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Please show work. balance in the bank as shown on the balk S A. $2,220.25 25 D. $2,315.25 B. $2,104.75 C. $2,006.25 U 2.3 Questions
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balance in the bank as shown on the balk S A. $2,220.25 25 D. $2,315.25 B. $2,104.75 C. $2,006.25 U 2.3 Questions 6-8 A company purchased three cars at $3,150 each on April 2, 2003. Depreciation is to be computed on a mileage basis. The estimated mileage to be considered is 50,000 miles, with a trade-in value of $650 for each car. After having been driven 8,400 miles, car #1 was completely destroyed on November 23 2003 and not replaced. The insurance company paid $2,500 for the loss. As of December 31, 2003, of the two remaining cars, car #2 had been driven 10,300 miles and car #3 was driven 11.500 miles. On July 10, 2004, after having been driven a total of 24,600 mile, car #2 was sold for $1,800 Car #31 after having been driven a total of 27,800 miles, was traded in on December 28, 2004 for a new car (#4) that had a list price of $3,000 on the purchase of car #4, the dealer allowed a trade-in value of $1,850. 6. The balance in the Allowance for Depreciation account at December 31, 2003 is A. $1,850 B. $910 C. $1,090 D. $1,110 7. The depreciation expense for the calendar year 2004 is A. $1,530 B $2,000 C. $2,500 D. $3,000 8. The book value of the new car (car #4), using the income tax method, is A. $1,850 B. $3,000 C. $2,500 D. $2,910 Questions 9-10Step by Step Solution
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