Bennet company uses the allowance method to account for unco
Assume the Mariano Trucking Company purchased a truck to use in its business. The purchase date was January 1, and the price was $55,000. The estimated useful life of the truck was 5 years, and the estimated salvage value was $5,000. The truck was expected to last 100,000 miles, and was driven 12,000 miles the first year, 23,000 miles the second year, 35,000 miles the third year, 20,000 miles the fourth year, and 15,000 miles the fifth year. Using the straight-line method, calculate the depreciation expense for each year. 1. Using the production method, calculate the depreciation expense for each year. 2. 3. Using the double declining balance method, calculate the depreciation expense for each year. llgque 00.212
Audit Reports
Comp r ehensive Material Series Audit R eports 1) Explain why auditors’ reports are important to users of financial statements and why it is desirable to have standard wording. : Auditor's r eports a r e important to users of financial statements because they info r m users of the auditor's opinion as to whether or not the statements a r e fairly stated or whether no conclusion can be made with r ega r d to the fai r ness of their p r esentation . User s especiall y loo k fo r an y deviatio n f r o m th e wo r din g o f the standa r d unqualified r eport and the r easons and implications of such deviations. Having standa r d wo r ding imp r oves communications for the benefit of users of the auditor’s r eport. When the r e a r e departu r es f r om the standa r d wo r ding, users a r e mo r e li k e...
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