Three different companies each purchased trucks on January 1, 2018, for $82,000. Each truck was expected to last four years or 250,000 miles. Salvage value was estimated to be $6,000. All three trucks were driven 79,000 miles in 2018, 56,000 miles in 2019, 51,000 miles in 2020, and 71,000 miles in 2021. Each of the three companies earned $71,000 of cash revenue during each of the four years. Company A uses straight-line depreciation, company B uses double-declining-balance depreciation, and company C uses units-of-production depreciation. Answer each of the following questions. Ignore the effects of income taxes. d-1. Calculate the retained earnings on the December 31, 2021, balance sheet?

Retained Earnings

Company A

Company B

Company C

Tasteful Pizza bought a used Toyota delivery van on January​ 2, 2016​, for $ 21,800. The van was expected to remain in service for four years left parenthesis 48,750 ​miles). At the end of its useful​ life, Tasteful officials estimated that the​ van's residual value would be $ 2,300. The van traveled 15,000 miles the first​ year, 17,000 miles the second​ year, 12,500 miles the third​ year, and 4,250 miles in the fourth year.

1. Prepare a schedule of depreciation expense per year for the van under the three depreciation methods.

2. Which method best tracks the wear and tear on the​ van?

3. Which method would Tasteful prefer to use for income tax​ purposes? Explain in detail why Tasteful would prefer this method.

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:
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 11,720.00

Three different companies each purchased trucks on January 1, 2018, for $74,000. Each truck was expected to last four years or 250,000 miles. Salvage value was estimated to be $5,000. All three trucks were driven 80,000 miles in 2018, 60,000 miles in 2019, 45,000 miles in 2020, and 70,000 miles in 2021. Each of the three companies earned $63,000 of cash revenue during each of the four years. Company A uses straight-line depreciation, company B uses double-declining-balance depreciation, and company C uses units-of-production depreciation.

Answer each of the following questions. Ignore the effects of income taxes.

5. Which company will report the lowest amount of cash flow from operating activities on the 2020 statement of cash flows?

A car service charges customers a flat fee per ride (which is higher during rush hour traffic) plus charges for each minute and each mile. Suppose that, in a certain metropolotian area during rush hour, the flat fee is $3, the cost per minute is $0.20, and the cost per mile is $1.20. Let x be the number of minutes and y the number of miles. At the end of a ride, the driver said that the passenger owed $20.60 and remarked that the number of minutes was five times the number of miles. Find the number of minutes and the number of miles for this trip.

A. Complete the equation that represents the total cost of the ride. ___=20.60

B. Complete the equation that represents the relationship between the number of minutes and number of miles. __=0

C. Find the number of minutes and number of miles for this trip.

Housing Price and Land Bid-Rent Numbers
Consider a monocentric city where the cost of commuting is $40 per mile per month. A household located eight miles from the city center occupies a dwelling with 1,000 square feet at a monthly rent of $600. Nonland cost per dwelling is $250, and there are 10 houses per hectare.

a) The price of housing at a distance of eight miles is _____________ per square foot, computed as ......................

2. b) The bid rent for land at a distance of eight miles is ___________ per hectare, computed as ......................
3. c) Assume that the demand for housing is perfectly inelastic. The price of housing at a distance of five miles is ______________ per square foot, computed as ......................
4. d) Assume that housing firms do not engage in factor substitution. The bid rent for land at a distance of five miles is ______________ per hectare, computed as ..................
5. e) Suppose consumers engage in consumer substitution and firms engage in factor substitution. The bid rent for land at a distance of five miles would be [greater, less] than the number computed in part (d) because ...................

Joel Harvey Florists acquired a truck on January 1, 2007.  The company paid $11,000 for the truck, $500 for destination charges, and $250 to paint the company name on the side of the truck. The company’s accounting manager estimates the truck to have a five-year useful life and a residual value of $1,750. The truck is expected to be driven 100,000 miles in five years.  It is actually driven 15,000 miles in 2007, 25,000 miles in 2008, 30,000 miles in 2009, 25,000 miles in 2010, and 5,000 miles in 2011.

