PRINTER VERSION BACK NEXT Sheffield Company purchased a delivery truck for $27,000 on January 1, 2020. The truck has an expected salvage value of $1,560, and is expected to be driven 106,000 miles over its estimated useful life of 10 years. Actual miles driven were 15,600 in 2020 and 10,000 in 2021. Calculate depreciation expense per mile under units-of-activity method. (Round answer to 2 decimal places, e.g. 0.50.) Depreciation expense per mile SHOW LIST OF ACCOUNTS Compute depreciation expense for Round final answers to o de2020 and 2021 using (1) the straight-line method, (2) the units-of-activity method, and (3) the double-declining-balance method. (Round depreciation cost per unit to 2 decimal places, e.g. 0.50 and depreciation rate to 0 decimal places, e.g. 15%. decimal places, e.g. 2,125.) Depreciation Expense 2020 2021 (1) Straight-line method (2) Units-of-activity method (3) Declining-balance method SHOW LIST OF ACCOUNTS Assume that Sheffield uses the straight-line method. o for the amounts. Round answers to 0 decimal olare the journal entry to record 2020 depreciation. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter places, e.g. 2,125.) Account Titles and Explanation Debit Credit
PRINTER VERSION BACK NEXT Sheffield Company purchased a delivery truck for $27,000 on January 1, 2020. The truck has an expected salvage value of $1,560, and is expected to be driven 106,000 miles over its estimated useful life of 10 years. Actual miles driven were 15,600 in 2020 and 10,000 in 2021. Calculate depreciation expense per mile under units-of-activity method. (Round answer to 2 decimal places, e.g. 0.50.) Depreciation expense per mile SHOW LIST OF ACCOUNTS Compute depreciation expense for Round final answers to o de2020 and 2021 using (1) the straight-line method, (2) the units-of-activity method, and (3) the double-declining-balance method. (Round depreciation cost per unit to 2 decimal places, e.g. 0.50 and depreciation rate to 0 decimal places, e.g. 15%. decimal places, e.g. 2,125.) Depreciation Expense 2020 2021 (1) Straight-line method (2) Units-of-activity method (3) Declining-balance method SHOW LIST OF ACCOUNTS Assume that Sheffield uses the straight-line method. o for the amounts. Round answers to 0 decimal olare the journal entry to record 2020 depreciation. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter places, e.g. 2,125.) Account Titles and Explanation Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please answer this accounting question correctly
Transcribed Image Text:O for the amounts. Round answe ine method. Prepare the journal entry to record 2020 depreciation. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter
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Exercise 10-07 a1-b2
Sheffield Company purchased a delivery truck for $27,000 on January 1, 2020. The truck has an expected salvage value of $1,560, and is expected to be driven 106,000 miles over its estimated useful life of 10 years. Actual miles driven were 15,600 in 2020 and 10,000 in 2021.
Calculate depreciation expense per mile under units-of-activity method. (Round answer to 2 decimal places, e.g. 0.50.)
Depreciation expense
per mile
SHOW LIST OF ACCOUNTS
Compute depreciation expense for 2020 and 2021 using (1) the straight-line method, (2) the units-of-activity method, and (3) the double-declining-balance method. (Round depreciation cost per unit to 2 decimal places, e.g. 0.50 and depreciation rate to 0 decimal places, e.g. 15%.
Round final answers to 0 decimal places, e.g. 2,125.)
Depreciation Expense
2020
2021
(1) Straight-line method
(2) Units-of-activity method
(3) Declining-balance method
SHOW LIST OF ACCOUNTS
Assume that Sheffield uses the
to o decimal places, e.g. 2,125.)
Account Titles and Explanation
Debit
Credit
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