Reference no: EM132991512
Question - On October 1, 2020 Jazz Corporation purchased a delivery truck for $42,000. The shareholders' estimate the useful life of the vehicle is 4 years or 120,000 km & that they will be able to sell it for $6,000 at the end of it's useful life.
The shareholder's can't agree on which method of depreciation to use - Socks wants to use straight line, Gizmo wants to use double-declining balance & Fore wants to use units-of production. They have come to you for some assistance
The vehicle was driven 16,500 km in the first year of operations.
Required -
1. Applying the half-year rule calculate depreciation for the year ended May 31, 2021 using a- the straight line method b - the double-declining balance method c - the units of production method?
2. Prepare the journal entry to record the depreciation assuming they use the straight line method?
3. Which method will result in Jazz Corporation having the highest net income for the year ending May 31, 2021?
4. Assume that Jazz Corporation uses the straight line method for depreciation & sells the vehicle on June 1, 2023 for $21,500. Prepare the journal entry to record the sale of the vehicle.
|
Calculate the depreciation expense amount
: Calculate the depreciation expense amount that should be recognised in Black Ltd's financial statements for the year ended 30 June 2020
|
|
Explanation of how competing needs such as the needs
: Explanation of how competing needs, such as the needs of the workforce, resources, and patients, may impact the development of policy.
|
|
Discuss the basics of qualitative research
: Select a qualitative question you are interested in investigating. Discuss the basics of qualitative research: what are the characteristics
|
|
Discuss what are four designs of qualitative type research
: Discuss what are the 4 designs of the qualitative type research, which type would be appropriate for your qualitative research question and why?
|
|
Prepare the journal entry to record the depreciation
: On October 1, 2020 Jazz Corporation purchased a delivery truck for $42,000. Prepare the journal entry to record the depreciation
|
|
Why databases are better than general internet search
: Why databases are better than Google Scholar or general Internet search. Identify two GCU Library scholarly databases that will help you find the best research.
|
|
Discuss how the concept has evolved to include wellness
: Discuss how the concept has evolved to include wellness, illness, and overall well-being. How has health promotion changed over time?
|
|
How much will the Dumonts need to save each year
: The Dumonts hope that Chad will receive academic scholarships that will reduce their total college costs to about $40,000. How much will the Dumonts need
|
|
Describe two barriers that might hold nursing practice
: Describe two barriers that might hold nursing practice from achieving this goal and suggest ways in which identified barriers may be addressed.
|