Please provide formulas for each entry with explanations. Thank you. Prepare a depreciation schedule showing depr....

Please provide formulas for each entry with explanations. Thank you.

Prepare a depreciation schedule showing depr. exp., accumulated depreciation and ending book value, year-by-year.
3 schedules for the 3 methods: straight-line, units-of-production, double declining basis. Asset is a delivery Truck.

Est. Life ………… 4
Orig. Cost Basis 24,700.00
Est. Residual Value 1,000.00
Est. total mileage 100,000
miles driven, Yr 1 22,800
miles driven, Yr 2 24,400
miles driven, Yr 3 29,400
miles driven, Yr 4 23,400
Part 2:
Assuming the truck is sold at the end of yr. 3, give the gen. journal entry to record the sale (straight-line method)
assume it was sold for: 6,800.00

Expert Solution

Straight line method schedule :

Year	Depreciation expense	Accumlated depreciation	Book value
Year 1	5925	5925	18775
Year 2	5925	11850	12850
Year 3	5925	17775	6925
Year 4	5925	23700	1000

Unit of production schedule :

Year	Depreciation expense	Accumlated depreciation	Book value
Year 1	5403.6	5403.6	19296.40
Year 2	5782.8	11186.4	13513.60
Year 3	6967.8	18154.2	6545.80
Year 4	5545.8	23700	1000

Double decline method schedule :

Year	Depreciation expense	Accumlated depreciation	Book value
Year 1	12350	12350	12350
Year 2	6175	18525	6175
Year 3	3087.5	21612.5	3087.5
Year 4	2087.5	23700	1000

Straight line dep = (24700-1000/4) = 5925 per year

Accumlated dep for 3 years = 5925*3 = 17775

Journal entry

Date	accounts & explanation	debit	credit
	Cash	6800
	Accumlated depreciation	17775
	Loss on sale of truck	125
	Truck		24700
	(To record sale of truck)

ekkarill92 answered 2 years ago

Please show all work and provide explanations Prepare a depreciation schedule showing depr. exp., accumulated depreciation...

Please show all work and provide explanations Prepare a depreciation schedule showing depr. exp., accumulated depreciation and ending book value, year-by-year. 3 schedules for the 3 methods straight-line, units-of-production, double declining basis. Asset is a delivery Truck. Est. Life ………… 5 Orig. Cost Basis 24,500.00 Est. Residual Value 2,500.00 Est. total mileage 100,000 miles driven, Yr 1 21,400 miles driven, Yr 2 19,700 miles driven, Yr 3 18,900 miles driven, Yr 4 23,400 miles driven, Yr 5 16,600 Part 2:...

Part 1: Prepare a depreciation schedule showing depr. exp., accumulated depreciation and ending book value, year-by-year....

Part 1: Prepare a depreciation schedule showing depr. exp., accumulated depreciation and ending book value, year-by-year. 3 schedules for the 3 methods: straight-line, units-of-production, double declining basis. Asset is a delivery Truck. Est. Life … 4 Orig. Cost Basis 26,300.00 Est. Residual Value 1,500.00 Est. total mileage 100,000 miles driven, Yr 1 23,400 miles driven, Yr 2 20,100 miles driven, Yr 3 33,100 miles driven, Yr 4 23,400 Part 2: Assuming the truck is sold at the end of yr....

Please answer each question and show calculation/ provide explanations. Thank you so much. Question 1 You...

Please answer each question and show calculation/ provide explanations. Thank you so much. Question 1 You have just been hired as the staff accountant for Maximum Corporation. However, the accounting manager is unclear about your ability to determine where certain increases and decreases should be placed. Indicate in the columns below by placing a check-mark (√ ) in the appropriate column identified. Office rent is increased. Service Revenue is increased. Prepaid Expense is reduced. Cash is decreased. Plant and machinery...

PLEASE PROVIDE ALL SOLUTIONS USING MICROSOFT EXCEL WITH ANY RELEVANT FORMULAS, thank you! You are an...

*PLEASE PROVIDE ALL SOLUTIONS USING MICROSOFT EXCEL WITH ANY RELEVANT FORMULAS, thank you!* You are an analyst in charge of valuing common stocks. You have been asked to value two stocks. The first stock AB Inc. just paid a dividend of $4.50. The dividend is expected to increase by 60%, 40%, 30% and 10% per year respectively in the next four years. Thereafter the dividend will increase by 4% per year in perpetuity. The second stock is CD Inc. CD...

