Homework Answers
Answer: B) $4,600
Explanations:
| Applicable MACRS %Rate | |
| Year | 5-Year property |
| 1 | 20.00% |
| 2 | 32.00% |
| 3 | 19.20% |
| 4 | 11.52% |
| 5 | 11.52% |
| 6 | 5.76% |
| Total | 100.00% |
So,
For the first year depreciation = $23,000 x 20%= $4,600
Add Answer to:
4) Davidson Enterprises purchases a car costing $23,000 on January 1, 2010. What is the amount...
1) Kansas Enterprises purchased equipment for $79,000 on January 1, 2021. The equipment is expected to...
1) Kansas Enterprises purchased equipment for $79,000 on January 1, 2021. The equipment is expected to have a five-year service life, with a residual value of $6,900 at the end of five years. Using the straight-line method, depreciation expense for 2021 would be: 2) Kansas Enterprises purchased equipment for $80,500 on January 1, 2021. The equipment is expected to have a ten-year service life, with a residual value of $6,450 at the end of ten years. Using the straight-line method,...
Stewart Co.'s beginning inventory and purchases during the year ended December 31, 2010, were as follows:...
Stewart Co.'s beginning inventory and purchases during the year ended December 31, 2010, were as follows: Unit Cost $50.00 52.50 Total Cost Units 1,000 1,200 January 1 March 10 June 25 August 30 October 5 November 26 December 31 $ 50,000 Inventory Purchase Sold 800 units Purchase Sold 1,500 units Purchase Sold 1 63,000 800 55.00 44,0004 2,000 56.00 112,00 ,000 units Total 5,000 $269,000 Instructions Determine the cost of inventory on December 31, 2010, using the perpetual inven- tory...
On April 1, 2014, Antoinette purchases a new automobile for $56,000. She uses the car 90% for business and drives the car as follows: 18,000 miles in 2014, 23,000 miles in 2015, 26,000 miles in 2016,...
On April 1, 2014, Antoinette purchases a new automobile for $56,000. She uses the car 90% for business and drives the car as follows: 18,000 miles in 2014, 23,000 miles in 2015, 26,000 miles in 2016, and 21,000 miles in 2017. Antoinette is self-employed. Determine Antoinette's basis in the business portion of the auto as of January 1, 2018, under the following assumptions: If required, carry out computations to two decimal places and then round your final answer to the...
Kansas Enterprises purchased equipment for $60,000 on January 1, 2018. The equipment is expected to have...
Kansas Enterprises purchased equipment for $60,000 on January 1, 2018. The equipment is expected to have a five-year life, with a residual value of $5,000 at the end of five years. Using the double-declining balance method, depreciation expense for 2019 would be: Select one or more: a. $13,200. b. $22,000. c. $14,400 d. $24,000.
QUESTION 4 The number of X-rays taken and X-ray costs over the last nine months in...
QUESTION 4 The number of X-rays taken and X-ray costs over the last nine months in Beverly Hospital are given below: Month X-Rays Taken X-Ray Costs January ... 6,250 $28,000 February .. 7,000 $29,000 March .... 5,000 $23,000 April .......... 4,250 $20,000 May ........ 4,500 $22,000 June.......... 3,000 $17,000 July ............. 3,750 $18,000 August ... ... ... 5,500 $24,000 September ......... 5,750 $26,000 A. Using the high-low method, estimate the cost formula for X-ray costs. B. Using the cost formula...
bookeeping 33. What is the maximum tax deduction for the machine in 2023 (Year es a....
bookeeping
33. What is the maximum tax deduction for the machine in 2023 (Year es a. So, because the machine has a 5-year recovery period b. $576 c. $3,226 d. $6,451 34. On October 20 of the current vear, a company with a December 31 Year-end purchases a factory for $150,000, which includes $50.000 the land. What is first-year depreciation for this asset under MACRS? a. $535 b. $53,500 c. $111 d. $2,461 35. Which of the following is not...
4. (8 POINTS) A car manufacturer produces custom order cars and uses job order costing. What...
4. (8 POINTS) A car manufacturer produces custom order cars and uses job order costing. What were the Journal entries that the company made to record each of the following activities? a) On January 1st, $20,000 of raw materials were purchased on credit. b) On January 15th, $1,000 of raw materials were requisitioned for use as direct materials and $5,000 were requisitioned for indirect materials. c) On January 30th, $5,000 of indirect production labor costs were incurred along with $8,000...
Cambridge Company purchased a truck on January 1, 2018. Cambridge paid $23,000 for the truck. The...
Cambridge Company purchased a truck on January 1, 2018. Cambridge paid $23,000 for the truck. The truck is expected to have a $3,500 residual value and a 5-year life. Cambridge has a December 31 fiscal year end. Using the double-declining balance method, how much is the 2019 depreciation expense? (Enter only whole dollar values.) Hint: what is the year 2 depreciation amount?
1) Isposito Company has experienced an inventory loss due to fire on November 22, 2010. The following account balances a...
