Carla Vista Ltd. purchased a delivery truck on January 1, 2021, at a cost of $87,440. The truck is expected to have a residual value of $7,240 at the end of its 4-year useful life. Carla Vista has a December 31 year end. Use the diminishing-balance method and assume the depreciation rate is equal to double the straight-line rate. Calculate the depreciation for each year of the truck's life. (Round answers to 0 decimal places, e.g. 5,275.) Depreciation expense 2021 $ 2022 $ 2023 $ 2024 $ Calculate the depreciation in total over the truck's life. Total depreciation expense $ Blossom Enterprises purchased equipment on March 15, 2021, for $72,340.The company also paid the following amounts: $510 for freight charges: $215 for insurance while the equipment was in transit: $1,677 for a one-year insurance policy: $2,130 to train employees to use the new equipment; and $2,935 for testing and installation. The company began to use the equipment on April 1. Blossom has estimated the equipment will have a 10-year useful life with no residual value. It expects to consume the equipment's future economic benefits evenly over the useful life. The company has a December 31 year end. Calculate the cost of the equipment. Cost of the equipment $ Which depreciation method should the company use? Straight-line method Diminishing-balance method Units-of-production method Using the method chosen above, calculate the depreciation on the equipment for 2021. (Round answer to 0 decimal places, e.g. 5,275.) Depreciation for 2021 $ Current Attempt in Progress Gildan Activewear Inc. reported the following selected financial information (all in U.S. S millions): sales of $2.909 in 2018. $2,751 in 2017 and $2,585 in 2016. The company also reported net income of $351 in 2018, $362 in 2017, and $347 in 2016. Assets at the end of 2018 were $3,005; at the end of 2017, 52,981, and at the end of 2016, $2,990, Calculate Gildan's (1) asset turnover. (2) profit margin, and (3) return on assets for 2018 and 2017. (Round answers to 1 decimal place, e.3. 5.2.) ($ in U.S. millions) 2018 2017 (1) Asset turnover times times (2) Profit margin % % (3) Return on assets 96 Save for later Attempts: 0 of 1 used submit Answer Carla Vista Ltd. purchased a delivery truck on January 1, 2021, at a cost of $87,440. The truck is expected to have a residual value of $7,240 at the end of its 4-year useful life. Carla Vista has a December 31 year end. Use the diminishing-balance method and assume the depreciation rate is equal to double the straight-line rate. Calculate the depreciation for each year of the truck's life. (Round answers to 0 decimal places, e.g. 5,275.) Depreciation expense 2021 $ 2022 $ 2023 $ 2024 $ Calculate the depreciation in total over the truck's life. Total depreciation expense $ Blossom Enterprises purchased equipment on March 15, 2021, for $72,340.The company also paid the following amounts: $510 for freight charges: $215 for insurance while the equipment was in transit: $1,677 for a one-year insurance policy: $2,130 to train employees to use the new equipment; and $2,935 for testing and installation. The company began to use the equipment on April 1. Blossom has estimated the equipment will have a 10-year useful life with no residual value. It expects to consume the equipment's future economic benefits evenly over the useful life. The company has a December 31 year end. Calculate the cost of the equipment. Cost of the equipment $ Which depreciation method should the company use? Straight-line method Diminishing-balance method Units-of-production method Using the method chosen above, calculate the depreciation on the equipment for 2021. (Round answer to 0 decimal places, e.g. 5,275.) Depreciation for 2021 $ Current Attempt in Progress Gildan Activewear Inc. reported the following selected financial information (all in U.S. S millions): sales of $2.909 in 2018. $2,751 in 2017 and $2,585 in 2016. The company also reported net income of $351 in 2018, $362 in 2017, and $347 in 2016. Assets at the end of 2018 were $3,005; at the end of 2017, 52,981, and at the end of 2016, $2,990, Calculate Gildan's (1) asset turnover. (2) profit margin, and (3) return on assets for 2018 and 2017. (Round answers to 1 decimal place, e.3. 5.2.) ($ in U.S. millions) 2018 2017 (1) Asset turnover times times (2) Profit margin % % (3) Return on assets 96 Save for later Attempts: 0 of 1 used submit