Can you answer this in excel showing formulas? thank you TommyHawk Bus Company is evaluating a...

Can you answer this in excel showing formulas? thank you TommyHawk Bus Company is evaluating a proposed project to provide charter trips to several state and national cultural events that will be taking place throughout the country during the next few years. To make the buses more comfortable and the trips more popular, each of eight new buses will be equipped with a kitchen and a large video screen for movies and sports telecasts. Each bus costs $200,000 and requires...

Prepare an Accounting Journal with ALL CALCULATIONS SHOWING!!!! Please and Thank you! 1) APR-1 the JW-Corp...

Prepare an Accounting Journal with ALL CALCULATIONS SHOWING!!!! Please and Thank you! 1) APR-1 the JW-Corp Received $200,000 in Exchange for 40,000 shares of Common Stock. 2) APR-1 the JW-Corp Borrowed $150,000 from US-Bank on a Note, Due in 5 Years with 8% Interest Paid Monthly. 3) APR-2 the JW-Corp Purchased a Building for $360,000 (25 year life), with $60,000 Cash Down Payment and signed a Note with SCHWAB BANK for the Remainder Due in 10 Years with Interest Due...

PLEASE PROVIDE ALL SOLUTIONS USING MICROSOFT EXCEL AND ANY NECESSARY FORMULAS, thank you! Financial information on...

*PLEASE PROVIDE ALL SOLUTIONS USING MICROSOFT EXCEL AND ANY NECESSARY FORMULAS, thank you!* Financial information on AAA Ltd. is shown below. AAA Ltd. Income Statement For the Year Ended December 31st, 2018 2017 Sales 4,215,750 3,850,000 Cost Of Goods Sold 2,178,700 2,016,320 Other Expenses 1,005,200 986,500 Depreciation 9,800 8,550 Earnings Before Interest and Taxes 1,022,050 838,630 Interest Expense 56,735 46,870 Earnings Before Taxes 965,315 791,760 Taxes (30%) 289,595 237,528 Net Income $ 675,721 $ 554,232 AAA Ltd. Balance Sheet As...

PLEASE PROVIDE ALL SOLUTIONS USING MICROSOFT EXCEL WITH ANY RELEVANT FORMULAS, thank you! Financial information on...

*PLEASE PROVIDE ALL SOLUTIONS USING MICROSOFT EXCEL WITH ANY RELEVANT FORMULAS, thank you!* Financial information on AAA Ltd. is shown below. AAA Ltd. Income Statement For the Year Ended December 31st, 2018 2017 Sales 4,215,750 3,850,000 Cost Of Goods Sold 2,178,700 2,016,320 Other Expenses 1,005,200 986,500 Depreciation 9,800 8,550 Earnings Before Interest and Taxes 1,022,050 838,630 Interest Expense 56,735 46,870 Earnings Before Taxes 965,315 791,760 Taxes (30%) 289,595 237,528 Net Income $ 675,721 $ 554,232 AAA Ltd. Balance Sheet As...

please do it step by step with the use of formulas , thank you.. The following...

please do it step by step with the use of formulas , thank you.. The following are monthly percentage price changes for four market indexes. Month DJ SP500 1 0.03 0.02 2 0.07 0.06 3 −0.02 −0.01 4 0.01 0.03 5 0.05 0.04 6 −0.06 −0.04 Russ500 Nicky 0.04 0.04 0.10 −0.02 −0.04 0.07 0.03 0.02 0.11 0.02 −0.08 0.06 (17 points) Compute the following. a. Average monthly rate of return for each index b. Standard deviation for each index...

PLEASE PROVIDE ALL SOLUTIONS USING MICROSOFT EXCEL WITH ANY RELEVANT FORMULAS, thank you! I have provided...

*PLEASE PROVIDE ALL SOLUTIONS USING MICROSOFT EXCEL WITH ANY RELEVANT FORMULAS, thank you!* I have provided the answers to the questions for reference, I just need to know how to get to them. Samantha is going to retire in 20 years. In order to live comfortably, she thinks she will need to withdraw $10,000 every month during retirement. These monthly withdrawals will be made at the end of each month during retirement. Samantha believes she will live for 35 years...

Question