mendrisio Company purchased a piece of machinery for $30,000 on January 1, 2019, and has been depreciating the machine using the
    12·1 answer
  • Variable overhead is applied based on direct labor hours. The variable overhead rate is $220 per direct-labor hour. The fixed ov
    14·1 answer
  • Brandon is a college freshman who dreams of managing a chain of national hotels. Which job would best help him achieve his goal?
    6·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!