On January 1, 2019, Wasson Company purchased a delivery vehicle costing $47,550. The vehicle has an estimated 7-year life and a
$4,500 residual value. Wasson uses the units-of-production depreciation method and Wasson estimates that the vehicle will be driven 105,000 miles. What is the vehicle's book value as of December 31, 2020, assuming the vehicle was driven 10,500 miles during 2019 and driven 18,500 miles during 2020
Explanation: In simple words, financial statements refers to the group of reports and statements that are prepared by an organisation for communication its financial performance and postilion to its internal and external stakeholders.
It constitutes balance sheet, cash flow statement and income statement etc.
<h2>Yes the statement is True. A contract tells an organization how must act and the consequences for failing to act properly.</h2>
Explanation:
It is true that a contract is an agreement which is stating rules and regulation and also the consequences which the company has to face if the rules are violated.
A contract,
is an legal agreement
is signed for specific period
contains rules
consists of benefits which the company will get
also contains terms & conditions which might change from time to time
should be signed by company as well as the party
should even be signed by the witness of both the side
