Homework Answers
20.
If i don't know the salvage value of assets i can still compute first year depreciation using Double declining balance method.
Third option is the correct option.
21.
Annual depreciation = Depreciable cost/Useful life
= 90,000/3
= $30,000
Depreciation expense for year 2 = $30,000
Correct option is (c)
22.
When a company uses the allowance method of accounting for uncollectible receivables, the entry to reinstate a previously written off account would include a credit to allowance for doubtful accounts.
Correct option is (c)
23.
Land is never depreciated, amortized or deleted.
Fourth option is the correct option.
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