How to record a motor vehicle on the books that was donated to the business 5 years ago but was never recorded?
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How to record a motor vehicle on the books that was donated to the business 5 years ago but was never recorded?
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- Which of the following is a capital asset? Explain. Gold ring received as a gift Personal automobile Accounts receivable obtained in the ordinary course of business Shares of stock in the Riviera Corporation Building owned and used by the Riviera Corporation Business cars and trucks owned and used by the Riviera Corporation Home in Florida used for only four months during the winter Copyright on a book written and owned by the author1 Required information Problem 01-51 (LO 01-2) (Algo) [The following information applies to the questions displayed below] Ryan is self-employed. This year Ryan used his personal auto for several long business trips. Ryan paid $2,500 for gasoline on these trips. His depreciation on the car if he was using it fully for business purposes would be $4,500. During the year, he drove his car a total of 16,200 miles (a combination of business and personal travel). Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Problem 01-51 Part-a (Algo) a. Ryan can provide written documentation of the business purpose for trips totaling 4,860 miles. What business expense amount can Ryan deduct (if any) for these trips? Maximum deductible amount en 1.637Required information [The following information applies to the questions displayed below.] This year, Amy purchased $2,000 of equipment for use in her business. However, the machine was damaged in a traffic accident while Amy was transporting the equipment to her business. Note that because Amy did not place the equipment into service during the year, she does not claim any depreciation or cost recovery expense for the equipment. a. After the accident, Amy had the choice of repairing the equipment for $1,800 or selling the equipment to a junk shop for $300. Amy sold the equipment. What amount can Amy deduct for the loss of the equipment? Deductible amount
- 1. Calculating property loss claim coverage. Most home insurance policies cover jewelry for $1000 and silverware for $2500 unless items are covered with additional insurance. If $3800 worth of jewelry and $2800 worth of silverware were stolen from a family, what amount of the claim would not be covered by insurance? 2. Computing actual cash value coverage. What amount what a person with actual cash value (ACV) Coverage receive for two-year-old furniture destroyed by fire? The furniture would cost $1000 to replace today and had an estimated life of five years. 3. Determining replacement cost. What would it cost an insurance company to replace a family's personal property that originally cost $42,000? The replacement cost for the items have increased 15%. Please show answer, explanation, and formulaEes Required information Problem 01-51 (LO 01-2) (Algo) [The following information applies to the questions displayed below.] Ryan is self-employed. This year Ryan used his personal auto for several long business trips. Ryan paid $2,500 for gasoline on these trips. His depreciation on the car if he was using it fully for business purposes would be $4,500. During the year, he drove his car a total of 16,200 miles (a combination of business and personal travel). Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Problem 01-51 Part-b (Algo) b. Ryan estimates that he drove approximately 1,720 miles on business trips, but he can only provide written documentation of the business purpose for trips totaling 900 miles. What business expense amount can Ryan deduct (if any) for these trips? Maximum deductible amount $ 589Rachel had purchased a Van for her company, I am a photographer and not a dental hygienist Inc. she is doing business as CRAY. The van cost her $100,000 and has a useful life of 20 years, it also has a salvage value of $20,000 at the end of its useful life. What is the Journal Entry when Rachel purchased the van? (Purchased for Cash) O a. Dr Van $100,000; Cr Cash $100,000 O b. Dr Equipment $80,000; Cr Cash $80,0 O c. Dr Cash $100,000; Cr Van $100,000 O d. Dr Van $80,000; Cr Dividend $80,000
- Accounting 11) Jill purchased a printing press for her business on 6/15/21 costing $60,000. The installation cost $2,000 and the sales tax was $5,000. (a)What is Jill's basis in the equipment? (b)Using the info in question 11, what is the amount of depreciation for 2021?Aled purchased a vacant rental house on January 18 of last year. He made some improvements before showing the property to potential tenants. The work was on August 28, and the tenant moved in on September 1. For depreciation purposes, what is the date Aled placed this rental property in service? ◇ January 18. April 20. August 28. ○ September 1.Ricks Towing Company owns three tow trucks. During the current year, Rick performed maintenance on the trucks and realized he had to make improvements to the engines on two of his trucks. The improvements totaled 55,000. Prepare the journal entries Rick may make under two alternative methods for the improvements made to his trucks.
- I am having an problem with the attached question. How do I calculate the full depreciation on a house in the question that was bought in 1978 and rented out for 12months? Thanks in advance for your help. TymeshaA small company purchased a state-of-the-art copier machine in 2012 for $5,995. Five years later the company sold the used copier for $3650. Find the absolute change in the value of the copier. Show your work. Find the relative change in the value of the copier. Show your work. The value of the copier has _________________________ by _________%.Darnell purchased a new power washer for his detail business but ended up selling it within 7 months. What type of asset is this piece of equipment? O CapitalO Personal Ordinary O Section 1231
