Calculate amount of depreciation on manufacturing equipment

Assignment Help Accounting Basics
Reference no: EM133146248

Questions -

Q1. On August 1, 2021, David purchased manufacturing equipment for use in his business. This is the only asset placed in service this year. The equipment cost $14,000 and has an estimated useful life and MACRS class life of 7 years. Calculate the amount of depreciation on the manufacturing equipment for 2021 using the accelerated MACRS method and no election to expense or use bonus depreciation is made.

Q2. On August 1, 2021, David purchased manufacturing equipment for use in his business. This is the only asset placed in service this year.  The equipment cost $14,000 and has an estimated useful life and MACRS class life of 7 years. Calculate the amount of depreciation on the manufacturing equipment for 2021 using the accelerated MACRS method and bonus depreciation used but no election to expense.

Q3. On May 2, 2021, Scott purchased a commercial building. The cost basis assigned to the building is $600,000. Scott also owns a residential apartment building he purchased on June 15, 2020 with a cost basis of $400,000. Calculate Scott's total depreciation deduction for the buildings for 2021, using the Modified Accelerated Cost Recovery System.

Reference no: EM133146248

Questions Cloud

Discuss the strategic management process : In your own understanding, briefly discuss the 3 Strategic Management Process. Provide an example for each.
Calculate the average issue price on november : Calculate the average issue price on November 30, 2020. Assume no shares were issued or repurchased after November 19, 2020
Perform a risk assessment for the project : Perform a risk assessment for the project taking into account all lifespan stages - addressits environmental impact on the surroundings such as the river
Civil society organisations differ from corporations : Civil Society Organisations (CSO) differ from corporations. How would these organisations (CSO and private corporations) differ in their approach to managing ch
Calculate amount of depreciation on manufacturing equipment : The equipment cost $14,000 and has an estimated useful life and MACRS class life of 7 years. Calculate the amount of depreciation on the manufacturing equipment
Conduct a secondary data search on key variables : You are planning to open a coffee shop in one of two areas in your local community. Conduct a secondary data search on key variables that would allow you to mak
What is the maximum discount rate : Now suppose that the cost of capital is only approximate. What is the maximum discount rate for which the project is still attractive
Why is it important for the chinese yuan to become : Why is it important for the Chinese yuan to become a major world currency?
Careful consideration of material or experience : Reflection is careful consideration of material or experience. Reflection is a valuable tool human may use to consider what came before in an effort to make bet

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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