Homework Answers
Priscilla's 2019 , Amortization Deduction = $ 14,000
Explanation :
Patent = $120,000 / 15 Years = $ 8,000 *3/12 = $2,000
Good will = $720,000 /15 Years = $48,000 *3/12 = $12,000
Answer = $2,000 + $ 12,000 = $ 14,000
Add Answer to:
Exercise 8-28 (Algorithmie) (LO. 7) On October 1, 2019, Priscilla purchased a business. Of the purchase...
Exercise 8-28 (Algorithmic) (LO. 7) On October 1, 2019, Priscilla purchased a business. Of the purchase...
Exercise 8-28 (Algorithmic) (LO. 7) On October 1, 2019, Priscilla purchased a business. Of the purchase price, $94,000 is allocated to a patent and $564,000 to goodwill. If required, round your intermediate values to nearest dollar and use in subsequent computations. Calculate Priscilla's 2019 $ 197 amortization deduction. $ 7,250 X
On October 1, 2019, Priscilla purchased a business of the purchase price,'$70,000 is allocated to a...
On October 1, 2019, Priscilla purchased a business of the purchase price,'$70,000 is allocated to a patent and $120,000 to goodwill. If required, round your intermediate values to nearest dollar and use in subsequent computations. Calculate Priscilla's 2019 $ 197 amortization deduction $ 7,417 x Check My Wor Taxpayers can daim an amortization deduction on intangible assets called "amortizable 5 197 intangibles." Ched My Work 1 more Check My Work remaining | 8 9 0
On October 1, 2019, Priscilla purchased a business. Of the purchase price, $60,000 is allocated to...
On October 1, 2019, Priscilla purchased a business. Of the purchase price, $60,000 is allocated to a patent and $375,000 is allocated to goodwill. Calcu-late Priscilla’s 2019 § 197 amortization deduction
Problem 8-14 (Algorithmic) Intangibles (LO 8.6) Derek purchases a small business from Art on September 1,...
Problem 8-14 (Algorithmic) Intangibles (LO 8.6) Derek purchases a small business from Art on September 1, 2019. He paid the following amounts for the business: Finced assets 290,800 Goodwill 58,160 Covenant not to compete 72,700 Total $421,660 a. How much of the $421,660 purchase price is for Section 197 intangible assets? b. What amount can Derek deduct on his 2019 tax return as Section 197 intangible amortization? If required, round the final answer to the nearest dollar. Use months, not...
Exercise 8-26 (LO. 3) McKenzie purchased qualifying equipment for his business that cost $212,000 in 2019....
Exercise 8-26 (LO. 3) McKenzie purchased qualifying equipment for his business that cost $212,000 in 2019. The taxable income of the business for the year is $5,600 before consideration of any § 179 deduction. If an amount is zero, enter "0". a. Calculate McKenzie's § 179 expense deduction for 2019 and any carryover to 2020. 212,000 X § 179 expense deduction for 2019: $ 5,600 S 179 carryover to 2020: $ х b. How would your answer change if McKenzie...
Problem 8-42 (a) (LO. 2, 3) Dorcas is the proprietor of a small business. In 2019,...
Problem 8-42 (a) (LO. 2, 3) Dorcas is the proprietor of a small business. In 2019, the business income, before consideration of any cost recovery or 5 179 deduction, is $170,000. Dorcas spends $50,000 on new seven-year dass assets and elects to take the 5 179 deduction on them. She elects not to take additional first-year depreciation. Dorcas's cost recovery deduction for 2019, for 5-year assets (not purchased this year), is $90,000. If an amount is zero, enter "0". If...
Exercise 8-29 (Algorithmic) (LO. 8) On March 25, 2019, Parscale Company purchases the rights to a...
Exercise 8-29 (Algorithmic) (LO. 8) On March 25, 2019, Parscale Company purchases the rights to a mineral interest for $8,563,000. At that time, the remaining recoverable units in the mineral interest are estimated to be 804,200 tons. If required, round any division to two decimal places and use in subsequent computations. Round your final answer to the nearest dollar. If 723,780 tons are mined and 120,630 tons are sold this year, calculate Parscale's cost depletion for 2019.
Exercise 8-29 (Algorithmic) (LO. 8) On March 25, 2019, Parscale Company purchases the rights to a...
Exercise 8-29 (Algorithmic) (LO. 8) On March 25, 2019, Parscale Company purchases the rights to a mineral interest for $8,480,500. At that time, the remaining recoverable units in the mineral Interest are estimated to be 632,000 tons. If required, round any division to two decimal places and use in subsequent computations. Round your final answer to the nearest dollar. If 80,000 tons are mined and 75,000 tons are sold this year, calculate Parscale's cost depletion for 2019, $ 1,006,389
Candlewood LLC began its business on October 1, 2019; and it uses a calendar tax and...
Candlewood LLC began its business on October 1, 2019; and it uses a calendar tax and an accounting year. Candlewood incurred $13,600 in legal fees for drafting the LLC's operating agreement and $6,800 in accounting fees for tax advice of an organizational nature, for a total of $20,400 of organizational costs. Candlewood also incurred $28,200 of preopening advertising expenses and $25,400 of salaries and training costs for new employees before opening for business, for a total of $53,600 of startup...
Exercise 8-26 (Algorithmic) (LO. 3) Mckenzie purchased qualifying equipment for his business that cost $473,800 in...
