Assume Smart Touch Learning sells a van for $3,000 with a cost of $17,000 and up-to-date accumulated depreciation of $15,000. The journal entry to record the disposal of the van would include (check all that apply) DA. A credit to Vehicles for $17,000 OB. A debit to Cash for $3,000 C. A debit to Gain on Disposal for $1,000 OD. A credit to Gain on Disposal for $1,000

Assume Smart Touch Learning sells a van for $3,000 with a cost of $17,000 and up-to-date accumulated depreciation of $15,000. The journal entry to record the disposal of the van would include (check all that apply) DA. A credit to Vehicles for $17,000 OB. A debit to Cash for $3,000 C. A debit to Gain on Disposal for $1,000 OD. A credit to Gain on Disposal for $1,000

Name: Assume Smart Touch Learning sells a van for $3,000 with a cost of $17
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Description: Assume Smart Touch Learning sells a van for $3,000 with a cost of $17,000 and up-to-dateaccumulated depreciation of $15,000. The journal entry to record the disposal of the van would include(check all that apply)A. A credit to Vehicles for $17,000OB

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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6
You have gathered the following vehicle costs: Vehicle Costs Annual depreciation Current year's loan interest Insurance License and registration fees Parking and tolls Annual mileage Miles per gallon Average gasoline price Oil changes and repairs Required a a. Calculate the annual variable and fixed costs of the vehicle. b. Compute the operating cost per mile. Required b Operating cost $ 3,900 $ 1,450 $ 1,410 Complete this question by entering your answers in the tabs below. $ 66 $ 424 19,300 0.6 X 24 $ 3.40 per gallon $ 438 cents per mile Compute the operating cost per mile. Note: Do not round intermediate calculations. Enter your answer in cents rounded to 1 decimal place Answer is complete but not entirely correct. < Required a Required b D
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(Learning Objective 3: Determine depreciation amounts by three methods) PresleyPizza bought a used Ford delivery van on January 2, 2018, for $22,000. The van was expected toremain in service for four years (80,000 miles). At the end of its useful life, Presley managementestimated that the van’s residual value would be $2,000. The van traveled 32,000 miles the firstyear, 28,000 miles the second year, 15,000 miles the third year, and 5,000 miles in the fourth year.Requirements1. Prepare a schedule of depreciation expense per year for the van under the threedepreciation methods discussed in this chapter. (For units-of-production and doubledeclining-balance methods, round to the nearest two decimal places after each step of thecalculation.)2. Which method best tracks the wear and tear on the van?3. Which method would Presley prefer to use for income tax purposes? Explain yourreasoning in detail.
ilrn/takeAssighmer P MyLab & Masterin... https://sullivan.bla... 目Rea Gmail Mail - Newcomb,... Sullivan Blackboard Learn >> W Microsoft Office H... Revision of Depreciation A truck with a cost of $123,000 has an estimated residual value of $24,000, has an estimated useful life of 12 years, and is depreciated by the straight-line method. a. Determine the amount of the annual depreciation. $ 121,000 b. Determine the book value at the end of the seventh year of use. 2$ C. Assuming that at the start of the eighth year the remaining life is estimated to be six years and the residual value is estimated to be $15,000, determine the depreciation expense for each of the remaining five years. %24 Previous
help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working
help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working
Click to watch the Tell Me More Learning Objective 6 video and then answer the questions below. 1. Cost less accumulated depreciation equals a. depreciable cost. b. book value. c. residual value. d. accumulated value. 2. Accumulated depreciation would be shown on which financial statement? a. Balance sheet b. Income statement c. Statement of cash flows d. Statement stockholders' equity
Learning Task ● (DPR X Interest charged You needed to buy new furniture for your dorm room at college, but unfortunately you didn't have the money to pay for it up front. You decide to put $525 on your credit card to pay for a bedroom set, a desk and a mini fridge. On the due date of the credit card, you were only able to pay the minimum payment of $25. This means you will have to pay interest on the remaining balance you owe. Your credit card has an APR of 17%, and there were 30 days in the billing period. Use the workspace below to calculate how much interest you will owe on your purchase. ● Days in billing period • Balance subject to interest rate For full credit, be sure to show: . The balance after making the minimum payment How you calculated the daily percentage rate All numbers plugged in correctly to the formula above The correct amount of interest owed in addition to the original balance %
(Learning Objective 3: Compute depreciation using double-declining-balance methodwith a residual value of zero) Using the double-declining-balance method of depreciation,calculate the following amounts for the car for each of the four years of its expected life:a. Depreciation expenseb. Accumulated depreciation balancec. Book valueThe following data should be used for S7-10 through S7-12.FlavorRite purchased a used van for use in its business on January 1, 2017. It paid $17,000for the van. FlavorRite expects the van to have a useful life of four years, with an estimatedresidual value of $1,400. FlavorRite expects to drive the van 16,000 miles during 2017, 19,000miles during 2018, 17,000 miles in 2019, and 48,000 miles in 2020, for total expected miles of100,000.