Table 1, Table 2, and Exhibit 10-10.) Placed in Asset Service Basis November Used copier $ 7,800 12 New computer equipment Furniture June 6 14,000 July 15 New delivery truck October 28 January 31 32,000 19,000 70,000 $142,800 Luxury auto Total Burbank acquired the copier in a tax-deferred transaction when the shareholder contributed the copier to the business in exchange for stock. (Round your answer to the nearest whole dollar amount.) a. Assuming no bonus or §179 expense, what is Burbank's maximum cost recovery deduction for this year?

Table 1, Table 2, and Exhibit 10-10.) Placed in Asset Service Basis November Used copier $ 7,800 12 New computer equipment Furniture June 6 14,000 July 15 New delivery truck October 28 January 31 32,000 19,000 70,000 $142,800 Luxury auto Total Burbank acquired the copier in a tax-deferred transaction when the shareholder contributed the copier to the business in exchange for stock. (Round your answer to the nearest whole dollar amount.) a. Assuming no bonus or §179 expense, what is Burbank's maximum cost recovery deduction for this year?

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter6: Investing And Financing Activities

Section: Chapter Questions

Problem 3.4C

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У Ноme * CengageNOwv2 | Online teach x n/takeAssignment/takeAssignmentMain.do?invoker-&takeAssignmentSessionLocator%-&inprogress%-false Update An analysis of the general ledger accounts indicates that equipment, with an original cost of $200,000 and accumulated depreciation of $170,000 on the date of sale, was sold for $20,000 during the year. Using this information, Indicate the items to be reported on the statement of cash flows using the indirect method. Cash flows from operating activities: Cash flows from investing activities: Previous Next
y Home CengageNOWv2 | Online teachin x takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogressfalse eBook Show Me How Calculator Print Item Partial-Year Depreciation Equipment acquired at a cost of $105,000 has an estimated residual value of $12,000 and an estimated useful life of 10 years. It was placed into service on May 1 of the current fiscal year, which ends on December 31. a. Determine the depreciation for the current fiscal year and for the following fiscal year by the straight-line method. Depreciation Year 1 %24 6,200 Year 2 b. Determine the depreciation for the current fiscal year and for the following fiscal year by the double-declining-balance method. Depreciation Year 1 Year 2 Feedback TCheck My Work Asset cost minus residual value equals depreciable cost Book value is the asset cost minus accumulated depreciation. If an asset is used for only part of a year the depreciation is prorated based on the number of months the asset is in service.…
Degneciaton Methuds machine CosT 43000 EST Lite 8yeurs, t2000 Salvage Cpurchaed ilil) Prepare Dipreatoy Schedule for Stranght-Lyni (slk) Double-Beclining Balance Cose) O DIsposal of Degueoalle Assets Using the machin qiver on proslem#1 above- provide, ming we Junk it on a) and p entab An the folowany' ue Strayht-line deprecintion Q0ump tems b Sell it on 1/7 Dfor t is00o ) for $ 60o0 Taade it in on i1/8-LIST wew machine #50,000. DTua de wi All avnce (TIA) #9500. >Taade an Allowence CTIÁ)+ 3,000.
* CengageNOW2 | Online teachin x + ignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false 它 ☆ SU login O Digital University |.. Tenant Portal - Login 围 eBook Show Me How E Print Item Straight-Line Depreciation A building acquired at the beginning of the year at a cost of $93,600 has an estimated residual value of $3,600 and an estimated useful life of 10 years. Determine the following: a. The depreciable cost 90,000 10 b. The straight-line rate c. The annual straight-line depreciation 90,000 X Feedback V Check My Work ifference betwee the asset's initial cost and its residual value. The residual value is the estimated value at Depreciable cost is the the end of the useful life. Straight-line depreciation allocates the depreciable cost of the asset equally over the expected useful life. 10:22 PM 46% -2°F 12/16/2021 F11 F10 F8 F7 1%/ 6. 4. R. * CO 5
CengageNOWV2| Assignme * CengageNOwv2 | Onlin X enow.com/ilm/takeAssignment/takeAssignmentMain.do?invoker38&takeAssignmentSessionLocator=&inprogress=false Calculator If a fixed asset, such as a computer, were purchased on January 1 for $3,750 with an estimated life of three years and a salvage or residual value of $150, the journal entry for monthly expense under straight-line depreciation is Oa. Depreciation Expense 100 Accumulated Depreciation 100 Ob. Depreciation Expense 1,200 Accumulated Depreciation 1,200 Oc. Accumulated Depreciation 1,200 Depreciation Expense 1,200 Od. Accumulated Depreciation 100 Depreciation Expense 100 Previous 0-23 AM
Q1. The data below was extracted from the books of Talata Enterprise: Non-Current Assets Cost Date of purchase GHC Machine No. 1 Machine No. 2 Machine No. 3 Machine No. 4 200,000 350,000 400,000 540,000 01/01/19 30/06/19 01/01/20 01/12/20 Date of disposal 01/10/21 30/06/21 Additional information: i. It is the policy of the company to charge a full year's depreciation on machinery in use by the end of the financial year. ii. Machine 1 and 3 are depreciated at 20% on reducing balance while machine 2 and 4 are depreciated 10% on straight line basis. iii. Accounts are prepared to December 31" each year. iv. Machine 1 and 2 were sold for GHC150,000 and GHC250,000 respectively. You are required to: i. Show the relevant entries to record these transactions for the relevant years.
The acquisition of a used machine with a purchase price of $44,994, requiring an overhaul costing $9,118, installation costs of $4,677, and special acquisition fees of $31,965 would be journalized with a debit to the asset account for Oa. $54,112 0b. 590.754 O c. $136,514 O d. $44,994The acquisition of a used machine with a purchase price of $44,994, requiring an overhaul costing $9,118, installation costs of $4,677, and special acquisition fees of $31,965 would be journalized with a debit to the asset account for Oa. $54,112 0b. 590.754 O c. $136,514 O d. $44,994.
MindTap- Cengage Leaming CengageNOWv2| Online teachin x n/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress3false Q * G * O Mathison Company exchanged a worn-out tractor that had cost $30,000 and was half depreciated for a new tractor with a fair value of $12,000. Mathison paid an additional $4,500 cash. The transaction lacked commercial substance. Required: Compute the amount at which Mathison should record the new tractor. Check My Work 1 more Check My Work uses remaining Previous Next %24
nt Content * CengageNOWv2 | Online teachin x .com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator%=&inprogress=false les ajoutant à la barre de favoris. Importer mes favoris maintenant. Net income $122,052 Depreciation expense 16,908 Loss on disposal of equipment (9,939) Gain on sale of building 20,737 Increase in accounts receivable 9,521 Decrease in accounts payable (2,247) Prepare the operating activities section of the statement of cash flows using the indirect method. Use the minus sign to indicate cash outflov decrease in cash, cash payments, or any negative adjustments. Kennedy, Inc. Statement of Cash Flows Cash flows from (used for) operating activities: Net income 122,052 Adjustments to reconcile net income to net cash flows from (used for) operating activities: image008.png Changes in current operating assets and liabilities: T do -reply /Notiwations Sur up Annoceme Change Blog acer
Sepreciation Caict ssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false MSU login O Digital University .. O Tenant Portal - Login 国Reac eBook Show Me How E Print Item Units-of-Activity Depreciation A truck acquired at a cost of $250,000 has an estimated residual value of $15,000, has an estimated useful life of 47,000 miles, and was driven 3,800 miles during the year. Determine the following. If required, round your answer for the depreciation rate to two decimal places. a. The depreciable cost b. The depreciation rate per mile c. The units-of-activity depreciation for the year 5:39 AM 36% 4°F A @ O E O 12/17/2021 24 & 4. 6. 7. 81 近

