Homework

Homework Questions? Ask a Tutor for Answers ASAP

Ask an Expert,
Get an Answer ASAP!

A truck costs $35,000 with a residual value of $2,000. Its…

Customer Question
A truck costs $35,000 with...
A truck costs $35,000 with a residual value of $2,000. Its service life is 5 years. By using the declining-balance method at twice the straight-line rate, the book value at the end of year 2 is __________.

1. $35,000.00
2. $22,000.00
3. $12,600.00
4. $33,000.00
5. None of these
Submitted: 7 years ago.Category: Homework
Show More
Show Less
Ask Your Own Homework Question
Answered in 42 minutes by:
1/2/2011
Tutor: Bizhelp, CPA replied 7 years ago
Bizhelp
Bizhelp, CPA
Category: Homework
Satisfied Customers: 5,884
Experience: Bachelors Degree and CPA with Accounting work experience
Verified
This answer is protected
Would you like to ask this question?
If you've already paid for this answer, simply Login.
Bizhelp
Bizhelp, CPA
Category: Homework
Satisfied Customers: 5,884
Experience: Bachelors Degree and CPA with Accounting work experience
Verified
Bizhelp and 87 other Homework Specialists are ready to help you
Ask your own question now
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tutorLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Bizhelp Your Own Question
Bizhelp
Bizhelp
Bizhelp, CPA
Category: Homework
Satisfied Customers: 5,884
5,884 Satisfied Customers
Experience: Bachelors Degree and CPA with Accounting work experience

Bizhelp is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

I couldn't be more satisfied! This is the site I will always come to when I need a second opinion.

JustinKernersville, NC

Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around.

EstherWoodstock, NY

Thank you so much for taking your time and knowledge to support my concerns. Not only did you answer my questions, you even took it a step further with replying with more pertinent information I needed to know.

RobinElkton, Maryland

He answered my question promptly and gave me accurate, detailed information. If all of your experts are half as good, you have a great thing going here.

DianeDallas, TX

< Previous | Next >

Meet the Experts:

LogicPro

LogicPro

Engineer

5,867 satisfied customers

Expert in Java C++ C C# VB Javascript Design SQL HTML

Manal Elkhoshkhany

Manal Elkhoshkhany

Tutor

4,556 satisfied customers

More than 5000 online tutoring sessions.

Linda_us

Linda_us

Finance, Accounts & Homework Tutor

3,138 satisfied customers

Post Graduate Diploma in Management (MBA)

Chris M.

Chris M.

M.S.W. Social Work

2,698 satisfied customers

Master's Degree, strong math and writing skills, experience in one-on-one tutoring (college English)

