Rangers, Inc. purchased a truck for $64,000, with an estimated useful life of 5 years and a residual value of $8,000. The company uses the double-declining-balance method of depreciation; however, for year 3 they switch to the straight-line method. There is no change to the estimated useful life or residual value. What is the accumulated depreciation balance at the end of year 4? (Round any
intermediary calculations to the nearest cent and your final answer to the nearest dollar.)
A) $45,973
B) $55,706
C) $50,986
D) $44,800
C) $50,986
Explanation: step 1: 2/useful life × book value at beginning of year = depreciation expense; step 2: 2/useful life × (price - year 1 depreciation) = depreciation year 2; step 3: (book value - salvage value)/remaining useful life = depreciation year 3 and 4; step 4: add together all accumulated depreciation. Ex:
You might also like to view...
Which of the following procedures most likely would not be an internal control activity designed to reduce the risk of errors in the billing process?
A. Comparing control totals for shipping documents with corresponding totals for sales invoices. B. Matching shipping documents with approved sales orders before invoice preparation. C. Reconciling the control totals for sales invoices with the accounts receivable subsidiary ledger. D. Using computer programmed controls on the pricing and mathematical accuracy of sales invoices.
Stare decisis requires that:
a. all courts follow decisions of all other courts. b. all courts follow only those decisions from the U.S. Supreme Court. c. trial courts follow all decisions from appellate courts. d. all appellate courts follow all decisions of other appellate courts. e. None of the above
Which sentence expresses international clock style correctly?
A) Our flight to Paris is scheduled to arrive at 1:30 p.m. B) Our flight to Paris is scheduled to arrive at 13:30. C) Our flight to Paris is scheduled to arrive at ?13:30 p.m.
A judge whose wife is representing a defendant cannot serve as the trial judge in the case
Indicate whether the statement is true or false