Answered: A new car is sold for $ 35,000, but the…

A new car is sold for $ 35,000, but the next year its price is specified as 31,400. How much is the vehicle's depreciation amount in the first year? O $4,600 O zero dollars O $1,400 O $3,600 O $2,600

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

What is the after-tax salvage value of a 3-year MACRS machine with the $10,000 purchase price if it is sold after 3 years at a salvage value of $500? The annual depreciation rates are 33.33%, 44.45%, 14.81%, and 7.41%, and the tax rate is 25%. A) $935.25 B) $741 C) $560.25 D) -$60.25 E) -$241
What is the book value of this car after 3 years?
24. Steven found that the value of his new car is currently $31,200 and willdepreciate 6.9% per year. Based on the rate of depreciation, find the value ofhis car in 5 years. A. $21,822.42B. $20,436.00C. $6,240.00D. $15,600.00
A delivery car had a first cost of $40,000, an annual operating cost of $18,000, and an estimated $3500 salvage value after its 6-year life. Due to an economic slowdown, the car will be retained for only 3 years and must be sold now as a used vehicle. At an interest rate of 11% per year, what must the market value of the used vehicle be in order for its AW value to be the same as the AW if it had been kept for its full life cycle? The market value of the used vehicle is determined to be $
A wedding maching custs $250,000. A facility purchases one and plans to use it for 10 years, at 'which point it will have a value of 35,000. calculate the depreciation allowance and book value after 5 yrak of use using Straight line depreciation balance depreciation (a) (b) using deckning () Uring MACKS 7-year property with 50% bonus depreciation (d) using MACKS 7- year property with 50% bonus depreciation of the machine is sold if in year s?
KM Builders Co purchases a new excavator costing £50,000. Its expected useful life is ten years, at which point it is anticipated that the excavator will have a residual value of £18,000. If the straight-line method of depreciation is used, what is the carrying amount of the excavator at the end of 4 years? O A. £32,000 O B. £48,000 OC. £50,000 OD. £37,200
None
You purchase a new pizza oven for $9,950 which will have a scrap value of $900. Assuming a 35% depreciation rate, how much depreciation would you recognize in year one when using the Double Declining Balance depreciation method? $2,810 $3167.50 $3482.50 $3.572.75
Original Cost POST. ... Accumulated Depreciation for Previous Years DATE DESCRIPTION REF. DEBIT CREDIT ... Book Value, Beginning Year 4 1 20xx ... Revised Salvage Value 2 2. ... Revised Remaining Depreciation Cost 3 ... 4 Revised Useful Life 3 Years Revised Depreciation, Total Revised Depreciation, Per Year ...
Suppose that you are asked to derive the depreciation rate for a house on rural property. The contributory value of the house is $50,000, the replacement cost is estimated to be $80,000, and its effective age is 10 years. Calculate the annual percentage depreciation for this house. 3% 3.75% 4% 4.75%
the answer to this question is Q2.17a= $11,200 , Q2.17b= $5734 , Q2.17c=$2936 but we just need to find how we get that answer for these questions please help
An equipment's with 5 years useful life is with initial cost of $1,000,000. After 5 years, the equipment's useful life will be The equipment's value will be depreciated linealy. Tax rate = 20% . What is the after tax residual value of this equipment at the end of 4th year if the equipment was sold at 2,000. $ 18200 $ 25700 $20300 $41600