Vaibh Speedy Taxi Service uses the units-of-production method in calculating depreciation on its taxicabs. Each cab is expected to be driven551,000 km. Taxi 10 cost $46,996 and is expected to have a residual value of $5,120. Taxi 10 is driven 91,000 km in 2023, and 136,000km in 2024.(a) Calculate the depreciable amount per kilometre. (Round depreciable amount per unit to 3 decimal places, e.g. 5.276.)Depreciable cost per kilometre $(b) Calculate the depreciation expense for 2023 and 2024.Depreciation-2023 $Depreciation 2024 $/km.

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Description: Vaibh Speedy Taxi Service uses the units-of-production method in calculating depreciation on its taxicabs. Each cab is expected to be driven551,000 km. Taxi 10 cost $46,996 and is expected to have a residual value of $5,120. Taxi 10 is driven 91,000

Units of activity method:-The asset under this method is depreciated on the basis of total hours…

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Speedy Taxi Service uses the units-of-production method in calculating depreciation on its taxicabs. Each cab is expected to 551,000 km. Taxi 10 cost $46,996 and is expected to have a residual value of $5,120. Taxi 10 is driven 91,000 km in 2023, and km in 2024. (a) Calculate the depreciable amount per kilometre. (Round depreciable amount per unit to 3 decimal places, e.g. 5.276.) Depreciable cost per kilometre $ (b) Calculate the depreciation expense for 2023 and 2024. Depreciation 2023 $ /km.

Speedy Taxi Service uses the units-of-production method in calculating depreciation on its taxicabs. Each cab is expected to 551,000 km. Taxi 10 cost $46,996 and is expected to have a residual value of $5,120. Taxi 10 is driven 91,000 km in 2023, and km in 2024. (a) Calculate the depreciable amount per kilometre. (Round depreciable amount per unit to 3 decimal places, e.g. 5.276.) Depreciable cost per kilometre $ (b) Calculate the depreciation expense for 2023 and 2024. Depreciation 2023 $ /km.

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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