Acompany purchased a truck for $20,000 on January 1, 2012. The truck has an estimated salvage value

Question:

Acompany purchased a truck for $20,000 on January 1, 2012. The truck has an estimated salvage value of $5,000 and is expected to last five years.

Adjusting entries are prepared only at year-end. The necessary adjusting entry at December 31, 2012, the company’s year-end, is:

image text in transcribed

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Financial Accounting A Business Perspective

ISBN: 9781930789791

10th Edition

Authors: Jefferson Williams, Roger Hermanson, James Don Edwards

See More Books

Question Posted: Jul 01, 2024 11:01 AM

See More Questions

Lead Company has P945,000, Work in Process; P2,835,000, Finished Goods inventories; and P1,260,000, Raw Materials; at the close of business on December 31 of the current year. The balances of...
I need help with following questions from the homework. I have attached the chapters so please see the attached files to answer the following questions specifically. Ch 4 (p 176 of text or p 34 of...
Complete the following questions. I have attached both the chapters which you will be answering the questions from. Make sure to answer it thoroughly and specifically. Ch 10 (p 107 of text or p 41 of...
Fill in the missing mass number and atomic number for each of these particles or types of radiation. alpha (?) He beta (?) e gamma y neutron n
a. How is a time series different from cross-sectional data? b. What information is lost when you look at a histogram for time-series data?
True or False: 1. Good economic thinking requires thinking about average amounts rather than marginal amounts. 2. Positive incentives are those that either increase benefits or reduce costs,...
Service workers and customer relations. A study in Industrial Marketing Management (February 2016) investigated the impact of service workers (e.g., waiters and waitresses) personal resources on the...
Photographic laboratories recover and recycle the silver used in photographic film. Stikine River Photo is considering purchase of improved equipment for their laboratory at Telegraph Creek. Here is...
In your own words, explain why and how an employee would: request additional tax deductions at source apply for a reduction in tax deductions at source
Real World Question Refer to the financial statements of Wal-Mart Stores, Inc., in the Annual Report Appendix. Approximately what percentage of the depreciable assets under property, plant, and...
An insurance policy premium of $1,200 was paid on September 1, 2012, to cover a one-year period from that date. An asset was debited on that date. Adjusting entries are prepared once a year, at...
Locate and read the article listed below and answer the following questions. Ballou, B., D. L. Heitger, and C. E. Landes. 2006. The future of corporate sustainability reporting. Journal of...
The file NFL2012data.xlsx contains scores of all the NFL 2012 regular-season games. Rate the teams. Even though the Colts were 106, your ratings have the Colts as well below the average team. Can you...
A certain company reorders envelopes when its stock drops to 12 boxes, although demand for envelopes during lead time is normally distributed with a mean of 10 boxes and a standard deviation of 3...
Indicate the uses of budgeting and construct various budgets, including the cash budget, from relevant data.
Complete the double entry for each of the following transactions: a The owner of a business pays additional capital to the company; the cash account is debited and it is credited to the __________. b...
The file named Worldball.xlsx contains all the scores from the 2006 World Basketball Championships. Rate the teams. Who were the best three teams?
Xanning Company manufactures specialty tools to customer order. There are three producing departments. Departmental information on budgeted overhead and various activity measures for the coming year...
What is a make-or-buy decision?
Larren Buffett is concerned after receiving her weekly paycheck. She believes that her deductions for Social Security, Medicare, and Federal Income Tax withholding (FIT) may be incorrect. Larren is...
The major justification for adding Step 0 to the U.S. GAAP impairment test for goodwill and indefinite lived intangibles is that it: A. Saves money spent estimating fair values B. Results in more...
Regarding research and experimental expenditures, which of the following are not qualified expenditures? 3 a. costs of ordinary testing of materials b. costs to develop a plant process c. costs of...

Acompany purchased a truck for $20,000 on January 1, 2012. The truck has an estimated salvage value

Question:

a. Depreciation Expense-Trucks Accumulated Depreciation-Trucks 4,000 4,000 b. Depreciation Expense-Trucks 3,000 Trucks 3,000 c. Depreciation Expense-Trucks 3,000 Accumulated Depreciation-Trucks 3,000 d. Accumulated Depreciation Trucks Depreciation Expense-Trucks 3,000 3.000

Step by Step Answer:

Financial Accounting A Business Perspective

Students also viewed these Business questions