Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Yoshi Company completed the following transactions and events involving its delivery trucks. Year 1 January 1 Paid $22,015 cash plus $1,935 in sales tax for

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Yoshi Company completed the following transactions and events involving its delivery trucks. Year 1 January 1 Paid $22,015 cash plus $1,935 in sales tax for a new delivery truck estimated to have a five-year tife and a $2,300 salvage value. Delivery truck costs are recorded in the Trucks account. December 31 Recorded annual straight-line depreciation on the truck. Year 2 December 31 The truck's estimated useful life was changed from five to four years, and the estimated salvage value was increased to $2,700. Recorded annual straight-line depreciation on the truck. Year 3 December 31 Recorded annual straight-line depreciation on the truck. December 31 sold the truck for $5,300 cash. Required: 1-a. Calculate depreciation for Year 2. 1-b. Calculate book value and gain (loss) for sale of Truck on December 31, Year 3. 1.c. Prepare journal entries to record these transactions and events. Complete this question by entering your answers in the tabs below. Calculate depreciation for Year 2. Year 1 January 1 Paid $22,015 cash plus $1,935 in sales tax for a a $2,300 salvage value. Delivery truck costs are December 31 Recorded annual straight-line depreciation on th Year 2 December 31 The truck's estimated useful life was changed fr increased to $2,700. Recorded annual straight-li Year 3 December 31 Recorded annual straight-line depreciation on th December 31 Sold the truck for $5,300 cash. Required: 1-a. Calculate depreciation for Year 2. 1-b. Calculate book value and gain (loss) for sale of Truck on Decem 1-c. Prepare journal entries to record these transactions and events. Complete this question by entering your answers in the tabs Calculate book value and gain (loss) for sale of Truck on December 31 pare journal entries to record these transactions and events. Journal entry worksheet Record the total cost of the new delivery truck. Note: Enter debits before credits. Prepare journal entries to record these transactions and events. Journal entry worksheet Record the year-end adjusting entry for the depreciation expense of the delivery truck. Note: Enter debits before credits. Prepare journal entries to record these transactions and events. Journal entry worksheet Record the year-end adjusting entry for the depreciation expense of the delivery truck. Note: Enter debits before credits. Prepare journal entries to record these transactions and events. Journal entry worksheet Record the year-end adjusting entry for the depreciation expense of the delivery truck. Note: Enter debits before credits. Prepare journal entries to record these transactions and events. Journal entry worksheet 1 Record the sale of the delivery truck for $5,300 cash. Note: Enter debits before credits. Year 1 January 1 Paid $22,015 cash plus $1,935 in sales tax for a new delivery truck estimated to have a five-year life and a $2,300 salvage value. Delivery truck costs are recorded in the Trucks account. Decenber 31 Recorded annual straight-line depreciation on the truck. Year 2 December 31 The truck's estimated useful life was changed from five to four years, and the estimated salvage value was increased to $2,700. Recorded annual straight-line depreciation on the truck. Year 3 December 31 Recorded annual straight-2ine depreciation on the truck. December 31 sold the truck for $5,300 cash. Required: 1-a. Calculate depreciation for Year 2 . 1-b. Calculate book value and gain (loss) for sale of Truck on December 31, Year 3 . 1-c. Prepare journal entries to record these transactions and events. Complete this question by entering your answers in the tabs below. Calculate depreciation for Year 2. Year 1 January 1 Paid $22,015 cash plus $1,935 in sales tax for a new delivery truck estimated to have a five-year life and a $2,300 salvage value. Delivery truck costs are recorded in the Trucks account. December 31 Recorded annual straight-line depreciation on the truck. Year 2 December 31 The truck's estimated useful life was changed from five to four years, and the estinated salvage value was increased to $2,700. Recorded annual straight-line depreciation on the truck. Year 3 December 31 Recorded annual straight-line depreciation on the truck. December 31 Sold the truck for $5,300 cash. Required: 1-a. Calculate depreciation for Year 2. 1-b. Calculate book value and gain (loss) for sale of Truck on December 31, Year 3 . 1-c. Prepare joumal entries to record these transactions and events. Complete this question by entering your answers in the tabs below. Calculate book value and gain (loss) for sale of Truck on December 31, Year 3 . Prepare journal entries to record these transactions and events. Journal entry worksheet 5 Note: Enter debits before credits. Prepare journal entries to record these transactions and events. Journal entry worksheet 5 Record the year-end adjusting entry for the depreciation expense of the delivery truck. Note: Enter debits before credits. epare journal entries to record these transactions and events. Journal entry worksheet Record the year-end adjusting entry for the depreciation expense of the delivery truck. Note: Enter debits before credits. repare journal entries to record these transactions and events. Journal entry worksheet Record the year-end adjusting entry for the depreciation expense of the delivery truck. Note: Enter debits before credits. Prepare journal entries to record these transactions and events. Journal entry worksheet Record the sale of the delivery truck for $5,300 cash. Note: Enter debits before credits

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

Principles Of Financial Accounting

Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta

21st Edition

0077525264, 978-0077525262

More Books

Students also viewed these Accounting questions

Question

=+What do you think about the CDFI Fund, establish in 1994?

Answered: 1 week ago