Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

plz answer faster Leya Company uses the declining balance method to depreciate its bus which was purchased on January 1, 2018 for $25,000. The bus

plz answer faster image text in transcribed
image text in transcribed
Leya Company uses the declining balance method to depreciate its bus which was purchased on January 1, 2018 for $25,000. The bus has a salvage value of $2,000 and it is expected to be driven 150,000 kilometers over its 4 years useful life. The company prepares its financial statements annually. Specify the amounts of the below accounts in the depreciation schedule of the bus. The double declining balance rate for the year 2018 is" 25% OO 40% 50% None of the options The depreciation expense for the year 2015 $781.25 $1.125 OO 51.562.5 None of the options The accumulated depreciation balance for the year 2019 $12.500 516750 21.8TS Nocnections O The book value at the end of 2021 is * O $2,000 $2,175 O $3,125 O None of the options The adjusting entry for the year 2020 will include a credit of accumulated depreciation for $21,875 $18,750 O $11,125 None of the options

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Guide To The Study Of Auditing 1914

Authors: Samuel F. Racine

1st Edition

0266614493, 978-0266614494

More Books

Students also viewed these Accounting questions

Question

prod&) a. mps mux mvy

Answered: 1 week ago