A company sold a delivery truck for $18,000 cash A company sold a delivery truck for $18,000 cash. Thetruck costs $47,500 and had accumulateddepreciation of $36,000 as of the date of sale. Thesale would include a(n):

Concept of Original Cost:Original cost refers to the purchase price or historical cost of an asset…

Answered: A company sold a delivery truck for…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 12PA: Garcia Co. owns equipment that costs $76,800, with accumulated depreciation of $40,800. Garcia sells...

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Utica Machinery Company purchases an asset for 1,200,000. After the machine has been used for 25,000 hours, the company expects to sell the asset for 150,000. What is the depreciation rate per hour based on activity?
A truck costing S72,000 has accumulated depreciation of $48,000. The truck is sold for $8,500. The journal entry to record this transaction is to: O A. debit Cash for $8,500, debit Truck for $72,000, credit Accumulated Depreciation - Truck for $48,000 and credit Gain on Disposal for S32,500. O B. debit Cash for $15,500, debit Truck for $72,000, credit Accumulated Depreciation - Truck for $48,000, and credit Gain on Disposal for $8,500. OC. debit Accumulated Depreciation - Truck for $48,000, and credit Truck for $48,000. O D. debit Cash for $8,500, debit Accumulated Depreciation - Truck for $48,000, debit loss on Disposal for $15,500 , and credit Truck for $72,000.
White Mountain Supply Company purchases warehouse shelving for $18,500. Shipping charges were $370, and assembly and setup amounted to $575. The shelves are expected to last for 9 years and have a scrap value of $700. Use the straight-line method of depreciation to answer the questions. (Round your answers to the nearest cent.) (a) What is the annual depreciation expense (in $) of the shelving? (b) What is the accumulated depreciation (in $) after the third year? (c) What is the book value of the shelving (in $) after the fifth year?
You are an accountant for ABC Corp. Your purchasing department has procured products invoiced for $25,000 with 2/10 Net 30 terms. If you pay the invoice within 15 days, your payment would be: $25,500. $20,000. $24,500. $25,000. Accounting depreciation systematically allocates the cost of an asset in time over its useful life while economic depreciation deals with: The estimated loss of value of an asset minus the revenue it produces. The estimated salvage value of an asset at its end-of-life. The change of an asset’s value based on fair market price. The value of an asset matched to the revenue it creates indirectly.
White Mountain Supply Company purchases warehouse shelving for $18,500. Shipping charges were $370, and assembly and setup amounted to $575. The shelves are expected to last for 8 years and have a scrap value of $800. Use the straight-line method of depreciation to answer the questions. (Round your answers to the nearest cent.) (a) What is the annual depreciation expense (in $) of the shelving? $ 2,330.63 (b) What is the accumulated depreciation (in $) after the third year? $ 6,991.89 (c) What is the book value of the shelving (in $) after the fifth year? $ 85,571.85 X
White Mountain Supply Company purchases warehouse shelving for $18,400. Shipping charges were $370, and assembly and setup amounted to $375. The shelves are expected to last for 8 years and have a scrap value of $700: Use the straight-line method of depreciation to answer the questions. (Round your answers to the nearest cent.) (a) What is the annual depreciation expense (in $) of the shelving)
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Flower Power, Inc purchases a van for making deliveries for $24,400. The company estimates a four-year service life and a residual value of $1,900. During the four-year period, the company expects to drive the van 108,000 miles. Calculate annual depreciation for the four-year life of the van using each of the following methods. 1. Straight-line. deprediation expense: _________ 2. Double-declining-balance. (Round your depreciation rate to 2 decimal places. Round your final answers to the nearest whole dollar.) year|. depreciation expence| accum. depreciation| book value 1 2 3 4 total 3. Actual miles driven each year were 18,000 miles in Year 1; 32,000 miles in Year 2; 24,000 miles in Year 3; and 25,000 miles in Year 4. Note that actual total miles of 99,000 fall short of expectations by 9,000 miles. Calculate annual depreciation for the four-year life of the van using activity-based. (Round your depreciation rate to 2 decimal places.) year|. depreciation expence| accum.…
White mountain supply company purchases warehouse shelving for 18,400. Shipping charges were $ 370 and assembly and set up amounted to $575. The shelves are expected to the last nine years and have a scrap value of $800. Use a straight line method of depreciation, answer the questions round your answer to the nearest cent. A- what is the annual depreciation expense in dollars of the shelving? B-what is the accumulated depreciation in dollars after the third year? C-what is the book value of the shelving in dollars after the fifth year?
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A company sold a delivery truck for $18,000 cash. The truck costs $47,500 and had accumulated depreciation of $36,000 as of the date of sale. The sale would include a(n):