F. Naz

F. Naz

Chartered Accountant

2,190 satisfied customers

Experience with chartered accountancy

Bizhelp

Bizhelp

CPA

5,884 satisfied customers

Bachelors Degree and CPA with Accounting work experience

Seanna

Seanna

Tutor

1,781 satisfied customers

3,000+ satisfied customers, all topics, A+ work

< Previous | Next >

Related Homework Questions
A truck costing $25,000 with a residual value of $5,000 was purchased
A truck costing $25,000 with a residual value of $5,000 was purchased by Rim Corporation. The truck's estimated life is 10 years. At the end of Year 2, what is the book value using declining-balance m… read more
Steven, M.Acc.
Steven, M.Acc.
Instructor
Master\u0027s Degree
252 satisfied customers
Preferred stock can: Answer be cumulative. have equal
Preferred stock can: Answer be cumulative. have equal rights to common stock. never receive dividends in arrears. never have preference to dividends over common stockholders. none of these. Question 2… read more
Bizhelp
Bizhelp
CPA
Bachelor's Degree
5,884 satisfied customers
1) On July 1, 2010, Sparks Company purchased for $2,160,000
1) On July 1, 2010, Sparks Company purchased for $2,160,000 snow-making equipment having an estimated useful life of 5 years with an estimated salvage value of $90,000. Depreciation is taken for the p… read more
Manal Elkhoshkhany
Manal Elkhoshkhany
Tutor
4,556 satisfied customers
E10-7 Brainiac Company purchased a delivery truck for $30,000
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 usefu… read more
Manal Elkhoshkhany
Manal Elkhoshkhany
Tutor
4,556 satisfied customers
Need help with the following question. I have answered the
Need help with the following question. I have answered the first part. Need to answer the Straight-line, Declining-balance and Units-of-activity fields. P10-3A On January 1, 2008, Pele Company purchas… read more
Neo
Neo
Bachelor\u0027s Degree
1,144 satisfied customers
P11-1 Depreciation Method The Winsey Company purchased equipment
P11-1 Depreciation Method The Winsey Company purchased equipment on January 2, 2010, for $700,000. The equipment has the following characteristics: Estimatesd service life 20 years Estimated residual … read more
Manal Elkhoshkhany
Manal Elkhoshkhany
Tutor
4,556 satisfied customers
A new truck costing $60,000 with a residual value of $6,000
A new truck costing $60,000 with a residual value of $6,000 has an estimated useful life of 5 years. By using the declining-balance method at twice the straight-line rate, the depreciation expense in … read more
F. Naz
F. Naz
Chartered Accountant
CA Finalist & Completed B.com
2,190 satisfied customers
A new piece of equipment costs $18,000 with a residual value
A new piece of equipment costs $18,000 with a residual value of $600 and an estimated useful life of 5 years. By assuming twice the straight-line rate, the book value at end of year 2 using declining-… read more
R.R. Jha
R.R. Jha
Bachelor\u0027s Degree
150 satisfied customers
A new piece of equipment costs $18,000 with a residual value
A new piece of equipment costs $18,000 with a residual value of $600 and an estimated useful life of 5 years. By assuming twice the straight-line rate, the book value at end of year 2 using declining-… read more
Bizhelp
Bizhelp
CPA
Bachelor's Degree
5,884 satisfied customers
P11-1 Depreciation Method The Winsey Company purchased equipment
P11-1 Depreciation Method The Winsey Company purchased equipment on January 2, 2010, for $700,000. The equipment has the following characteristics: Estimatesd service life 20 years Estimated residual … read more
Neo
Neo
Bachelor\u0027s Degree
1,144 satisfied customers
P11-1 Depreciation Method The Winsey Company purchased equipment
P11-1 Depreciation Method The Winsey Company purchased equipment on January 2, 2010, for $700,000. The equipment has the following characteristics: Estimatesd service life 20 years Estimated residual … read more
Neo
Neo
Bachelor\u0027s Degree
1,144 satisfied customers
Problem 4 Asset depreciation and disposition. Answer each
Problem 4—Asset depreciation and disposition. Answer each of the following questions (need to show all work or you will not receive credit). 1. A plant asset purchased for $150,000 has an estimated li… read more
Bizhelp
Bizhelp
CPA
Bachelor's Degree
5,884 satisfied customers
Neo, the following questions were answered by Neo on 5/9/2010. P11-1
Neo, the following questions were answered by Neo on 5/9/2010. P11-1 Depreciation Method The Winsey Company purchased equipment on January 2, 2010, for $700,000. The equipment has the following charac… read more
Neo
Neo
Bachelor\u0027s Degree
1,144 satisfied customers
For Neo- Questions were previously answered on 5/10/2010 P11-1
For Neo- Questions were previously answered on 5/10/2010 P11-1 Depreciation Method The Winsey Company purchased equipment on January 2, 2010, for $700,000. The equipment has the following characterist… read more
Neo
Neo
Bachelor\u0027s Degree
1,144 satisfied customers
P11-1 Depreciation Method The Winsey Company purchased equipment
P11-1 Depreciation Method The Winsey Company purchased equipment on January 2, 2010, for $700,000. The equipment has the following characteristics: Estimatesd service life 20 years Estimated residual … read more
Neo
Neo
Bachelor\u0027s Degree
1,144 satisfied customers
I am basically done with my question, I just need part b figured
I am basically done with my question, I just need part b figured out: Please take a look at the following question and answer: Part B is the only part I need to do: Depreciation calculation methods. H… read more
R.R. Jha
R.R. Jha
Bachelor\u0027s Degree
150 satisfied customers
The following information is available for Queen Company, which
The following information is available for Queen Company, which has an accounting year end on December 31, 2006. 1. A delivery truck was purchased on June 1, 2004, for $80,000. It was estimated to hav… read more
Annie Kavitha
Annie Kavitha
Master's Degree
713 satisfied customers
The accounting staff at Golden Mining Company will soon ...
The accounting staff at Golden Mining Company will soon prepare year-end entries to the accounting system to record the partial consumption of certain long-term assets. Your advice is sought regarding… read more
Neo
Neo
Bachelor\u0027s Degree
1,144 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x