Multiple Choice
Fabian Woodworks This company purchased a truck at a cost of $12,000.The truck has an estimated residual value of $2,000 and an estimated life of 5 years,or 100,000 hours of operation.The truck was purchased on January 1,2012,and was used 27,000 hours in 2012 and 26,000 hours in 2013.
-Refer to Fabian Woodworks.If the company uses the straight-line method of depreciation,what is the book value at December 31,2014?
A) $ 8,000
B) $ 6,000
C) $10,000
D) $ 4,000
Correct Answer:
Verified
Correct Answer:
Verified
Q4: Depreciation is<br>A)an effort to achieve proper matching
Q20: _ costs are expenditures incurred in the
Q40: The following costs were incurred to acquire
Q57: Operating assets with no physical properties are
Q76: Flying High Air acquires a new aircraft.It
Q77: Equipment with a residual value of $50,000
Q78: Explain the meaning or significance of the
Q83: Fernbank Farms This company purchased a semi
Q115: Plant assets, current assets, property, plant and
Q192: FASB allows companies to use different depreciation