Michael was driving back to the office from his off-site construction job on Friday. He had put in a long week and just wanted to go home. But a text from Robert back in the office reminded him to enter his weekly mileage-the accountants needed to finish the company's total fleet expenses for its quarterly income statement-and the performance evaluation meeting was on Monday. Michael was frustrated that his weekend was now going to be delayed because of this data entry business. He wondered why Robert couldn't just use the fuel cost for the income statement. In the end, Michael complied with Robert's request and input his mileage information. Michael's mileage was added to the other vehicles' mileage information, with the quarterly totals listed below. Total fleet expenses on the income statement are a combination of the five costs shown here. 8888 Q1 Q2 Q3 Q4 Vehicle Insurance $1,700 1,700 1.700 1,700 Registration Fees Fuel $1.100 $2,700 1,100 3,000 1,100 2,600 1,100 3,200 Depreciation (Shed & Vehicles) $5,100 5,100 5,100 5,100 Vehicle Maintenance Miles Driven $2.565 27,000 2,610 30,000 2,354 26,000 2,828 32,000

Michael was driving back to the office from his off-site construction job on Friday. He had put in a long week and just wanted to go home. But a text from Robert back in the office reminded him to enter his weekly mileage-the accountants needed to finish the company's total fleet expenses for its quarterly income statement-and the performance evaluation meeting was on Monday. Michael was frustrated that his weekend was now going to be delayed because of this data entry business. He wondered why Robert couldn't just use the fuel cost for the income statement. In the end, Michael complied with Robert's request and input his mileage information. Michael's mileage was added to the other vehicles' mileage information, with the quarterly totals listed below. Total fleet expenses on the income statement are a combination of the five costs shown here. 8888 Q1 Q2 Q3 Q4 Vehicle Insurance $1,700 1,700 1.700 1,700 Registration Fees Fuel $1.100 $2,700 1,100 3,000 1,100 2,600 1,100 3,200 Depreciation (Shed & Vehicles) $5,100 5,100 5,100 5,100 Vehicle Maintenance Miles Driven $2.565 27,000 2,610 30,000 2,354 26,000 2,828 32,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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