- Depreciation Methods Quick As Lightning A Delivery Service Purchased A New Delivery Truck For 40 000 On January 1 20 1 (34.99 KiB) Viewed 30 times
- Depreciation Methods Quick As Lightning A Delivery Service Purchased A New Delivery Truck For 40 000 On January 1 20 2 (34.99 KiB) Viewed 30 times
- Depreciation Methods Quick As Lightning A Delivery Service Purchased A New Delivery Truck For 40 000 On January 1 20 3 (47.7 KiB) Viewed 30 times
- Depreciation Methods Quick As Lightning A Delivery Service Purchased A New Delivery Truck For 40 000 On January 1 20 4 (47.67 KiB) Viewed 30 times
- Depreciation Methods Quick As Lightning A Delivery Service Purchased A New Delivery Truck For 40 000 On January 1 20 5 (21.51 KiB) Viewed 30 times
2. For each method, what is the book value of the machine at the end of 2023? At the end of 2024? Round your answers to the nearest dollar. 2023 2024 36,300 ✔ 32,600 32,000 ✓ 25,600✔ 9 X 36,300 ✔ 3. Conceptual Connection: If Quick-as-Lightning used an 8 year useful life or 100,000 miles and a residual value of $1,000, what would be: a. Straight-line method b. Double-declining-balance method $ c. Units-of-production method (a) Depreciation expense. Do not round intermediate calculations. Round your answers to the nearest whole dollar. a. Straight-line method: 4,875 ✔ b. Double-declining-balance method c. Units-of-production method 2023 a. Straight-line method b. Double-declining-balance method c. Units-of-production method 2024 10,000 5,850 (b) Book value. When required, round your answers to the nearest whole dollar. 2023 * 35,125 30,000 34,150 ✔ 7,500 2024 9 X 30,250 22,500 9 X
< TJ Tile had the following items that require adjusting entries at the end of the year. a. TJ pays payroll of $28,800 every other Friday for a 2-week period. This year the last payday is Friday, December 26. (Note: The work week is Monday through Friday.) b. TJ purchased $120,000 of tile on July 1 with a note payable requiring 10% interest. The interest and principal on this note are due within 1 year. As of December 31, TJ had not made any principal or interest payments. c. TJ's earned income is $520,000 for the year for tax purposes. Its effective tax rate is 25%. These taxes must be paid by April 15 of next year. Required: Prepare the adjusting journal entries to record these transactions at the end of the current year. If an amount box does not require an entry, leave it blank. Dec. 31 Wages Expense Wages Payable (Record accrued wages) Dec. 31 Interest Expense Interest Payable (Record accrued interest) Dec. 31 Income Taxes Expense Income Taxes Payable (Record accrued income taxes) 8,640 130,000 8,640 130,000
(Appendix 9A) Bond Issue Price On January 1, Ruby Inc. issued 2,500 of $1,000 par value bonds with a stated rate of 8% and a 8-year maturity. Interest is payable semiannually on June 30 and December 31. Use Future Value of a Single Amount, Present Value of a Single Amount, Future Value of an Annuity and Present Value of an Annuity. Required: What is the issue price if the bonds are sold to yield 10 % ? Round factors to five decimal places and final answer to the nearest dollar.