For Bus #3 calculate depreciation expense per mile under units-of-activity method. (Round answer to 2 decimal places, e.g. 0.50.) CALCULATOR PRINTER VERSION4BACKNEXTProblem 10-02A a1-b (Part Level Submission)In recent years, Concord Transportation purchased three used buses. Because of freguent turnover in the accounting department, a different accountant selected the depreciation method for each bus, and varlous methods were selected. Information concerning the buses is summarized as follows.SalvageValueUseful Lifein YearsDepreciationMethodBusAcquiredCost11/1/18$96,000Straight-line$6,50021/1/18128,00011,000Declining-balance31/1/1995,1009,0005Units-of-activityFor the declining-balance method, the company uses the double-declining rate. For the units-of-activity method., total miles are expected to be 123.000, Actual miles of use in the first 3 vears were 2019, 25.000: 2020, 31.000: and 2021, 32,500.Y (al)X Your answer is incorrect. Try again.For Bus #3. calculate depreciation expense per mile under units-of-activity method. (Round answer to 2 decimal places, e.g. 0.50.)Depreciation expenseper mile

Depreciation per mile = (Original cost - Salvage value) / Total miles

In recent years, Concord Transportation purchased three used buses. Because of frequent turnover in the accounting department, a different accountant selected the depreciation method for each bus, and varlous methods were selected. Information concerning the buses is summarized as follows. Useful Life in Years Salvage Depreciation Method Bus Acquired Cost Value 1 1/1/18 $ 96,000 $ 6,500 Straight-line 1/1/18 128,000 11,000 Declining-balance Units-of-activity 3 1/1/19 95,100 9.000 For the declining-balance method, the company uses the double-declining rate. For the units-of-activity method, total miles are expected to be 123.000. Actual miles of use in the first 3 years were 2019, 25,000; 2020, 31,000; and 2021, 32,500. v (al) X Your answer is incorrect. Try again. For Bus 3, calculate depreciation expense per mile under units-of-activity method. (Round answer to 2 decimal places, e.g. 0.50.) Depreciation expense per mile

In recent years, Concord Transportation purchased three used buses. Because of frequent turnover in the accounting department, a different accountant selected the depreciation method for each bus, and varlous methods were selected. Information concerning the buses is summarized as follows. Useful Life in Years Salvage Depreciation Method Bus Acquired Cost Value 1 1/1/18 $ 96,000 $ 6,500 Straight-line 1/1/18 128,000 11,000 Declining-balance Units-of-activity 3 1/1/19 95,100 9.000 For the declining-balance method, the company uses the double-declining rate. For the units-of-activity method, total miles are expected to be 123.000. Actual miles of use in the first 3 years were 2019, 25,000; 2020, 31,000; and 2021, 32,500. v (al) X Your answer is incorrect. Try again. For Bus 3, calculate depreciation expense per mile under units-of-activity method. (Round answer to 2 decimal places, e.g. 0.50.) Depreciation expense per mile

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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Which two of the costs on the invoice for a new company car would be classified as expenditure charged to profit or loss Road tax Number plates Maintenance contract Delivery cost
For the composite method, the composite a. rate is the total cost divided by the total annual depreciation. b. rate is the total annual depreciation divided by the total depreciable cost. c. life is the total cost divided by the total annual depreciation. d. life is the total depreciable cost divided by the total annual depreciation.
For project A, what was the calculations for depreciation to get to the final answer of 720 000?
The graph was not completed, For each of the depreciation schedules shown on the Patterson Planning Corp., fill in the following information. If an amount box does not require an entry, leave it blank. A B C Useful Life 5 4 ??? Residual Value ????? 0 0 Asset Cost 25,000 0 0 Total Operating Hours 0 0 ???
Pharoah Company purchases equipment on January 1, Year 1, at a cost of $267,000. The asset is expected to have a service life of 5 years and a salvage value of $20,000.
The cost of installing new equipment would be debited to which of the following accounts? Oa. Land Improvements Ob. Buildings Oc. Repairs and Maintenance Expense Od. Machinery and Equipment
Determining Fixed Asset's Book Value The balance in the equipment account is $3,100,000, and the balance in the accumulated depreciation—equipment account is $1,581,000. a. What is the book value of the equipment?$fill in the blank 1 b. Does the balance in the accumulated depreciation account mean that the equipment's loss of value is $1,581,000? , because depreciation is an allocation of the of the equipment to the periods benefiting from its use.
Subject:
Refer to the highest and best use analysis in table below. Use (a)Year 1 NOI (b)(r−g) (c)R (a÷c = d)Implied Property Value (PV) (e)Construction Cost of Building (d) − (e)Implied Land Value(Residual) Office $ 510,000 0.13−0.03 0.10 $ 5,100,000 $ 4,000,000 1,100,000 Retail $ 610,000 0.12−0.04 0.08 7,625,000 $ 6,750,000 875,000 Apartment $ 415,000 0.12−0.03 0.09 4,611,111 $ 3,000,000 1,611,111 Warehouse $ 410,000 0.10−0.02 0.08 5,125,000 $ 4,000,000 1,125,000 Required: Suppose that the warehouse income would grow at 3 percent per year instead of 2 percent. a. Does this change the highest and best use of the site? multiple choice Yes No b. What is the new implied land value? (Do not round intermediate calculations. Round your final answer to the nearest dollar amount.)
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