Calculate bonnie jos depreciation expense

Assignment Help Accounting Basics
Reference no: EM132042522

Question - Bonnie Jo purchased a used computer (5-yr property) for use in her sole proprietorship. The basis of the computer was $2,400. Bonnie Jo used the computer in her business 60% of the time and used it for personal purposes the rest of the time during the first year. Calculate Bonnie Jo's depreciation expense during the first year assuming the sole proprietorship had a loss during the year (Bonnie did not place the property in service in the last quarter)

A. 240

B. 288

C. 480

D. 2,400

E. None of these

Reference no: EM132042522

Questions Cloud

Create tension in the narrative : Explain how this detail helps to create tension in the narrative.
What is apricot corporation income tax liability : In 2014, Apricot Corporation had book net income of $120,000. What is Apricot Corporation's 2012 income tax liability before any tax credits
What is profession or future profession : Respond to the following: What is your profession or future profession? What are some events or stories you might have to relate?
What is science video in connect to refresh your memory : Write a short (3 to 4 paragraph) essay evaluating the media's reporting on Global Climate Change using this video as your example.
Calculate bonnie jos depreciation expense : Calculate Bonnie Jo's depreciation expense during the first year assuming the sole proprietorship had a loss during the year
Calculate popluck maximum depreciation for this first year : The property was placed in service on August 12. Calculate Popluck's maximum depreciation for this first year, rounded to the nearest whole number
Finding better and more exact information : Citations and need help with finding better and more exact information about citing in "APA" format, where can I find such information?
Calculate the maximum depreciation expense : Deirde's business purchased two assets during the current year. Calculate the maximum depreciation expense, rounded to a whole number
Explain the types of physical evidence : What types of physical evidence, in your view, represent the strongest proof that the Earth is warming and that human activities are at least partly.

Reviews

Write a Review

Accounting Basics Questions & Answers

  What is the investment in rambis account balance

What is the Investment in Rambis account balance on Herbert's books on January 1, 2014 when the parent uses the equity method

  What is the effect on project npv

What is the effect on project NPV, if variable costs increase to 70% of sales? (Do not round intermediate calculations. Enter your answer in millions rounded to 3 decimal places. Enter your answer as the absolute value of the change.)

  Is this a governmental or not-for-profit organization

Is this a governmental or not-for-profit organization (NFPO) - Explain your answer in detail. Support your response with a narrative containing facts or other relative information.

  Briefly explain the purpose of the auditor report

In the state's Financial Section, there is an auditor's report. Briefly explain the purpose of the auditor's report. What is the date on the letter

  Prepare the adjusting journal entries in good form

The following list are the adjusting entries for the first month (July 2017) of operations for Reynolds Corporation. Prepare the Adjusting Journal Entries

  Regis philman a long-time client of mine

Regis Philman, a long-time client of mine. Regis inherited a large investment portfolio from his grandfather. The securities are held in street name by his brokerage firm, T.D. Tradehouse. Regis's broker, Sam Waterson, has standing oral instruc..

  Trowbridge company has just completed the processing

Trowbridge Company has just completed the processing of its year-end payroll and distributed all the weekly paychecks. The payroll department is now computing the amount of the annual bonus to be given each worker.

  Determining the risk preferences

Risk Preferences. Identify each of the following as being consistent with risk-averse, risk-neutral, or risk-seeking behavior in investment project selection. Explain your answers.

  Prepare the wang cash budget

Prepare the Wang cash budget for 2014. Date the budget simply "2014" and denote the beginning and ending cash balances as "beginning" and "ending." Assume the company expects 2014 to be the same as 2013, but with the following changes:

  Contra asset account for accounts receivable

At the end of the current year, A claim against the customer created by selling merchandise or services on credit.Accounts Receivable has a balance of $3,460,000; The contra asset account for accounts receivable.

  Journal entry to record the annual pension costs

There were no other pension related costs. The journal entry to record the annual pension costs will include a debit to pension expense for:

  How should these two tracts of land be reported

One tract will be the site of its new manufacturing plant, while the other is being purchased with the hope that it will be sold in the next year at a profit. How should these two tracts of land be reported in the balance sheet?

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