Homework Solutions  
» Home
  

See All Homework
Questions here

Question Description

 
Posted by: Homeworkhelp
Price Quoted by Student: $5
Posted On: 2010-09-13 04:04:25
 
Question

ACC 280 E10-7 Brainiac Company purchased a delivery truck for $30,000 on January 1, 2008.The XACC 280 E10-7 Brainiac Company purchased a delivery truck for $30,000 on January 1, 2008.The


Principles of Accounting: Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2008). Financial Accounting (6th ed.). Hoboken, NJ: Wiley.

Axia College of University of Phoenix (UoP)


Homework help in ACC 280 E10-7
Brainiac Company

Homework tutorial of ACC 280 E10-7 Brainiac Company

Homework solution of XACC 280 E10-7 Brainiac Company


E10-7
Brainiac Company purchased a delivery truck for $30,000 on January 1, 2008.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 2008 and 12,000 in 2009.


Instructions
Compute depreciation using different methods


(a) Compute depreciation expense for 2008 and 2009 using (1) the straight-line method, (2) the units-

of-activity method, and (3) the double-declining balance method.

(b) Assume that Brainiac uses the straight-line method.

(1) Prepare the journal entry to record 2008 depreciation.

(2) Show how the truck would be reported in the December 31, 2008, balance sheet.


Solutions
SOLUTION (a) (1) 2008: ($30,000 –
Price $5
Attachment 1: E10-7 Brainiac Company.doc
Solution Posted By: Homeworkhelp    Posted on: 13-09-2010