gage X Cengage X Cengage X * Cengage X MindTar x MindTap x G module S ACC202 x .com/ilm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false eBook Show Me How Straight-Line Depreciation A building acquired at the beginning of the year at a cost of $2,200,000 has an estimated residual value of $400,000 and an estimated useful life of 20 years. Determine the following: (a) The depreciable cost (b) The straight-line rate (c) The annual straight-line depreciation Previous Check My Work 6:33 PM 55°F 11/27/2021
CengageNOWv2 |Online teachin X * CengageNOWv2 | Online teachin x+ ow.com/ilm/takeAssignment/takeAssignmentMain.do?invoker3&takeAssignmentSessionLocator=&inprogre... * еВook Show Me How Staley Inc. reported the following data: Net income $406,700 Depreciation expense 60,700 Loss on disposal of equipment 39,500 Increase in accounts receivable 26,800 Increase in accounts payable 11,100 Prepare the Cash Flows from Operating Activities section of the statement of cash flows, using the indirect method. Use t out flows, cash payments, decreases in cash, or any negative adjustments. Staley Inc. Statement of Cash Flows (partial) Cash flows from operating activities: Net income 406,700 Adjustments to reconcile net income to net cash flow from operating activities: Depreciation 60,700 Loss on disposal of equipment 39,500 Changes in current operating assets and liabilities: Increase in accounts receivable 26,800 x Increase in accounts payable 11,100 Net cash flow from operating activities 491,200…