Homework Answers
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For tax purposes Modified Accelerated Cost Recovery System (MACRS) is used where the asset is fully depreciated to zero book value.
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Book value Find the book value for the asset shown in the accompanying table, assuming that...
Book value Find the book value for the asset shown in the accompanying table, assuming that MACRS depreciation is being used Recovery Elapsed time period since purchase Asset Installed cost (years) (years) А $935,000 5 The remaining book value is $(Round to the nearest dollar.) Enter your answer in De answer box and then click Check Answer All parts showing Clear All Check Answer - X Book value Find Data Table In Asset А The remaining book (Click on the...
Reddick Inc. purchased machinery on 1/1/2018 for $220,000. Assuming no salvage value, JV depreciated the asset...
Reddick Inc. purchased machinery on 1/1/2018 for $220,000. Assuming no salvage value, JV depreciated the asset straight line over a 4-year life for Book purposes, and 3-year life for Tax purposes. Assume a zero residual for both book and tax. Required: (a) What would be the balance in the Deferred Tax Liability account at the end of each year, assuming a 30% tax rate? (b) What would be the journal entry if Reddick sold the asset for $30,000 at the beginning of year...
If a company’s fully depreciated asset that had not salvage value was scrapped but not removed...
If a company’s fully depreciated asset that had not salvage value was scrapped but not removed from the accounting records, what would be the effect on the company’s financial statements? A. The asset account and the accumulated depreciation account would be overstated by the same amount. B. There would be no effect on the net asset book value. c. Neither a nor b is correct. d. Both a and b are correct.
all items on the book side of the bank reconciliation require jour All items on the book side of the bank reconcili...
all items on the book side of the bank reconciliation require
jour
All items on the book side of the bank reconciliation require journal entries. O O True False Click to select your answer. ве O Type here to search
Book value Find the book value for the asset shown in the accompanying table, assuming that...
Book value Find the book value for the asset shown in the accompanying table, assuming that MACRS depreciation is being used Elapsed time since purchase (years) Recovery period (years) Data Table Installed cost Asset $927,000 A 5 4 (Click on the icon located on the top-right corner of the data table below in order to copy its contents into a spreadsheet.) The remaining book value is (Round to the nearest dollar.) Rounded Depreciation Percentages by Recovery Year Using MACRS for...
QUESTION 45 The ABC Corporation's depreciation for tax purposes was $100,000. Its depreciation for book purposes...
QUESTION 45 The ABC Corporation's depreciation for tax purposes was $100,000. Its depreciation for book purposes was $120,000. This item will be an addition on Schedule M-1. O a. True. O b. False. QUESTION 46 Thrush Corporation, a calendar year C corporation, files it's 2020 Form 1120, which reports taxable income of $100,000 for the year. The corporation's tax is $61.250. O a. True. b. False QUESTION 47 Lia incorporates her sole proprietorship with assets having a fair market value...
Book value Find the book value for the asset shown in the accompanying table, assuming that...
Book value Find the book value for the asset shown in the accompanying table, assuming that MACRS depreciation is being used Recovery period (years) Elapsed time since purchase (years) Data Table Asset А Installed cost $994,000 The remaining book value is $ (Round to the nearest dollar.) (Click on the icon located on the top-right corner of the data table below in order to copy its contents into a spreadsheet.) Rounded Depreciation Percentages by Recovery Year Using MACRS for First...
the useful life of a plant asset is the length of the ser 32 of 49...
the useful life of a plant asset is the length of the
ser
32 of 49 (26 complete) The useful life of a plant asset is the length of the service period expected from the asset O True O False Click to select your answer E e Type here to search
A patent is an exclusive right to reproduce and sell a book, musical composition, film, other...
A patent is an exclusive right to reproduce and sell a book, musical composition, film, other work of art, or intellectual property O O True False Click to select your answer. O Type here to search
An asset's book value is $19,200 on December 31, Year 5. The asset has been depreciated...
An asset's book value is $19,200 on December 31, Year 5. The asset has been depreciated at an annual rate of $4,200 on the straight-line method. Assuming the asset is sold on December 31, Year 5 for $16,200, the company should record: Multiple Choice 0 A loss on sale of $3,300. O Aloss on sale of $3,000. Neither a gain nor a loss is recognized on this type of transaction. Again on sale of $3,300. O A gain on sale...
Book value Find the book value for the asset shown in the accompanying table, assuming that MACRS depreciation is being used Recovery Elapsed time period since purchase Asset Installed cost (years) (years) А $935,000 5 The remaining book value is $(Round to the nearest dollar.) Enter your answer in De answer box and then click Check Answer All parts showing Clear All Check Answer - X Book value Find Data Table In Asset А The remaining book (Click on the...
all items on the book side of the bank reconciliation require
jour
All items on the book side of the bank reconciliation require journal entries. O O True False Click to select your answer. ве O Type here to search
Book value Find the book value for the asset shown in the accompanying table, assuming that MACRS depreciation is being used Elapsed time since purchase (years) Recovery period (years) Data Table Installed cost Asset $927,000 A 5 4 (Click on the icon located on the top-right corner of the data table below in order to copy its contents into a spreadsheet.) The remaining book value is (Round to the nearest dollar.) Rounded Depreciation Percentages by Recovery Year Using MACRS for...
QUESTION 45 The ABC Corporation's depreciation for tax purposes was $100,000. Its depreciation for book purposes was $120,000. This item will be an addition on Schedule M-1. O a. True. O b. False. QUESTION 46 Thrush Corporation, a calendar year C corporation, files it's 2020 Form 1120, which reports taxable income of $100,000 for the year. The corporation's tax is $61.250. O a. True. b. False QUESTION 47 Lia incorporates her sole proprietorship with assets having a fair market value...
Book value Find the book value for the asset shown in the accompanying table, assuming that MACRS depreciation is being used Recovery period (years) Elapsed time since purchase (years) Data Table Asset А Installed cost $994,000 The remaining book value is $ (Round to the nearest dollar.) (Click on the icon located on the top-right corner of the data table below in order to copy its contents into a spreadsheet.) Rounded Depreciation Percentages by Recovery Year Using MACRS for First...
the useful life of a plant asset is the length of the
ser
32 of 49 (26 complete) The useful life of a plant asset is the length of the service period expected from the asset O True O False Click to select your answer E e Type here to search
A patent is an exclusive right to reproduce and sell a book, musical composition, film, other work of art, or intellectual property O O True False Click to select your answer. O Type here to search
An asset's book value is $19,200 on December 31, Year 5. The asset has been depreciated at an annual rate of $4,200 on the straight-line method. Assuming the asset is sold on December 31, Year 5 for $16,200, the company should record: Multiple Choice 0 A loss on sale of $3,300. O Aloss on sale of $3,000. Neither a gain nor a loss is recognized on this type of transaction. Again on sale of $3,300. O A gain on sale...
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