Burger Chef acquired a delivery truck on March t 2021 or $15.800 The company estmates a residul ve of $200 nd teyservice life. It expects to drive the truck 66.000 miles Actual mileage was 12.000 mdes in 2021 and 600 les in 2022Calculate depreciation expense using the activity-based method for 2021 and 2022. ssuming a December 31 year end De notround intermediate calculations.)DepreciationExpenseYear20212022

Name: Burger Chef acquired a delivery truck on March t 2021 or $15.800 The
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Description: Burger Chef acquired a delivery truck on March t 2021 or $15.800 The company estmates a residul ve of $200 nd teyservice life. It expects to drive the truck 66.000 miles Actual mileage was 12.000 mdes in 2021 and 600 les in 2022Calculate depreciatio

Depreciation rate per miles = (Cost - salvage value)/expected miles = (15,800 -…

Business

Accounting

Burger Chef acquired a delvery truck on Marcht 2021 or S500 The company est service lfe it expects to drive the truck 66.000 mes Actual meage s 12.000 mes in 2021 and 2022 Calculate depreciation expense using the activity-based method for 2021 and 2022 uming a Decenter 31 year end De net round intermediate calculations) Depreciation Expense Year 2021 2022

Burger Chef acquired a delvery truck on Marcht 2021 or S500 The company est service lfe it expects to drive the truck 66.000 mes Actual meage s 12.000 mes in 2021 and 2022 Calculate depreciation expense using the activity-based method for 2021 and 2022 uming a Decenter 31 year end De net round intermediate calculations) Depreciation Expense Year 2021 2022

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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Depreciation for Partial Periods Chambers Delivery Company purchased a new delivery truck for $71,000 on April 1, 2019. The truck is expected to have a service life of 5 years or 170,000 miles and a residual value of $3,000. The truck was driven 8,000 miles in 2019 and 18,000 miles in 2020. Chambers computes depreciation expense to the nearest whole month. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the question below. Open spreadsheet Required: 1. Compute depreciation expense for 2019 and 2020 using the following methods: (Round your answers to the nearest dollar.) a. Straight-line method 2019 2020 b. Sum-of-the-years'-digits method 2019 2020 2$ c. Double-declining-balance method 2019 2020 d. Activity method 2019 $4 2020 $ 2. For each method, what is the book value of the machine at the end of 2019? At the end of 2020? (Round your answers to the nearest dollar.) a. Straight-line…
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