Current Attempt in Progress Kingbird, Inc. purchased a truck for $80,000. The company expected the truck to last four years or 120,000 miles, with an estimated residual value of $17,000 at the end of that time. During the second year the truck was driven 31,000 miles. Compute the depreciation for the second year under each of the methods below and place your answers in the blanks provided. Units-of-activity Double-declining-balance

Current Attempt in Progress Kingbird, Inc. purchased a truck for $80,000. The company expected the truck to last four years or 120,000 miles, with an estimated residual value of $17,000 at the end of that time. During the second year the truck was driven 31,000 miles. Compute the depreciation for the second year under each of the methods below and place your answers in the blanks provided. Units-of-activity Double-declining-balance

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

Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
10. Captive insurance companies provide solutions to problems associated with availability with specific types of insurance or coverage limits. True False
A "waiver-of-premium” clause: Select one: a. allows the person to purchase additional insurance at no extra cost means the insured will receive the cash value immediately allows an insurance agent to pay your premiums b. C. O d. waives the suicide clause e. pays premiums in the event of illness or disability Clear my choice
Q#3: How is accidental loss of goods treated in final account in case: • Goods had not been insured or Goods have been insured and the insurance company has claims associated with it.
Sign in to Google to save your progress. Learn more Required ANSWER ALL QUESTIONS 1. Insurable interest refers to O A. the item to be insured should be legal and not against public policy O B. accidental, unintentionally and randomly occurred loss O C. a legally recognized relationship between the insured and the financial loss O D. risk that have high frequency and high severity 2. When two or more policies cover the same loss, the right of the one insurer to call upon the othe
When an account becomes uncollectible and must be written off as a?
wG4Dk117HJktSSZOuFUPAdVMUVw_Qlz7Q/formResponse C. renewal notice O D. completion notes 18. A warning on duty to disclose changes affecting the existing policy inspection are sent to insured through proposal form O B. certificate of insurance O C. renewal notice O D. completing notes 19. is the document that acknowledge the insured legally entitled to
_________ is when the activities in the stagemust stop because there is no place to deposit the item justcompleted
Please do not give solution in image format thanku TRUE or FALSE: Incurred but not reported (IBNR) is a type of reserve account used in the insurance industry as the provision for claims that have taken place but have not yet been reported to an insurer.
Ace Company purchased 10,000 bonds issued by Jack Company in 2018 for $63 per bond and classified the investment as securities available-for-sale. The value of the Jack investment was $81 per bond on December 31, 2019, and $110 per bond on December 31, 2020. During 2021, Ace sold all of its Jack investment at $145 per bond. In its 2021 income statement, Ace would report: Multiple Choice A gain of $350,000. A gain of $470,000. A gain of $1,290,000. A gain of $820,000.
Fill in the blanks to complete sentence. 9.The loan guarantee is issued at the request of the __________ in favor of __________
Wendy Marvel sold $260,000 of its inventory to Carla during 2021 for $400,000. Carla sold $300,000 of this merchandise in 2021 with the remainder to be disposed of during 2022. Assume Wendy Marvel owns 35% of Carla and has the ability to exert significant influence over Carla. What journal entry will be recorded at the end of 2021 to defer the recognition of the investor's share of the intra- entity gross profits? A) Equity in Carla B) C) D) Investment in Carla Investment in Carla Equity in Carla Equity in Carla Investment in Carla Investment in Carla Equity in Carla $35,000 $35,000 $12,250 $12,250 35,000 $35,000 $12,250 $12,250