Part 1

On January 1, 2007, how much should Joel Harvey Florist capitalize for the cost of the truck? Write the journal entry.

Part 2

How much depreciation expenses that would be recorded for the years 2007 through 2011 using each of the following methods?

a.         Straight-line

b.         Unit-of-production

c.         Declining-balance

Part 3

On December 31, 2011, Joel Harvey sold the truck for $3,000 cash.  Compute the gain or loss on sale. Write the journal entry.

Summary

Jason, Samantha, Ravi, Sheila, and Ankit are preparing for an upcoming marathon. Each day of the week, they run a certain number of miles and write them into a notebook. At the end of the week, they would like to know the number of miles run each day and average miles run each day.

Instructions

Write a program to help them analyze their data. Your program must contain parallel arrays: an array to store the names of the runners and a two-dimensional array of five rows and seven columns to store the number of miles run by each runner each day. Furthermore, your program must contain at least the following functions:

• a function to read and store the runners’ names and the numbers of miles run each day;
• a function to calculate the average number of miles run each day;
• and a function to output the results. (You may assume that the input data is stored in a file and each line of data is in the following form: runnerName milesDay1 milesDay2 milesDay3 milesDay4 milesDay5 milesDay6 milesDay7.)

According to Energy Information the average gas mileage of all automobiles is 21.4 miles per gallon. For a random sample of 40 sport utility vehicles, the mean gas mileage is 19.8 miles per gallon with a standard deviation of 3.5 miles per gallon. Test the claim that the mean mileage of all SUVs is different than the gas mileage of all automobiles.

a) z = 2.89 and a p value of .9938 .9938 < 0.05 There is not sufficient evidence to support the alternative hypothesis that the mean gas mileage of all SUVs is greater than 21.4 miles per gallon.

b) z = -2.89 and a p value of .0019 .0019 < 0.05 There is sufficient evidence to support the alternative hypothesis that the mean gas mileage of all SUVs is greater than 21.4 miles per gallon.

c) z = 2.89 and a p value of .9938 x 2 1.99 > 0.05 There is sufficient evidence to support the alternative hypothesis that the mean gas mileage of all SUVs is greater than 21.4 miles per gallon.

d) z = -2.89 and a p value of .0019 x 2 .0038 < 0.05 There is sufficient evidence to support the alternative hypothesis that the mean gas mileage of all SUVs is greater than 21.4 miles per gallon.

6. Amy Lloyd is interested in leasing a new Honda and has contacted three automobile dealers for pricing information. Each dealer offered Amy a closed-end 36-month lease with no down payment due at the time of signing. Each lease includes a monthly charge and a mileage allowance. Additional miles receive a surcharge on a per-mile basis. The monthly lease cost, the mileage allowance, and the cost for additional miles follow:

Amy decided to choose the lease option that will minimize her total 36-month cost. The difficulty is that Amy is not sure how many miles she will drive over the next three years. For purposes of this decision, she believes it is reasonable to assume that she will drive 12,000 miles per year, 15,000 miles per year, or 18,000 miles per year. With this assumption Amy estimated her total costs for the three lease options. For example, she figures that the Hepburn Honda lease will cost her 36($299) + $0.15(36,000 - 36,000) = $10,764 if she drives 12,000 miles per year, 36($299) + $0.15(45,000 - 36,000) = $12,114 if she drives 15,000 miles per year, or 36($299) + $0.15(54,000 - 36,000) = $13,464 if she drives 18,000 miles per year.

Construct a payoff table for Amy's problem.   If Amy has no idea which of the three mileage assumptions is most appropriate, what is the recommended decision (leasing option) using the optimistic approach?

a.Hopkins Automotive

b.Midtown Motors

c.Hepburn Honda