Exercise 8-26 (Algorithmic) (LO. 3) Mckenzie purchased qualifying equipment for his business that cost $473,800 in 2019. The taxable income of the business for the year is $114,900 before consideration of any $ 179 deduction. If an amount is zero, enter "0". a. Calculate McKenzie's 5 179 expense deduction for 2019 and any carryover to 2020. $ 179 expense deduction for 2019: $ $ 179 carryover to 2020: $ b. How would your answer change if McKenzie decided to use...
Exercise 8-28 (Algorithmic) (LO. 7) On October 1, 2019, Priscilla purchased a business. Of the purchase price, $94,000 is allocated to a patent and $564,000 to goodwill. If required, round your intermediate values to nearest dollar and use in subsequent computations. Calculate Priscilla's 2019 $ 197 amortization deduction. $ 7,250 X
On October 1, 2019, Priscilla purchased a business of the purchase price,'$70,000 is allocated to a patent and $120,000 to goodwill. If required, round your intermediate values to nearest dollar and use in subsequent computations. Calculate Priscilla's 2019 $ 197 amortization deduction $ 7,417 x Check My Wor Taxpayers can daim an amortization deduction on intangible assets called "amortizable 5 197 intangibles." Ched My Work 1 more Check My Work remaining | 8 9 0
Problem 8-14 (Algorithmic) Intangibles (LO 8.6) Derek purchases a small business from Art on September 1, 2019. He paid the following amounts for the business: Finced assets 290,800 Goodwill 58,160 Covenant not to compete 72,700 Total $421,660 a. How much of the $421,660 purchase price is for Section 197 intangible assets? b. What amount can Derek deduct on his 2019 tax return as Section 197 intangible amortization? If required, round the final answer to the nearest dollar. Use months, not...
Exercise 8-26 (LO. 3) McKenzie purchased qualifying equipment for his business that cost $212,000 in 2019. The taxable income of the business for the year is $5,600 before consideration of any § 179 deduction. If an amount is zero, enter "0". a. Calculate McKenzie's § 179 expense deduction for 2019 and any carryover to 2020. 212,000 X § 179 expense deduction for 2019: $ 5,600 S 179 carryover to 2020: $ х b. How would your answer change if McKenzie...
Problem 8-42 (a) (LO. 2, 3) Dorcas is the proprietor of a small business. In 2019, the business income, before consideration of any cost recovery or 5 179 deduction, is $170,000. Dorcas spends $50,000 on new seven-year dass assets and elects to take the 5 179 deduction on them. She elects not to take additional first-year depreciation. Dorcas's cost recovery deduction for 2019, for 5-year assets (not purchased this year), is $90,000. If an amount is zero, enter "0". If...
Exercise 8-29 (Algorithmic) (LO. 8) On March 25, 2019, Parscale Company purchases the rights to a mineral interest for $8,563,000. At that time, the remaining recoverable units in the mineral interest are estimated to be 804,200 tons. If required, round any division to two decimal places and use in subsequent computations. Round your final answer to the nearest dollar. If 723,780 tons are mined and 120,630 tons are sold this year, calculate Parscale's cost depletion for 2019.
Exercise 8-29 (Algorithmic) (LO. 8) On March 25, 2019, Parscale Company purchases the rights to a mineral interest for $8,480,500. At that time, the remaining recoverable units in the mineral Interest are estimated to be 632,000 tons. If required, round any division to two decimal places and use in subsequent computations. Round your final answer to the nearest dollar. If 80,000 tons are mined and 75,000 tons are sold this year, calculate Parscale's cost depletion for 2019, $ 1,006,389
Exercise 8-26 (Algorithmic) (LO. 3) Mckenzie purchased qualifying equipment for his business that cost $473,800 in 2019. The taxable income of the business for the year is $114,900 before consideration of any $ 179 deduction. If an amount is zero, enter "0". a. Calculate McKenzie's 5 179 expense deduction for 2019 and any carryover to 2020. $ 179 expense deduction for 2019: $ $ 179 carryover to 2020: $ b. How would your answer change if McKenzie decided to use...
Most questions answered within 3 hours.
-
A company's average cost per unit when x units are
produced is defined to be
Average...
asked 53 seconds ago -
A ________________________________ is a range of values within
which it is probable that the true value...
asked 1 minute ago -
A Co|Co2+ ||
Au+|Au galvanic cell
is constructed in which the standard cell voltage is
1.96...
asked 2 minutes ago -
a) An alternating current I(t)=I0 Cos wt flows
through a large circular wire loop of radius...
asked 14 minutes ago -
The intensity (flux) measured from a distant star is 5.2 x 10-7
W/m2. The wavelength of...
asked 14 minutes ago -
At
target practice, a person aims the gun horizontally at a target at
distance, D, away....
asked 17 minutes ago -
Suppose babies born in a large hospital have a mean weight of
3685 grams, and a...
asked 19 minutes ago -
Which of the following has the fastest transfer rate?
a.
Fractional T1
b.
ATM
c.
T3...
asked 25 minutes ago -
Which of the following null hypotheses is used to test if five
population proportions are the...
asked 30 minutes ago -
What is the boiling point in oC of a 0.30 M solution of NaHSO4
if the...
asked 33 minutes ago -
Give a natural PDA and a CFG for the language { am bn cs dt :...
asked 36 minutes ago -
Ethanol is a commonly used for human in alcoholic human
beverages in dilute concentrations ranging from...
asked 43 minutes ago