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Author Question: RET Company uses the activity (units-of-production) method to depreciate long-term assets. The ... (Read 52 times)

Jramos095

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on: Jul 5, 2018
RET Company uses the activity (units-of-production) method to depreciate long-term assets. The company owns a truck that cost 24,000. The truck is estimated to have a salvage value of 2,000 and a useful life of 200,000 miles.
 
  How much depreciation expense would be reported on the income statement in a year in which the truck is driven 50,000 miles?
  A) 6,500
  B) 6,000
  C) 5,500
  D) 5,000

Question 2

What is the amount of cost of merchandise sold for the year according to the LIFO method?
 a. 1,380
  b. 1,375
  c. 1,510
  d. 1,250


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k.lashomb

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Reply #1 on: Jul 5, 2018
Answer to Question 1

C

Answer to Question 2

c


Jramos095

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Reply 2 on: Jul 5, 2018
Thanks for the timely response, appreciate it

LVPMS

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Reply 3 on: Yesterday
Wow, this really help

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