FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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**Depreciation Expense Calculation for 2022 and 2023**

The task involves computing depreciation expense for the years 2022 and 2023 using three different methods:

1. **Straight-line Method**
   - 2022: $4,625
   - 2023: $3,393

2. **Units-of-activity Method**
   - 2022: $4,669
   - 2023: $3,393

3. **Double-declining-balance Method**
   - 2022: $8,500
   - 2023: $6,375

### Table Explanation:

The table presents the depreciation expenses calculated for each year using the different methods. The expenses for 2022 are listed in the left column, and for 2023 in the right column. The data is displayed in a tabular format with three rows representing each method and two columns for each year's expense values.

### Additional Features:
- A "Your answer is partially correct" message is displayed at the top.
- There are buttons labeled "eTextbook and Media" and "List of Accounts" for additional resources.
- A "Save for Later" option is provided.
- Users have unlimited attempts to submit their answers, as indicated by the "Attempts: unlimited" message next to the "Submit Answer" button.
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Transcribed Image Text:**Depreciation Expense Calculation for 2022 and 2023** The task involves computing depreciation expense for the years 2022 and 2023 using three different methods: 1. **Straight-line Method** - 2022: $4,625 - 2023: $3,393 2. **Units-of-activity Method** - 2022: $4,669 - 2023: $3,393 3. **Double-declining-balance Method** - 2022: $8,500 - 2023: $6,375 ### Table Explanation: The table presents the depreciation expenses calculated for each year using the different methods. The expenses for 2022 are listed in the left column, and for 2023 in the right column. The data is displayed in a tabular format with three rows representing each method and two columns for each year's expense values. ### Additional Features: - A "Your answer is partially correct" message is displayed at the top. - There are buttons labeled "eTextbook and Media" and "List of Accounts" for additional resources. - A "Save for Later" option is provided. - Users have unlimited attempts to submit their answers, as indicated by the "Attempts: unlimited" message next to the "Submit Answer" button.
**Depreciation Calculation for Whispering Winds Corp.**

**Background Information:**

Whispering Winds Corp. purchased a delivery truck for $34,000 on January 1, 2022. The truck has the following characteristics:
- Expected salvage value: $5,000
- Estimated useful life: 8 years
- Estimated mileage: 100,000 miles

**Actual Mileage:**
- 2022: 16,100 miles
- 2023: 11,700 miles

**Objective:**
Calculate the depreciable cost per mile using the units-of-activity method.

**Calculation:**

1. **Depreciable Cost:**
   - Initial Cost: $34,000
   - Salvage Value: $5,000
   - Total Depreciable Amount: $34,000 - $5,000 = $29,000

2. **Depreciation per Mile:**
   - Total Estimated Mileage: 100,000 miles
   - Depreciable Cost per Mile: $29,000 / 100,000 miles = $0.29 per mile

**Result:**
The depreciable cost per mile is $0.29.

**Confirmation:**
Your answer is correct.

**Components of the Image:**
- A green confirmation box indicating the correctness of the provided answer.
- Instructions specify rounding to two decimal places.
- Buttons for accessing additional resources, such as eTextbook and Media, and a List of Accounts.
- Unlimited attempts allowed for practice.
expand button
Transcribed Image Text:**Depreciation Calculation for Whispering Winds Corp.** **Background Information:** Whispering Winds Corp. purchased a delivery truck for $34,000 on January 1, 2022. The truck has the following characteristics: - Expected salvage value: $5,000 - Estimated useful life: 8 years - Estimated mileage: 100,000 miles **Actual Mileage:** - 2022: 16,100 miles - 2023: 11,700 miles **Objective:** Calculate the depreciable cost per mile using the units-of-activity method. **Calculation:** 1. **Depreciable Cost:** - Initial Cost: $34,000 - Salvage Value: $5,000 - Total Depreciable Amount: $34,000 - $5,000 = $29,000 2. **Depreciation per Mile:** - Total Estimated Mileage: 100,000 miles - Depreciable Cost per Mile: $29,000 / 100,000 miles = $0.29 per mile **Result:** The depreciable cost per mile is $0.29. **Confirmation:** Your answer is correct. **Components of the Image:** - A green confirmation box indicating the correctness of the provided answer. - Instructions specify rounding to two decimal places. - Buttons for accessing additional resources, such as eTextbook and Media, and a List of Accounts. - Unlimited attempts allowed for practice.
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