Calculate accumulated depreciation over given period

Assignment Help Finance Basics
Reference no: EM131796384

Question: Genetic Insights Co. purchases an asset for $17,127. This asset qualifies as a seven-year recovery asset under MACRS. The seven-year fixed depreciation percentages for years 1, 2, 3, 4, 5, and 6 are 14.29%, 24.49%, 17.49%, 12.49%, 8.93%, and 8.93%, respectively. Genetic Insights has a tax rate of 30%. The asset is sold at the end of six years for $4,183.

Calculate accumulated depreciation over 6 years. Round the answer to two decimals.

Reference no: EM131796384

Questions Cloud

Considering quality and data transparency : Considering quality and data transparency, how would you envision utilizing electronic records to enhance quality for individuals or groups of patients?
Find the probability that a randomly selected score : Shade the region under the Normal curve whose area corresponds to this probability.
Number of beads on the first tosses : A fair coin is tossed three times. Let X be the number of beads on the first tosses. Y number of heads on the last two losses.
Discuss like-kind exchange miscues : Investors often use the like-kind exchange provisions in the tax code to defer recognition of gains when they want to dispose of an asset
Calculate accumulated depreciation over given period : The asset is sold at the end of six years for $4,183. Calculate accumulated depreciation over 6 years. Round the answer to two decimals.
Which course of action will produce the highest net income : Compute the net income that would result from each of the independent actions. Which course of action will produce the highest net income
Explain why this is an incorrect interpretation : Rodents A scientist is interested in studying the effects that applying pesticide to crops has on the local rodent population.
Project lessons learned and project retrospectives : What are the distinguishing characteristics between project lessons learned and project retrospectives?
Discuss net position for the fiscal year ending june : In its statement of revenues, expenses, and changes in net position for the fiscal year ending June 30

Reviews

Write a Review

Finance Basics Questions & Answers

  Financial reporting and analysis

Finance is about Gunns Ltd, a company in dealing with forestry products in Australia. The company has also been listed in Australian Stock Exchange. As many companies producing forestry products, even Gunns Ltd is facing various problems. Due to the ..

  A report on financial accounting

This report is specific for a core understanding for Financial Accounting and its relevant factors.

  Describe the types of financial ratios

Describe the types of financial ratios and other financial performance measures that are used during venture's successful life cycle.

  Differences between sole proprietorship and corporation

Briefly describe the major differences between a sole proprietorship and a corporation

  Prepare a cash budget statement

Calculate the expected value of the apartment in 20 years' time. What is the mortgage loan repayment at the beginning of each month

  What are the implied interest rates

What are the implied interest rates in Europe and the U.S.?

  State pricing theory and no-arbitrage pricing theory

State pricing theory and no-arbitrage pricing theory

  Small business administration

Identify the likely stage for each venture and describe the type of financing each venture is likely to be seeking and identify potential sources for that financing.

  Effect of financial leverage

The Effect of Financial Leverage and working capital management

  Evaluate the basis for the payment to the lender

Evaluate the basis for the payment to the lender and basis for the payment to the company-counterparty.

  Importance of opps, ipps, mpfs and dmepos

Research and discuss the differences and importance of : OPPS, IPPS, MPFS and DMEPOS.

  Time value of money

Time Value of Money project

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd