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I5 points) Three-year property class type equipment bought...
Three-year property class type equipment bought for $30,000 is being disposed of $20,000 at the end...
Three-year property class type equipment bought for $30,000 is being disposed of $20,000 at the end of three years. The company is at a 21% tax bracket. Compute the tax consequence, if any for this equipment.
Question 2 0 out of 10 points An equipment purchased at a cost $80,000 by a...
Question 2 0 out of 10 points An equipment purchased at a cost $80,000 by a local company is being depreciated using MACRS method as a 5-year property. At the end of four years, the management decided to sell the equipment for a modest price of $20,000. The company is in the 34% tax bracket. Compute the tax consequence on the sale of this equipment. Selected Answer: D. None of these Answers: A. $6,800 B. $926.40 C. $533.12 D. None...
Question 2 0 out of 10 points An equipment purchased at a cost $80,000 by a...
Question 2 0 out of 10 points An equipment purchased at a cost $80,000 by a local company is being depreciated using MACRS method as a 5-year property. At the end of four years, the management decided to sell the equipment for a modest price of $20,000. The company is in the 34% tax bracket. Compute the tax consequence on the sale of this equipment. Selected Answer: D. None of these Answers: A. $6,800 B. $926.40 C. $533.12 D. None...
Hello, I really need help with this problem ASAP. Any help is much appreciated and I'll...
Hello, I really need help with this problem ASAP. Any help is
much appreciated and I'll give a thumbs up. Thank you in
advance.
On January 1, the Matthews Band pays $68,000 for sound equipment. The band estimates it will use this equipment for four years and after four years it can sell the equipment for $1,000. Matthews Band uses straight-line depreciation but realizes at the start of the second year that this equipment will last only a total of...
EESEEEEEEEEEEEEEEEEE 1) TRUE/False a) The income tax rates are the same for capital gains and depreciation...
EESEEEEEEEEEEEEEEEEE 1) TRUE/False a) The income tax rates are the same for capital gains and depreciation recapture of an asset T/F b) Depletion can be calculated in two different approach: Depletion allowance or percentage depletion / c) In Straight Line depreciation, the book value is zero at the end of its life. T/F d) Depreciation is method of capital expensed over period of time T/F ce) Income tax rates are same for capital gains and depreciation recapture of an asset....
I need help with 34-39 Use the following to answer questions 34 - 36 The year-end...
I need help with 34-39
Use the following to answer questions 34 - 36 The year-end adjusted trial balance of the Corporation included the following account balances: Retained earnings Service revenue Salaries expense Rent expense Interest expense Dividends $300,000 450,000 250,000 20,000 5,000 75,000 Prepare the closing entries. 34. $_ In preparing the closing entries for the temporary accounts, how much should Retained earnings be credited? 35. $ In preparing the closing entries for the temporary accounts, how much should...
ACCT 2332 Hello I need help with this question, thank you value 20.00 points Derrick Iverson...
ACCT 2332
Hello I need help with this question, thank you
value 20.00 points Derrick Iverson is a divisional manager for Holston Company. His annual pay raises are largely determined by his division's return on investment (ROI), which has been above 25% each of the last three years Derrick is considering a capital budgeting project that would require a $4,650,000 investment in equipment with a useful life of five years and no salvage value. Holston Company's discount rate is 18%....
Need help with the wrong answers At the beginning of the year, Grillo Industries bought three...
Need help with the wrong answers
At the beginning of the year, Grillo Industries bought three used machines from Freeman Incorporated. The machines immediately were overhauled, were installed, and started operating. Because the machines were different, each was recorded separately in the accounts. Cost of the asset Installation costs Renovation costs prior to use Repairs after production began Machine $10,200 900 700 500 Machine $39,400 3,300 2,900 800 Machine C $23,200 2,400 3,400 1,900 By the end of the first...
help me asap 534 Chapter 10 Acquisition and Disposition of Property, Plant,, and Equipment Purchase Cash...
help me asap
534 Chapter 10 Acquisition and Disposition of Property, Plant,, and Equipment Purchase Cash paid for equipment, including sales tax of $5,000 Freight and insurance cost while in transit Cost of moving equipment into place at factory Wage cost for technicians to test equipment Insurance premium paid during first year of operation on this equipment Special plumbing fixtures required for new equipment Repair cost incurred in first year of operations related to this equipment $105,000 2,000 3,100 4,000...
