User Account

All Pages

Calculate the carrying amount at the end

Assignment Help Accounting Basics
Reference no: EM133005797

Question - One Corporation purchased a new vehicle on Jan 4, 2019 for $132,000 cash. The vehicle has a useful life of 12 years or of 120,000 kilometres. After the useful life the vehicle will have a residual value of $4,000. The vehicle was used for 9,500 km in 2019 and 11,000 km in 2020.

Required -

1. Calculate the depreciation expense for 2019 and 2020 under each of the following methods:

i. Straight-line

ii. Double diminishing-balance

2. Calculate the carrying amount at the end of 2020 for the vehicle when the company is using the Straight-line depreciation method.

3. Record the journal entry for the cash purchase of the vehicle on Jan 4, 2019 and for its depreciation expense for the year ended December 31, 2020 under the double diminishing method.

Reference no: EM133005797

Questions Cloud

Determine the cost of goods manufactured : Other information: Sandhill's income tax rate is 30%. On Sandhill's multiple-step income statement for 2020, determine the Cost of goods manufactured
What is the dividend payable to the ordinary shareholders : On December 31, 2020, the entity declared dividend of P1,000,000. What is the dividend payable to the ordinary shareholders
Prepare the amortization table for the lease agreement : Lease installments of Rs.142,000 are payable annually, in arrears, on Dec, 31. Prepare the Amortization table for the lease agreement
Consider three releases and identify the goals : Consider three releases and identify the goals of each release and Release goal should specify the purpose and desired outcome of a particular release
Calculate the carrying amount at the end : Calculate the carrying amount at the end of 2020 for the vehicle when the company is using the Straight-line depreciation method
What has been the average annual yield of that inversión : If you bought an Amazon action at the market value of $39.52 and that action is worth $3281 today. What has been the average annual yield of that inversión
What blend of foods satisfies the requirements : What blend of foods satisfies the requirements at minimum cost to the pharmacy - what blend of foods satisfies the requirements at minimum cost to the pharmacy
Record a journal entry for the original transaction : For the transactions above, record a journal entry for the original transaction and record the required year-end adjustment
What the revenue reported from this transaction : Swifty Corporation collected $11200 in September of 2021 for 4 months of service. What the revenue reported from this transaction

Reviews

Write a Review

Accounting Basics Questions & Answers

  What account is credited by cheddar company

Cheddar Company purchased merchandise on account from a supplier for $8,500, terms 2/10, n/30. Before payment was due, Cheddar Company returned $800.

  Determine matrix taxable income for the year ended

Determine Matrix's taxable income for the year ended December 31, 2015.Prepare the 2015 year-end journal entry to record income tax expense

  Find the bond interest expense for the six months ended

Legion records interest at the effective rate. Legion should report bond interest expense for the six months ended June 30, 2016, in the amount of

  Determine the year-end balance in retained earnings

Cash, $16,000; accounts receivable, $11,000; Determine the year-end balance in retained earnings for K and J Nursery, Inc.

  Calculate the activity rate

The company produced an average of 40 units per batch and the number of batches produced is 9,000. Calculate the activity rate

  Manufacturing costs beginning work in process inventory of

the painting department of the garner manufacturing company has the following production and manufacturing cost data

  On january 1 200x rare bird ltd purchased 12 bonds dated

1. on january 1 200x rare bird ltd. purchased 12 bonds dated january 1 200x with a face amount of 20 million. the bonds

  By how much must sales increase

Suppose sales increase by R10 000 without changes to any costs. By what amount will contribution margin and operating profit increase?

  What are the rules should know for advanced managerial

What are the rules should know for Advanced Managerial and Cost Accounting ACC 653 need to know about it before the course start next month.

  Determine the correct amount of trade accounts receivable

Customers' accounts reporting credit balances arising from sales returns ( 600,000). Determine the correct amount of trade accounts receivable

  Local currency of the foreign subsidiary

When the local currency of the foreign subsidiary is the functional currency, a foreign subsidiary's inventory carried at cost would be converted to U.S. dollars by:

  How can internal auditors maintain independence

How can internal auditors maintain independence, since they are employees of the company?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd