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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.
fairfax company uses weighted-average process costing to account for its production costs. direct labor is added evenly
Uny Company has the following machine of carrying amount of $860m at 31 December 20X1. Because the machine is used to produce a specific product.
Adelphi Company uses absorption costing. Use this information to find for Adelphi Company the FY 2018 Cost of Goods Sold
Hugo Pty Ltd sells designer suits. If sales price per suit is $600, the variable production costs are $170 per suit, what is break-even point in sales dollars
Explain How will knowledge of Tyler's story affect the way would act if you should find yourself in a whistleblowing situation in the future?
On November 14, Gray Company sold inventory for $1,270, and the buyer used a credit card to pay for the purchase. Journalize the entry to record the sale.
Dexter Construction Corporation is building a student condominium complex; it started on January 1, Year 1.
Prepare the adjusting entry at December 31, 2002, to report the securities at fair value. Show the balance sheet and income statement presentation at December 31, 2002, after adjustment to fair value.
Describe the advantages that this redesign provides for both the employee and the organization. Identify any problems or issues that may arise during.
Foam Pet Mattress Company can sell as many pet bed models A and B that it can produce, but the company has limited production capacity. It can produce two units of A or three units of B per hour and it has 4,000 production hours available.
Prepare a 12/31/20 balance sheet. Refer to the Scientific Products (Illustration 5-16) exampl of the text for format suggestions.
Part A includes Steps 1 -11 given below, and covers Quickbooks' methods and procedures to establish the Chart of Accounts, set up Vendors and Customers, issue Purchase Orders (POs) to vendors and Invoices to customers, Receive Inventory and Custom..
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