This topic contains a solution. Click here to go to the answer

Author Question: Fidelity Industries purchased a new truck for 128,000. The company expected the truck to last 5 ... (Read 194 times)

nelaaney

  • Hero Member
  • *****
  • Posts: 560
Fidelity Industries purchased a new truck for 128,000. The company expected the truck to last 5 years or 50,000 miles, with an estimated salvage value of 16,000 at the end of that time. In the first year, the truck was driven 17,600 miles. As the accountant for Fidelity, you can depreciate this truck using the double-declining-balance method or the units of production method. a. Which method of depreciation will allow the largest write-off in the first year? b. How much greater would the depreciation expense be using your answer to (a) above?

Question 2

Pacific Products buys merchandise from a supplier for 1,320 with terms of 4/20, n/60. The invoice is dated October 15. On October 25, Pacific sends a partial payment to the supplier of 900. What is the amount that must be paid on the net date?



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

bblaney

  • Sr. Member
  • ****
  • Posts: 323
Answer to Question 1

a. Double-declining-balance Method
b. 11,776

Answer to Question 2

382.5




nelaaney

  • Member
  • Posts: 560
Reply 2 on: Jun 24, 2018
:D TYSM


TheNamesImani

  • Member
  • Posts: 334
Reply 3 on: Yesterday
Gracias!

 

Did you know?

Asthma is the most common chronic childhood disease in the world. Most children who develop asthma have symptoms before they are 5 years old.

Did you know?

When Gabriel Fahrenheit invented the first mercury thermometer, he called "zero degrees" the lowest temperature he was able to attain with a mixture of ice and salt. For the upper point of his scale, he used 96°, which he measured as normal human body temperature (we know it to be 98.6° today because of more accurate thermometers).

Did you know?

Though the United States has largely rejected the metric system, it is used for currency, as in 100 pennies = 1 dollar. Previously, the British currency system was used, with measurements such as 12 pence to the shilling, and 20 shillings to the pound.

Did you know?

HIV testing reach is still limited. An estimated 40% of people with HIV (more than 14 million) remain undiagnosed and do not know their infection status.

Did you know?

Warfarin was developed as a consequence of the study of a strange bleeding disorder that suddenly occurred in cattle on the northern prairies of the United States in the early 1900s.

For a complete list of videos, visit our video library