How does a partnership calculate depreciation on property that is con-tributed by a partner? If the...
How does a partnership calculate depreciation on property that is con-tributed by a partner? If the partnership incurs additional costs that must be capitalized (i.e., transfer taxes related to changing the title), how are those costs treated?
Homework Answers
Answers : -
The depreciation on the assets contributed by the partner by treating the asset as MACRS assets by adjusting the basis and the additional cost.
The partnership treats the costs as newly acquired MACRS property and commence depreciation from the date partnership uses the asset.
Add Answer to:
How does a partnership calculate depreciation on property that
is con-tributed by a partner? If the...
september qato 190 Hoool A company that changes from the declining balance method of depreciation for...
september qato 190 Hoool A company that changes from the declining balance method of depreciation for previously recorded assets to the straight line method should report the change as ain a./ change in accounting principle. ( change in accounting estimate prior period adjustment Ud discontinued item 7. The term "comprehensive income" as defined by the FASB a, must be reported on the face of the income statement includes all changes in equity during a period except those resulting from ✓...
On the Balance sheet, how to you calculate for Accumulated Depreciation? Bill Thomas, Oriole &...
On the Balance sheet, how to you calculate for Accumulated Depreciation? Bill Thomas, Oriole & Hill’s controller, has received all the budgets prepared by the various operating units and is ready to compile the pro-forma financial statements for the first quarter. The company’s balance sheet of December 31 is as follows: Cash $ 56,400 Accounts Receivable (net) 54,990 Finished Goods Inventory 46,060 Raw Materials Inventory 7,106 Property, Plant & Equipment 282,000 Accumulated Depreciation (70,500 ) Total Assets $376,056 Accounts Payable...
How much did the company spend on its own property and equipment? 6 Months Ended Consolidated...
How much did the company spend on its own property and
equipment?
6 Months Ended Consolidated Statements of Cash Flows-USD (S) $ in Thousands Jun. 30, 2018 Jun. 30, 2017 CASH FLOWS FROM OPERATING ACTIVITIES: Net income Adjustments to reconcile net income to net cash provided by operating actvities: Depreciation and amortization Depreciation and amortization-marketing and reservation system Franchise agreement acquisition cost amortization Loss (gain) on disposal of assets Provision for bad debts, net Non-cash stock compensa Non-cash interest and...
The cash flow statement reports the cash purchases for property, plant and equipment. How much did...
The cash flow statement
reports the cash purchases for property, plant and equipment. How
much did the company purchase and sell?
Property, Plant and Equipment Property, plant and equipment, which includes assets under capital leases, are carried at cost less accumulated depreciation. Cost includes all direct costs necessary to acquire and prepare assets for use, including internal labor and overhead in some cases. Depreciation is computed using the straight-line method over estimated useful lives of the assets, generally ranging from...
ITS8h2 Name: Issourcisse Quiz 3B Directions: Circle the best answers. Use PENCIL only else you will...
ITS8h2 Name: Issourcisse Quiz 3B Directions: Circle the best answers. Use PENCIL only else you will receive a ZERO NO PENS. 1. Under the general rule of revenue recognition, revenue is recognized when a marketability and market price are assured. b. a contractual agreement exists, and cash collection is assured. c/ all related expenses have been incurred. the earnings process is complete, and a valid promise of payment has been received 2. Which of the following is NOT an acceptable...
No Streak, Inc. manufactures windshield wipers for its single client, Go Fast Motors. No Streak sells...
No Streak, Inc. manufactures windshield wipers for its single client, Go Fast Motors. No Streak sells each wiper to Go Fast for $25. Direct material costs per unit equal $4 and direct labor cost per unit equals $1. Also, No Streak incurs $5 of variable overhead costs for every unit that it manufactures and sells. Finally, the fixed costs associated with No Streak’s manufacturing plant equal $20,000 and the fixed costs related to No Streak’s marketing and distribution equal $30,000....
Q1. How much does a bowl of chili cost on a full cost basis and on...
Q1. How much does a bowl of chili cost on a full cost basis
and on an out-of-pocket basis?
Q2. For determining profitability, how much does a bowl of
chili really cost??
Table 2 Company Restaurants December 31, 1978 Columbus, Ohio Cincinnati, Ohio Dayton, Ohio Toledo, Ohio Atlanta, Georgia Tampa, Sarasota, St. Petersburg and Clearwater, Florida Jacksonville, Florida Detroit, Michigan Indianapolis, Indiana Fort Worth, Texas Houston, Texas Dallas, Texas Oklahoma City, Oklahoma Tulsa, Oklahoma Memphis, Tennessee Louisville, Kentucky Syracuse, New...
Balance Sheet Ratios for 2004 and 2005 Calculate the Current Ratio Calculate the Book Debt to...
Balance Sheet Ratios for 2004 and 2005
Calculate the Current Ratio
Calculate the Book Debt to Equity Ratio
Calculate the Market Debt to Equity Ratio (Use Book
Value of Debt and Market Capitalization using basic shares
outstanding and assuming stock prices of $56.89/share in 2005 and
$58.93/share in 2004.)
Calculate the Enterprise Value of Clorox using the
Market Capitalization from above.
Yours ended June 30 (dollars in milions, except per share amounts) 2005 2004 2003 $ Net sales Cost of...
Gleim 6 Deductions from AGI [1] Which one of the following expenses does not qualify as...
Gleim 6 Deductions from AGI [1] Which one of the following expenses does not qualify as a deductible medical expense? A. Cost of long-term care for a developmentally disabled person in a relative’s home. B. Special school for a deaf child to learn lip reading. C. Cost of elevator installed for individual who had heart bypass surgery (in excess of increase in value of individual’s home). D. Cost and care of guide dogs used by a blind person in his...
