Homework Answers
3)
Answer- TRUE
Intangible assets also can be depreciated using the straight-line method of deprecation over the useful life of intangible assets.
4)
Answer - TRUE
Real estate assets should depreciate on a property by property basis as per ADS system of depreciation.
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QUESTION 3 The method used to amortize intangible property is similar to the straight-line method of...
1) Longer class lives for depreciable property and the required use of the straight-line method of...
1) Longer class lives for depreciable property and the required use of the straight-line method of depreciation would likely dampen the tax incentive for purchasing capital assets. True or False?? Please explain
True or False Straight-line is the most widely used depreciation method in financial statements, and MACRS...
True or False Straight-line is the most widely used depreciation method in financial statements, and MACRS is the most widely used method in federal income tax returns.
The most widely used depreciation method for financial statements is 1) straight-line 2) MACRS O3) declining-balance...
The most widely used depreciation method for financial statements is 1) straight-line 2) MACRS O3) declining-balance O4) units-of-production The method of depreciation that yields a depreciation charge that varies with the amount of asset usage is known as the units-of-production method. True O False
Given the decision to employ straight-line amortization or a usage-based amortization method, the management accountant’s need...
Given the decision to employ straight-line amortization or a
usage-based amortization method, the management accountant’s need
to report the most relevant economic information to external users
will determine which method is used.
True
False
which of the following items acquired as part of an acquisition of a business is not...
which of the following items acquired as part of an
acquisition of a business is not Section 197 intangible
property
QUESTION 12 A taxpayer places in service $55,000 of 5-year property on August 16, and $45.000 of 7-year property on December 2. Assuming the taxpayer elects not to take Section 179 expense of bonus depreciation on ether property, which of the following statements is correct? The taxpayer uses the half-year convention to depreciate the 5-year property, but uses the mid-quarter...
If Quick Company used Double Declining Balance (DDB) depreciation method instead of straight-line, calculate the following:...
If Quick Company used Double Declining Balance (DDB)
depreciation method instead of straight-line, calculate the
following:
Depreciation expense each year
Accumulated depreciation each year
Net book value each year
Impairment loss (if any) at the end of year 4
Comparing the impairment loss in d) with the impairment loss we
calculated in class under the straight-line method, discuss the
implication.
Quick Company acquired a piece of equipment in Year 1 at a cost of $100,000. The equipment has a 10-year...
If Quick Company used Double Declining Balance (DDB) depreciation method instead of straight-line, calculate the following:...
If Quick Company used Double
Declining Balance (DDB) depreciation method instead of
straight-line, calculate the following:
Depreciation expense each year
Accumulated depreciation each year
Net book value each year
Impairment loss (if any) at the end of year 4
Comparing the impairment loss in d) with the impairment loss we
calculated in class under the straight-line method, discuss the
implication.
Quick Company acquired a piece of equipment in Year 1 at a cost of $100,000. The equipment has a 10-year...
Weaver Textiles Inc. has used the straight-line method to depreciate its equipment since it started business...
Weaver Textiles Inc. has used the straight-line method to depreciate its equipment since it started business in 2014. At the beginning of 2018, the company decided to change to the double-declining-balance (DDB) method. Depreciation as reported and as it would have been reported if the company had always used DDB is listed below: Year Straight-Line DDB 2014 $ 22,500 $ 45,000 2015 25,000 40,000 2016 28,000 38,000 2017 28,000 32,000 Required: What journal entry, if any, should Weaver make to...
Week 6: Straight Line Method and Accelerated Depreciation Respond to the question below: Explain the difference...
Week 6: Straight Line Method and Accelerated Depreciation Respond to the question below: Explain the difference between the straight-line method of depreciation and accelerated depreciation. When might each be used? How is the sum of the years digits method derived?
The Bisection method, though relatively slow to converge, has the a. important property that it always converges to a solution. One of the disadvantage of Newton-Raphson method is, it requires Tru...
The Bisection method, though relatively slow to converge, has the a. important property that it always converges to a solution. One of the disadvantage of Newton-Raphson method is, it requires True False True False evaluating the derivative, at each iteration. Secant method is slightly slower than Newton-Raphson method, it also require the evaluation of a derivative In Lagrange interpolation polynomial, the more data points that are used in the interpolation, the higher the degree of the resulting polynomial. Polynomial regression...
The most widely used depreciation method for financial statements is 1) straight-line 2) MACRS O3) declining-balance O4) units-of-production The method of depreciation that yields a depreciation charge that varies with the amount of asset usage is known as the units-of-production method. True O False
Given the decision to employ straight-line amortization or a
usage-based amortization method, the management accountant’s need
to report the most relevant economic information to external users
will determine which method is used.
True
False
which of the following items acquired as part of an
acquisition of a business is not Section 197 intangible
property
QUESTION 12 A taxpayer places in service $55,000 of 5-year property on August 16, and $45.000 of 7-year property on December 2. Assuming the taxpayer elects not to take Section 179 expense of bonus depreciation on ether property, which of the following statements is correct? The taxpayer uses the half-year convention to depreciate the 5-year property, but uses the mid-quarter...
If Quick Company used Double Declining Balance (DDB)
depreciation method instead of straight-line, calculate the
following:
Depreciation expense each year
Accumulated depreciation each year
Net book value each year
Impairment loss (if any) at the end of year 4
Comparing the impairment loss in d) with the impairment loss we
calculated in class under the straight-line method, discuss the
implication.
Quick Company acquired a piece of equipment in Year 1 at a cost of $100,000. The equipment has a 10-year...
If Quick Company used Double
Declining Balance (DDB) depreciation method instead of
straight-line, calculate the following:
Depreciation expense each year
Accumulated depreciation each year
Net book value each year
Impairment loss (if any) at the end of year 4
Comparing the impairment loss in d) with the impairment loss we
calculated in class under the straight-line method, discuss the
implication.
Quick Company acquired a piece of equipment in Year 1 at a cost of $100,000. The equipment has a 10-year...
The Bisection method, though relatively slow to converge, has the a. important property that it always converges to a solution. One of the disadvantage of Newton-Raphson method is, it requires True False True False evaluating the derivative, at each iteration. Secant method is slightly slower than Newton-Raphson method, it also require the evaluation of a derivative In Lagrange interpolation polynomial, the more data points that are used in the interpolation, the higher the degree of the resulting polynomial. Polynomial regression...
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