Question
Question 30 1 pts When using the allowance method to estimate bad debt, what will an entry to write off an account receivable using the
Question 301 pts
When using the allowance method to estimate bad debt, what will an entry to write off an account receivable using the allowance method do?
Group of answer choices
increase net income
decrease net income
have no effect on net income
increase liabilities
Question 311 pts
On January 1, our company purchased a truck for $80,000. The estimated useful life of the truck is 4 years. The residual value at the end of 4 years is estimated to be $10,000. What is the depreciation expense for the third year of use if we use the straight-line method?
Group of answer choices
$17,500
$20,000
$35,000
$52,500
Question 323 pts
Use the following information to answer these questions.
On January 1, our company purchased a truck for $80,000. The estimated useful life of the truck is 4 years. The residual value at the end of 4 years is estimated to be $10,000.
What is the depreciation expense for the second year of use if we use the double-declining balance method?
[ Select ] ["$40,000", "$35,000", "$22,500", "$20,000"]
What is the balance in accumulated depreciation at the end of the second year of use if we use the double-declining balance method?
[ Select ] ["$40,000", "$35,000", "$60,000", "$57,500"]
What is the book value at the end of the second year of use if we use the double-declining balance method?
[ Select ] ["$20,000", "$22,500", "$45,000", "$40,000"]
Question 33
On January 1 of the current year (Year 1), our company acquired a truck for $75,000. The estimated useful life of the truck is 5 years or 100,000 miles. The residual value at the end of 5 years is estimated to be $5,000. The actual mileage for the truck was 22,000 miles in Year 1 and 27,000 miles in Year 2. What is the book value at the end of the first year of use (Year 1) after we complete the adjusting entry if we use the units of production method?
Group of answer choices
$59,600
$56,100
$54,600
$51,100
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