Reference no: EM132251423
Questions -
Q1. On January 1 of the current year (Year 1), our company acquired a truck for $75,000. The estimated useful life of the truck is 5 years or 100,000 miles. The residual value at the end of 5 years is estimated to be $5,000. The actual mileage for the truck was 22,000 miles in Year 1 and 27,000 miles in Year 2. What is the depreciation expense for the second year of use (Year 2) if we use the units of production method?
$14,000
$15,400
$16,800
$18,900
Q2. On January 1, our company purchased a truck for $85,000. The estimated useful life of the truck is 4 years. The residual value at the end of 4 years is estimated to be $5,000.
What is the depreciation expense for the second year of use if we use the double-declining balance method?
What is the balance in accumulated depreciation at the end of the second year of use if we use the double-declining balance method?
What is the book value at the end of the second year of use if we use the double-declining balance method.
Q3. On January 1, our company purchased a truck for $80,000. The estimated useful life of the truck is 4 years. The residual value at the end of 4 years is estimated to be $10,000. What is the depreciation expense for the third year of use if we use the straight-line method?
$17,500
$20,000
$35,000
$52,500
Q4. Our company uses the percentage of receivables method to estimate bad debt expense for the year. We had the following account balances on our unadjusted trial balance at the end of the year (December 31): accounts receivable, debit balance of $150,000; allowance for bad debts, debit balance of $1,000. We estimate that 3.5% of accounts receivable at the end of the year are uncollectible. What amount will be debited to bad debt expense when we record the adjusting entry?
$4,000
$4,250
$5,250
$6,250
Q5. Our company uses the percentage of sales method to estimate bad debt expense for the year. Our allowance for bad debts account has a credit balance of $1,000 prior to the adjusting entry for bad debt expense. We have estimated that 2% of net credit sales will be uncollectible for the current year. Net credit sales for the year totaled $200,000. What amount will be debited to bad debt expense when we record the adjusting entry?
3,000
$4,000
$5,000
$6,000
|
What is Curly net income or loss for the month
: Curly's Cuts gave 430 haircuts this past month. What is Curly's net income or loss for the month
|
|
Grammatical structural errors for a business letter
: As reservation clerk for Best Central Inn in St. Louis, you just received a letter from Mr. Jerald Pelletier, administrative secretary of MovieStream
|
|
Prepare a case brief for the boisseau (district court) case
: Prepare a case brief for the Boisseau (District Court) case - describe the basis for the Appeals Court affirming the District Court
|
|
Identify the risk and resilience factors in max life
: Identify the risk and resilience factors in Max's life. Explain why each factor is a risk or resilience factor and how it is related to stress, disease.
|
|
What is the depreciation expense for the third year
: The estimated useful life of truck is 4 years. The residual value at end of 4 years is estimated to be $10,000. What is depreciation expense for third year
|
|
What is a purpose-centered education
: What is a purpose-centered education? How would you as a teacher empower a student? What is your take regarding the future of education in America?
|
|
Describe 3 ways a teacher can show compassion
: Describe 3 ways a teacher can show compassion, justice and concern with IEP members.
|
|
What is the plot the outsiders
: What is the plot "The Outsiders"? describe each stage such as Inciting Incident, Exposition, Rising Action, Climax, Falling Action , and Resolution.
|
|
Calculate the amount of dividends paid by the company
: The beginning and ending retained earnings balances were $46,000 and $52,000, respectively. Calculate the amount of dividends paid by the company
|