1) Isposito Company has experienced an inventory loss due to fire on November 22, 2010. The following account balances are as of November 22, 2010: An inventory was taken immediately after the fire and shows a salvageable inventory of $10,000. During the past year, cost of goods sold equaled 60% of net sales. What is the amount of inventory lost due to the fire? a) $63,600 b) $73,600 c) $50,000 d) $53,600 Sales, January 1-November 22 Inventory, January 1 Sales...
Chapter 9 Disposal of Plant Asset examples 1. January 4, 2010 a piece of equipment was...
Chapter 9 Disposal of Plant Asset examples 1. January 4, 2010 a piece of equipment was bought for $58,000 with a residual value of $4,000 and an estimated life of 9 years. (Use straight line method) The equipment was sold for $22,000 on March 23, 2016. Journalize the entries to update the partial year depreciation and sale dated March 23, 2016. 2. January 2, 2011 bought equipment for $96,000 with a residual value of $15,000 and an estimated life of...
Stewart Co.'s beginning inventory and purchases during the year ended December 31, 2010, were as follows: Unit Cost $50.00 52.50 Total Cost Units 1,000 1,200 January 1 March 10 June 25 August 30 October 5 November 26 December 31 $ 50,000 Inventory Purchase Sold 800 units Purchase Sold 1,500 units Purchase Sold 1 63,000 800 55.00 44,0004 2,000 56.00 112,00 ,000 units Total 5,000 $269,000 Instructions Determine the cost of inventory on December 31, 2010, using the perpetual inven- tory...
Kansas Enterprises purchased equipment for $60,000 on January 1, 2018. The equipment is expected to have a five-year life, with a residual value of $5,000 at the end of five years. Using the double-declining balance method, depreciation expense for 2019 would be: Select one or more: a. $13,200. b. $22,000. c. $14,400 d. $24,000.
QUESTION 4 The number of X-rays taken and X-ray costs over the last nine months in Beverly Hospital are given below: Month X-Rays Taken X-Ray Costs January ... 6,250 $28,000 February .. 7,000 $29,000 March .... 5,000 $23,000 April .......... 4,250 $20,000 May ........ 4,500 $22,000 June.......... 3,000 $17,000 July ............. 3,750 $18,000 August ... ... ... 5,500 $24,000 September ......... 5,750 $26,000 A. Using the high-low method, estimate the cost formula for X-ray costs. B. Using the cost formula...
bookeeping
33. What is the maximum tax deduction for the machine in 2023 (Year es a. So, because the machine has a 5-year recovery period b. $576 c. $3,226 d. $6,451 34. On October 20 of the current vear, a company with a December 31 Year-end purchases a factory for $150,000, which includes $50.000 the land. What is first-year depreciation for this asset under MACRS? a. $535 b. $53,500 c. $111 d. $2,461 35. Which of the following is not...
4. (8 POINTS) A car manufacturer produces custom order cars and uses job order costing. What were the Journal entries that the company made to record each of the following activities? a) On January 1st, $20,000 of raw materials were purchased on credit. b) On January 15th, $1,000 of raw materials were requisitioned for use as direct materials and $5,000 were requisitioned for indirect materials. c) On January 30th, $5,000 of indirect production labor costs were incurred along with $8,000...
Chapter 9 Disposal of Plant Asset examples 1. January 4, 2010 a piece of equipment was bought for $58,000 with a residual value of $4,000 and an estimated life of 9 years. (Use straight line method) The equipment was sold for $22,000 on March 23, 2016. Journalize the entries to update the partial year depreciation and sale dated March 23, 2016. 2. January 2, 2011 bought equipment for $96,000 with a residual value of $15,000 and an estimated life of...
Most questions answered within 3 hours.
-
A strawberry farmer determines that the average weight of
individual strawberries produced by plants in his...
asked 12 minutes ago -
Chargaff's results yielded a molar ratio of 0.400 for A to G in
avian tubercle bacillus...
asked 2 hours ago -
Which of the following binds ATP/ADP?
a. microfilaments
b. microtubules
c. intermediate filaments
d. microfilaments and...
asked 2 hours ago -
Assume that the situation can be expressed as a linear cost
function. Find the cost function....
asked 4 hours ago -
(Sort ArrayList) Write the following method that sorts an
ArrayList: public static > void sort(ArrayList list)...
asked 4 hours ago -
2) A 9 volt battery is connected to a parallel plate capacitor
with an initial capacitance...
asked 4 hours ago -
Prince Equipment has to decide whether to obtain $1,000,000 of
financing by: (1) selling common stock...
asked 5 hours ago -
The terms electrical and electronic have similar but
different meanings which of the following statement is...
asked 5 hours ago -
You wish to test the claim that the mean GPA of night students
is than 2.5...
asked 6 hours ago -
A soft drink machine outputs a mean of 25 ounces per cup. The
machine's output is...
asked 7 hours ago -
Ross Co., Westerfield, Inc., and Jordan Company announced a new
agreement to market their respective products...
asked 6 hours ago -
What is the distance run by a runner 50m/hr and
60m/hr?
asked 7 hours ago