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question 11
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question 12
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question 13
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11. The mid-quarter convention must be used when the aggregate basis of assets (excluding buildings) acquired...
is of 11. The mid-quarter convention must be used when the aggregate bas assets (excluding buildings)...
is of 11. The mid-quarter convention must be used when the aggregate bas assets (excluding buildings) acquired during the last 3 months of the year .. a. exceeds 40% of the aggregate basis of assets (excluding buildings) b, is no more than 40% of the aggregate basis of assets (excluding C, exceeds 40% of the aggregate basis of assets (excluding buildings) d. is no more than 40% of the aggregate basis of assets (excluding purchased during the year buildings) purchased...
20. For assets acquired during the year, the sum-of-the-years'-digits method requires that the same depreciation rate...
20. For assets acquired during the year, the sum-of-the-years'-digits method requires that the same depreciation rate be used .. a. for the remaining months of the year of acquisition, then again in the final year of the asset's estimated life for any months not depreciated in Year 1. b. for 12 consecutive months, even if that results in the same rate being used in two different calendar years. c. throughout the life of the asset. d. until the end of...
20. For assets acquired during the year, the sum-of-the-years'-digits method requires that the same depreciation rate...
20. For assets acquired during the year, the sum-of-the-years'-digits method requires that the same depreciation rate be used... a. for the remaining months of the year of acquisition, then again in 0 the final year of the asset's estimated life for any months not depreciated in Year 1. b. for 12 consecutive months, even if that results in the same rate being used in two different calendar years. c. throughout the life of the asset. d. until the end of...
Convers Corporation (calendar-year-end) acquired the following assets during the current tax year: (ign...
Convers Corporation (calendar-year-end) acquired the following assets during the current tax year: (ignore $179 expense and bonus depreciation for this problem): (Use MACRS Table 1. Table 2 and Table 5) Asset Machinery Computer equipment Used delivery truck Furniture Total Date Placed in Service October 25 February 3 March 17 April 22 Original Basis $ 84,000 $ 24,000 $ 37,000 $164,000 $ 309,000 *The delivery truck is not a luxury automobile. In addition to these assets, Convers installed new flooring (qualified...
Assets Cash $ 35,500 Accounts receivable 520,000 Inventory 105,000 Total current assets $ 660,500 Equipment 636,000...
Assets Cash $ 35,500 Accounts receivable 520,000 Inventory 105,000 Total current assets $ 660,500 Equipment 636,000 Less: accumulated depreciation 79,500 Equipment, net 556,500 Total assets $ 1,217,000 Liabilities and Equity Accounts payable $ 345,000 Bank loan payable 15,000 Taxes payable (due 3/15/2018) 89,000 Total liabilities $ 449,000 Common stock 475,000 Retained earnings 293,000 Total stockholders’ equity 768,000 Total liabilities and equity The company’s single product is purchased for $20 per unit and resold for $54 per unit. The expected inventory...
Alex and Betty have agreed to form a cash-basis general partnership As of January 1, 20X4,...
Alex and Betty have agreed to form a
cash-basis general partnership
As of January 1,
20X4,
Alex contributed
$175,000 cash and an apartment complex valued at $2,578,000. Alex
purchased the complex on April 12, 20X1 for $1,850,000 and has been
operating the property as a sole proprietorship. The property is
subject to a recourse debt of $775,000 that is assumed by the
partnership.
Betty contributed
$1,080,000 cash and an apartment complex valued at $2,600,000 and
investment land valued at $425,000....
Near the end of 2011, the management of Simid Sports Co., a merchandising company, prepared the following estimated statement of financial position for December 31, 2011. SIMID SPORTS COMPANY Estimate...
Near the end of 2011, the management of Simid Sports Co., a merchandising company, prepared the following estimated statement of financial position for December 31, 2011. SIMID SPORTS COMPANY Estimated Statement of Financial position December 31, 2011 Assets Cash $ 37,000 Accounts receivable 520,000 Inventory 100,000 Total current assets 657,000 Equipment $ 540,000 Less accumulated depreciation 67,500 472,500 Total assets $ 1,129,500 Liabilities and Equity Accounts payable $ 345,000 Bank loan payable 15,000 Tax payable (due 3/15/2012) 91,000 Total liabilities...
