11 A. Exceeds 40% of aggregate basis of assets (Excluding Building ) Purchased during the year.
12. B. Assets Other than Buildings being depreciated under MACRS
13. d. land and buildings
14. d. any of above
is of 11. The mid-quarter convention must be used when the aggregate bas assets (excluding buildings)...
11. The mid-quarter convention must be used when the aggregate basis of assets (excluding buildings) acquired during the last 3 months of the year.. a. exceeds 40% of the aggregate basis of assets (excluding buildings purchased during the year. b. is no more than 40% of the aggregate basis of assets (excluding buildings) purchased during the year. c. exceeds 40% of the aggregate basis of assets (excluding buildings) purchased during the first three quarters of the year. d. is no...
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...
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...
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 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 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 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...
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 $ 36,000 Accounts receivable 520,000 Inventory 150,000 Total current assets $ 706,000 Equipment 648,000 Less: accumulated depreciation 81,000 Equipment, net 567,000 Total assets $ 1,273,000 Liabilities and Equity Accounts payable $ 365,000 Bank loan payable 16,000 Taxes payable (due 3/15/2018) 90,000 Total liabilities $ 471,000...
Victoria Property Group owns three properties, the financial Accountant, Angel is in the process of finalizing the financial statements for the year ended 31 August 2015. She has been recently appointed because the previous financial accountant resigned. You have requested all the information regarding the properties. Due to her busy schedule she has scrawled some details on a piece of paper: PPE=Cost model Investment Prop=FV model No impairment indicators found when assessed during the year. IF assets to be depreciated...