I already created the income statement, but now I need the above question answered. Need help...
I already created the income statement, but now I need the above
question answered. Need help determining how to include the other
costs aside from the labor and material costs.
Walden Company makes and sells wooden furniture. A recent fire destroyed most of the company's accounting record. Mike Lawson, the manager of Walden Company, needs to prepare an income statement for an upcoming meeting with the company's board of directors. Because the key accounts are not usable, Mike asked the...
Three-year property class type equipment bought for $30,000 is being disposed of $20,000 at the end of three years. The company is at a 21% tax bracket. Compute the tax consequence, if any for this equipment.
Question 2 0 out of 10 points An equipment purchased at a cost $80,000 by a local company is being depreciated using MACRS method as a 5-year property. At the end of four years, the management decided to sell the equipment for a modest price of $20,000. The company is in the 34% tax bracket. Compute the tax consequence on the sale of this equipment. Selected Answer: D. None of these Answers: A. $6,800 B. $926.40 C. $533.12 D. None...
Question 2 0 out of 10 points An equipment purchased at a cost $80,000 by a local company is being depreciated using MACRS method as a 5-year property. At the end of four years, the management decided to sell the equipment for a modest price of $20,000. The company is in the 34% tax bracket. Compute the tax consequence on the sale of this equipment. Selected Answer: D. None of these Answers: A. $6,800 B. $926.40 C. $533.12 D. None...
Hello, I really need help with this problem ASAP. Any help is
much appreciated and I'll give a thumbs up. Thank you in
advance.
On January 1, the Matthews Band pays $68,000 for sound equipment. The band estimates it will use this equipment for four years and after four years it can sell the equipment for $1,000. Matthews Band uses straight-line depreciation but realizes at the start of the second year that this equipment will last only a total of...
EESEEEEEEEEEEEEEEEEE 1) TRUE/False a) The income tax rates are the same for capital gains and depreciation recapture of an asset T/F b) Depletion can be calculated in two different approach: Depletion allowance or percentage depletion / c) In Straight Line depreciation, the book value is zero at the end of its life. T/F d) Depreciation is method of capital expensed over period of time T/F ce) Income tax rates are same for capital gains and depreciation recapture of an asset....
I need help with 34-39
Use the following to answer questions 34 - 36 The year-end adjusted trial balance of the Corporation included the following account balances: Retained earnings Service revenue Salaries expense Rent expense Interest expense Dividends $300,000 450,000 250,000 20,000 5,000 75,000 Prepare the closing entries. 34. $_ In preparing the closing entries for the temporary accounts, how much should Retained earnings be credited? 35. $ In preparing the closing entries for the temporary accounts, how much should...
ACCT 2332
Hello I need help with this question, thank you
value 20.00 points Derrick Iverson is a divisional manager for Holston Company. His annual pay raises are largely determined by his division's return on investment (ROI), which has been above 25% each of the last three years Derrick is considering a capital budgeting project that would require a $4,650,000 investment in equipment with a useful life of five years and no salvage value. Holston Company's discount rate is 18%....
Need help with the wrong answers
At the beginning of the year, Grillo Industries bought three used machines from Freeman Incorporated. The machines immediately were overhauled, were installed, and started operating. Because the machines were different, each was recorded separately in the accounts. Cost of the asset Installation costs Renovation costs prior to use Repairs after production began Machine $10,200 900 700 500 Machine $39,400 3,300 2,900 800 Machine C $23,200 2,400 3,400 1,900 By the end of the first...
help me asap
534 Chapter 10 Acquisition and Disposition of Property, Plant,, and Equipment Purchase Cash paid for equipment, including sales tax of $5,000 Freight and insurance cost while in transit Cost of moving equipment into place at factory Wage cost for technicians to test equipment Insurance premium paid during first year of operation on this equipment Special plumbing fixtures required for new equipment Repair cost incurred in first year of operations related to this equipment $105,000 2,000 3,100 4,000...
I already created the income statement, but now I need the above
question answered. Need help determining how to include the other
costs aside from the labor and material costs.
Walden Company makes and sells wooden furniture. A recent fire destroyed most of the company's accounting record. Mike Lawson, the manager of Walden Company, needs to prepare an income statement for an upcoming meeting with the company's board of directors. Because the key accounts are not usable, Mike asked the...
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