Near the end of 2017, the management of Dimsdale Sports Co., a merchandising company, prepared the...
Near the end of 2017, the management of Dimsdale Sports Co., a merchandising company, prepared the following estimated balance sheet for December 31, 2017. DIMSDALE SPORTS COMPANY Estimated Balance Sheet December 31, 2017 Assets Cash $ 35,500 Accounts receivable 520,000 Inventory 105,000 Total current assets $ 660,500 Equipment 636,000 Less: accumulated depreciation 79,500 Equipment, net 556,500 Total assets $ 1,217,000 Liabilities and Equity Accounts payable $ 345,000 Bank loan payable 15,000 Taxes payable (due 3/15/2018) 89,000 Total liabilities $ 449,000...
Near the end of 2017, the management of Dimsdale Sports Co., a merchandising company, prepared the...
Near the end of 2017, the management of Dimsdale Sports Co., a merchandising company, prepared the following estimated balance sheet for December 31, 2017. DIMSDALE SPORTS COMPANY Estimated Balance Sheet December 31, 2017 Assets Cash $ 35,500 Accounts receivable 520,000 Inventory 105,000 Total current assets $ 660,500 Equipment 636,000 Less: accumulated depreciation 79,500 Equipment, net 556,500 Total assets $ 1,217,000 Liabilities and Equity Accounts payable $ 345,000 Bank loan payable 15,000 Taxes payable (due 3/15/2018) 89,000 Total liabilities $ 449,000...
If annual major repairs made in the first quarter and paid for in the second quarter...
If annual major repairs made in the first quarter and paid for in the second quarter clearly benefit the entire year, when should they be expensed? An allocated portion in each of the last three quarters 1. a. An allocated portion in each quarter of the year In full in the first quarter In full in the second quarter b. c. d. During the second quarter of 2011, Dodge Company sold a 2. piece of equipment at a gain of...
is of 11. The mid-quarter convention must be used when the aggregate bas assets (excluding buildings) acquired during the last 3 months of the year .. a. exceeds 40% of the aggregate basis of assets (excluding buildings) b, is no more than 40% of the aggregate basis of assets (excluding C, exceeds 40% of the aggregate basis of assets (excluding buildings) d. is no more than 40% of the aggregate basis of assets (excluding purchased during the year buildings) purchased...
20. For assets acquired during the year, the sum-of-the-years'-digits method requires that the same depreciation rate be used .. a. for the remaining months of the year of acquisition, then again in the final year of the asset's estimated life for any months not depreciated in Year 1. b. for 12 consecutive months, even if that results in the same rate being used in two different calendar years. c. throughout the life of the asset. d. until the end of...
20. For assets acquired during the year, the sum-of-the-years'-digits method requires that the same depreciation rate be used... a. for the remaining months of the year of acquisition, then again in 0 the final year of the asset's estimated life for any months not depreciated in Year 1. b. for 12 consecutive months, even if that results in the same rate being used in two different calendar years. c. throughout the life of the asset. d. until the end of...
Convers Corporation (calendar-year-end) acquired the following assets during the current tax year: (ignore $179 expense and bonus depreciation for this problem): (Use MACRS Table 1. Table 2 and Table 5) Asset Machinery Computer equipment Used delivery truck Furniture Total Date Placed in Service October 25 February 3 March 17 April 22 Original Basis $ 84,000 $ 24,000 $ 37,000 $164,000 $ 309,000 *The delivery truck is not a luxury automobile. In addition to these assets, Convers installed new flooring (qualified...
Alex and Betty have agreed to form a
cash-basis general partnership
As of January 1,
20X4,
Alex contributed
$175,000 cash and an apartment complex valued at $2,578,000. Alex
purchased the complex on April 12, 20X1 for $1,850,000 and has been
operating the property as a sole proprietorship. The property is
subject to a recourse debt of $775,000 that is assumed by the
partnership.
Betty contributed
$1,080,000 cash and an apartment complex valued at $2,600,000 and
investment land valued at $425,000....
If annual major repairs made in the first quarter and paid for in the second quarter clearly benefit the entire year, when should they be expensed? An allocated portion in each of the last three quarters 1. a. An allocated portion in each quarter of the year In full in the first quarter In full in the second quarter b. c. d. During the second quarter of 2011, Dodge Company sold a 2. piece of equipment at a gain of...
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