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Part 1: Utilizing Assets The Salty Spitoon purchased an equipment truck on October 1, 2020. The truck cost $31,450 plus $2,900 in taxes and $506 in destination/shipping charges. The Salty Spitoon paid $20,000 in cash and signed a note for the remainder. The company's accounting manager estimates the truck to have a seven-year useful life and residual value of $1,400. The Salty Spitoon uses the straight-line depreciation method. 1. Which accounts will be affected by the accounting entry on October 1, 2020 to capitalize the truck? Note each account, if it increases or decreases, and the dollar amount. 2. How much straight-line depreciation will be recorded for the year ended December 31, 2020 (rounded to the nearest dollar)? To which accounts will the depreciation be recorded and how will the 2020 financial statements be impacted? 3. How much depreciation expense (related to the truck) will appear in the income statement for the year ended December 31, 2021? 4. What is the net book value of the truck that will appear in the company's December 31, 2021 balance sheet? Part 2: Depreciation Practice The KC Aquarium acquired five new power filters for their fish tanks on April 1, 2020. The filters cost a total of $62,000 plus $2,100 in sales taxes, for which KC Aquarium issued a check. The company estimates the filters will have a value of $10,000 when the company finishes using them in 5 years. 1. Which accounts will be affected by the accounting entry for the acquisition of the filters on April 1, 2020? 2. Calculate the amount of straight-line depreciation KC Aquarium will record each year (rounded to the nearest dollar). 3. How much depreciation will be recorded for the year ended December 31, 2020? Which accounts will be affected? 4. Complete the following table: Asset Cost Depreciation Expense on Income Statement Accumulated Depreciation Net Book Value on Balance Sheet 2020 2021 2022 2023 5. What will be the net book value of the filters on March 31, 2025 (the end of the useful life)? Part 3: Classified Balance Sheet Use the information below to prepare a classified balance sheet for Alec Enterprise as of December 31, 2020. Account Name Accounts payable Accounts receivable Accumulated depreciation Allowance for doubtful accounts Cash Common stock Inventory Notes payable (due in 2 years) Notes receivable (due in 6 months) Prepaid rent Property, plant & equipment Retained earnings Salaries payable Supplies Taxes payable Unearned revenue Utilities payable Balance 2,900 12,410 (24,000) (1,800) 30,920 90,000 29,800 48,000 1,500 2,400 144,000 36,700 3,200 980 8,470 4,640 2,300 Alec Enterprise Balance Sheet As of December 31, 2020 Assets Current Assets: Cash Accounts Receivable Less: Allowance for Doubtful Accounts Inventory Supplies Prepaid Rent Note Receivable Total Current Assets Property, plant & equipment Less: Accumulated depreciation Total Assets Liabilities and Stockholders' Equity Current Liabilities: Accounts Payable Salaries Payable Taxes Payable Utilities Payable Unearned Revenue Total Current Liabilities Notes Payable Total Liabilities Stockholders' Equity: Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity Part 4: Current Ratio Use the information from your balance sheet prepared in Part 3 to calculate the current ratio for Alec Enterprise. A competitor of Alec Enterprise has a current ratio of 0.84. Which company has a stronger ratio