+
ACCT 220 WEEK 5 PROBLEM SOLUTIONS

ACCT 220 WEEK 5 PROBLEM SOLUTIONS

Rating:
Rating
(0)
Author: Carol 96
Description:

Click link for more description

http://theperfecthomework.com/acct-220-week-5-problem-solutions/

There are three problems this week involving asset accounting.  Click on the tabs at the bottom of the 
 
 
spreadsheet to go to each problem.
 
 
 
 
 
 
 
 
 
 
 
 
Depreciation
 
 
 
 
 
 
 
 
 
 
 
 
Ace Specialties bought a delivery truck for $40,000 cash.  The expected useful life is 5 years and the salvage value is $5,000.
Ace uses a calendar year and the truck was purchased on July 1, 2015.
 
 
 
Calculate the depreciation for each year using the straight line method and the double declining balance method.
 
Show the journal entry for year one for the double declining balance method.
 
 
 
 
 
 
 
 
 
 
Straight line method
 
 
 
 
 
year
 depreciation 
 remaining book value 
 
 
 
 
2015
 
 
 
 
 
 
2016
 
 
 
 
 
 
2017
 
 
 
 
 
 
2018
 
 
 
 
 
 
2019
 
 
 
 
 
 
2020
 
 
 
 
 
 
2021
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Double declining balance method
 
 
 
 
 
year
 depreciation 
 remaining book value 
 
 
 
 
2015
 
 
 
 
 
 
2016
 
 
 
 
 
 
2017
 
 
 
 
 
 
2018
 
 
 
 
 
 
2019
 
 
 
 
 
 
2020
 
 
 
 
 
 
2021
 
 
 
 
 
 
 
 
 
 
 
 
 
Journal Entry
 
 
 
 
 
date
 account 
 debit 
 credit 
 
 
 

(more)
See More
Try a College Course Free

Sophia’s self-paced online courses are a great way to save time and money as you earn credits eligible for transfer to over 2,000 colleges and universities.*

Begin Free Trial
No credit card required

25 Sophia partners guarantee credit transfer.

221 Institutions have accepted or given pre-approval for credit transfer.

* The American Council on Education's College Credit Recommendation Service (ACE Credit®) has evaluated and recommended college credit for 20 of Sophia’s online courses. More than 2,000 colleges and universities consider ACE CREDIT recommendations in determining the applicability to their course and degree programs.

Tutorial