Acc 291 Week 2 Wileyplus Assignment Week Three

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Question 1 Brainiac Company purchased a delivery truck for $30,000 on January 1, 2011. The truck has an expected salvage value  of $2,000, and is expected to be driven 100,000 miles over its estimated useful life of 8 years. Actual miles driven were  15,000 in 2011 and 12,000 in 2012. Compute depreciation expense for 2011 and 2012 using (1) the straight-line method, (2) the units-of-activity method,  and (3) the double-declining balance method.   (Round cost per mile to 2 decimal places, e.g. 10.50. Use rounded  amount for future calculations. Round final answers to 0 decimal places, e.g. 125.) Assume that Brainiac uses the straight-line method. (1) Prepare the journal entry to record 2011 depreciation. (2) Show  how the truck would be reported in the December 31, 2011, balance sheet.  (Enter all amounts as positive amounts  and subtract where necessary.)

Unformatted text preview: ACC 291 WileyPLUS Week 2 Practice Chapter 9 Practice Quiz 1 Questions 1-16 University of Phoenix Do not copy directly. Please use as a guide. Come back for more. Buy the entire course collection and save! Question 3 Micah Bartlett Company purchased equipment on January 1, 2010, at a total invoice cost of $400,000. The equipment has an estimated salvage value of $10,000 and an estimated useful life of 5 years. The amount of accumulated depreciation at December 31, 2011, if the straight-line method of depreciation is used, is: Question 4 Ann Torbert purchased a truck for $11,000 on January 1, 2010. The truck will have an estimated salvage value of $1,000 at the end of 5 years. Using the units-of-activity method, the balance in accumulated depreciation at December 31, 2011, can be computed by the following formula: Question 5 Jefferson Company purchased a piece of equipment on January 1, 2011. The equipment cost $60,000 and had an estimated life of 8 years and a salvage value of $8,000. What was the depreciation expense for the asset for 2012 under the double-declining-balance method? for the asset for 2012 under the double-declining-balance method?...
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