1. Calculate the Accounts Receivable Turnover for Apple for the most recent year, then describe how...
1. Calculate the Accounts Receivable Turnover for Apple for the most recent year, then describe how you located the information and performed your calculation. 2. Calculate the Accounts Receivable Turnover for Microsoft for the most recent year, then describe how you located the information and performed your calculation. Microsoft 10-K June 30 2019.pdf (page 53 of 146) @ Q Search PARTII BALANCE SHEETS in milions) 2019 2018 June 30 Assets Current assets: Cash and cash equivalents Short-term investments 11,356 122.463...
september qato 190 Hoool A company that changes from the declining balance method of depreciation for previously recorded assets to the straight line method should report the change as ain a./ change in accounting principle. ( change in accounting estimate prior period adjustment Ud discontinued item 7. The term "comprehensive income" as defined by the FASB a, must be reported on the face of the income statement includes all changes in equity during a period except those resulting from ✓...
How much did the company spend on its own property and
equipment?
6 Months Ended Consolidated Statements of Cash Flows-USD (S) $ in Thousands Jun. 30, 2018 Jun. 30, 2017 CASH FLOWS FROM OPERATING ACTIVITIES: Net income Adjustments to reconcile net income to net cash provided by operating actvities: Depreciation and amortization Depreciation and amortization-marketing and reservation system Franchise agreement acquisition cost amortization Loss (gain) on disposal of assets Provision for bad debts, net Non-cash stock compensa Non-cash interest and...
The cash flow statement
reports the cash purchases for property, plant and equipment. How
much did the company purchase and sell?
Property, Plant and Equipment Property, plant and equipment, which includes assets under capital leases, are carried at cost less accumulated depreciation. Cost includes all direct costs necessary to acquire and prepare assets for use, including internal labor and overhead in some cases. Depreciation is computed using the straight-line method over estimated useful lives of the assets, generally ranging from...
ITS8h2 Name: Issourcisse Quiz 3B Directions: Circle the best answers. Use PENCIL only else you will receive a ZERO NO PENS. 1. Under the general rule of revenue recognition, revenue is recognized when a marketability and market price are assured. b. a contractual agreement exists, and cash collection is assured. c/ all related expenses have been incurred. the earnings process is complete, and a valid promise of payment has been received 2. Which of the following is NOT an acceptable...
Q1. How much does a bowl of chili cost on a full cost basis
and on an out-of-pocket basis?
Q2. For determining profitability, how much does a bowl of
chili really cost??
Table 2 Company Restaurants December 31, 1978 Columbus, Ohio Cincinnati, Ohio Dayton, Ohio Toledo, Ohio Atlanta, Georgia Tampa, Sarasota, St. Petersburg and Clearwater, Florida Jacksonville, Florida Detroit, Michigan Indianapolis, Indiana Fort Worth, Texas Houston, Texas Dallas, Texas Oklahoma City, Oklahoma Tulsa, Oklahoma Memphis, Tennessee Louisville, Kentucky Syracuse, New...
Balance Sheet Ratios for 2004 and 2005
Calculate the Current Ratio
Calculate the Book Debt to Equity Ratio
Calculate the Market Debt to Equity Ratio (Use Book
Value of Debt and Market Capitalization using basic shares
outstanding and assuming stock prices of $56.89/share in 2005 and
$58.93/share in 2004.)
Calculate the Enterprise Value of Clorox using the
Market Capitalization from above.
Yours ended June 30 (dollars in milions, except per share amounts) 2005 2004 2003 $ Net sales Cost of...
1. Calculate the Accounts Receivable Turnover for Apple for the most recent year, then describe how you located the information and performed your calculation. 2. Calculate the Accounts Receivable Turnover for Microsoft for the most recent year, then describe how you located the information and performed your calculation. Microsoft 10-K June 30 2019.pdf (page 53 of 146) @ Q Search PARTII BALANCE SHEETS in milions) 2019 2018 June 30 Assets Current assets: Cash and cash equivalents Short-term investments 11,356 122.463...
Most questions answered within 3 hours.
-
Given the following list of objects and a fixed bin size of
70:
L = [16,...
asked 18 minutes ago -
A mixture of 0.500 mols of NO and 0.100 mols O2 are combined in
a 5...
asked 14 minutes ago -
A city contains 150,000 people (80,000 females and 70,000
males), and 1,500 people die per year...
asked 13 minutes ago -
A certain weak base has a Kb of 8.80×10−7. What concentration of
this base will produce...
asked 15 minutes ago -
Suppose that the average U.S. household uses 12100 kWh
(kilowatt‑hours) of energy in a year. If...
asked 23 minutes ago -
Patterson Company operates three segments. Income statements for
the segments imply that profitability could be improved...
asked 23 minutes ago -
In 20 words or less, what aspect of your degree course are you
passionate about? civil...
asked 34 minutes ago -
Learning Goal: To understand the relation between the strength
of an acid or a base and...
asked 35 minutes ago -
Discuss the role of integrated marketing communications
(IMC) in a firm’s overall marketing strategy? When executed...
asked 35 minutes ago -
(in Java) We wish to insert the following strings into a hash
table: BEN AL SUE...
asked 45 minutes ago -
Group think happens when the members of the group become more
interested in agreeing with each...
asked 44 minutes ago -
how might the HR Scorecard might be used to demonstrate value
creation that aligns with the...
asked 1 hour ago