FINANCIAL ACCOUNTING questions. Word document attached. All you have to do is answer the questions on word and send the document back to me. No need to type everything on Excel, etc. Thank you
FINANCIAL ACCOUNTING questions. Word document attached.
All you have to do is answer the questions on word and send the document back to me. No need to type everything on Excel, etc.
Thank you so much!
Brainiac Company purchased a delivery truck for $30,000 on January 1, 2011. The truck has an expected salvage value of $2,000,
and is expected to be driven 100,000 miles over its estimated useful life of 8 years. Actual miles driven were 15,000 in 2011 and
12,000 in 2012.
Compute depreciation expense for 2011 and 2012 using (1) the straight-line method, (2) the units-of-activity method, and (3) the
double-declining balance method.
(Round cost per mile to 2 decimal places, e.g. 10.50. Use rounded amount for future
calculations. Round final answers to 0 decimal places, e.g. 125.)
Assume that Brainiac uses the straight-line method. (1) Prepare the journal entry to record 2011 depreciation. (2) Show how the truck
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would be reported in the December 31, 2011, balance sheet.
(Enter all amounts as positive amounts and subtract where