Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

ow.com/m/takeAssignment/takeAssignmentMain.do?invoker BtakeAssignmentSessionlocator-&inprogress-false Depreciation by units-of-activity method Prior to adjustment at the end of the year, the balance in Trucks is $295,900 and the balance

image text in transcribedimage text in transcribed

ow.com/m/takeAssignment/takeAssignmentMain.do?invoker BtakeAssignmentSessionlocator-&inprogress-false Depreciation by units-of-activity method Prior to adjustment at the end of the year, the balance in Trucks is $295,900 and the balance in Accumulated Depreciation-Trucks is $99,740. Details of the subsidiary ledger are as follows: Truck No. Cost Estimated Residual Value Estimated Useful Life Accumulated Depreciation at Beginning of Year Miles Operated During Year 1 $80,000 $15,000 250,000 mes 21,000 miles 2 $4,000 6,000 300,000 $14,400 33,500 72,900 10,900 200,000 60.140 8.000 90,000 22,800 240,000 25,200 22,500 a. Determine the depreciation rates per mile and the amount to be credited to the accumulated depreciation section of each of the subsidiary accounts for the miles operated during the current year. Round the rate per mile to two decimal places Truck No. Rate per Mile (in cents) Miles Operated 2.6 X 21,000 2 0.16 X 33,500 13 0.31 X 8,000 0.28 x 22.500 Total Credit to Accumulated Depreciation 5,460 v 5,360 2,400 X 6,300 19,600 x I

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting An Integrated Statements Approach

Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren

2nd Edition

324312113, 978-0324312119

More Books

Students also viewed these Accounting questions

Question

How is the NDAA used to shape defense policies indirectly?

Answered: 1 week ago

Question

What are the major content theories of motivation?

Answered: 1 week ago