Calculate the total deduction with respect to the car

Assignment Help Accounting Basics
Reference no: EM13153849

On October 15, 2010, Jon purchased and placed in service a new car. The purchase price was $25,000. This was the only business use asset Jon acquired in 2010. He used the car 80% of the time for business and 20% for personal use. Jon used the statutory percentage method of cost recovery. If Congress reenacts additional first-year depreciation for 2010, he elects not to take additional first-year depreciation. Calculate the total deduction Jon may take for 2010 with respect to the car.

Reference no: EM13153849

Questions Cloud

Competitive market with an equilibrium price : Does your answer to Question 16a Change if buyers pay $8 per unit to the intermediary but sellers offer to rebate part of that expense to buyers?
How many kilograms of sodium carbonate must be added : A tanker truck carrying 2.01×10^3 kg of concentrated sulfuric acid solution tips over and spills its load. The sulfuric acid solution is 95.0% H_2SO_4 by mass and has a density of 1.84 g/L. Sodium carbonate Na_2CO_3) is used to neutralize the sulf..
The cleanco chemical company : The Cleanco Chemical Company sells cleaning compounds (dishwashing powders, floor cleaners, nonpetroleum lubricants) in a keenly competitive environment to restaurants, hospitals and schools. Delivery time on orders determines whether a sale can be m..
Calculate tater and pepper''s 2012 ebit. : Tater and Pepper Corp. reported free cash flows for 2012 of 309.1 million and investment in operating capital of 22.1 million. Tater and Pepper incurred 13.6 million in depreciation expense and paid 28.9 million in taxes on EBIT in 2012. Calculate Ta..
Calculate the total deduction with respect to the car : Jon used the statutory percentage method of cost recovery. If Congress reenacts additional first-year depreciation for 2010, he elects not to take additional first-year depreciation. Calculate the total deduction Jon may take for 2010 with respect..
A company can produce a part : A company can produce a part it uses in an assembly operation at the rate of 90 an hour. The company operates eight hours a day, 300 days a year. Daily usage of the part is 500 parts. The company uses the part everyday. The annual holding cost is $4...
S the present value of the futures contract in dollars : Treasury bond futures contract settles at 105'8.  a. What is the present value of the futures contract in dollars? b. If the contract settles at 105-8, are current market interest rates higher or lower than the standardized rate on a futures contract..
How large a sample is needed to be accurate within value : She wants to be 95% confident that her estimate is correct. If the standard deviation is $1050, how large a sample is needed to be accurate within $200?
Managing a diverse workforce : What are the environmental issues that the Organization's management is facing? What strategies are being implemented to adapt to these environments? What other strategies to adapt to these environments, would the team suggest?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Valid appropriation

It is illegal for a government to spend money for any purpose unless a valid appropriation for that purpose exists. Does this legal rule assure good financial management for each government? Why or why not?

  Objective questions - accounting questions

A is a fixed expense; B is a variable cost. During the current year the level of activity has reduced but is still within the relevant range.

  Determining the consolidated income statement

Squid reported net income of $100,000 for 2005. Minority interest income that will appear in the consolidated income statement for 2005 is

  Accounting conceptual framework

What assumption or concept of the accounting conceptual framework has been violated if the owner of a company purcahses a tv for her own personal use on her own personal credit card. But she instructs her bookeeper to debit equipment and credit ca..

  Amount of gross profit

During the current year merchandise is sold for $795,000.the cost of the merchandise sold is $477,000. (A) whats is the amount of gross profit?

  Effective interest method of accounting for bonds

Which of the following statements regarding the effective interest method of accounting for bonds characteristics is false?

  Differences between probability and non-probability sample

Discuss the differences between a probability and a non-probability sample. Under what circumstances would each be used?

  Job-order costing variables

On July 1, Job 46 had a beginning balance of $1,235. During July, prime costs added to the job totaled $560. Of that amount, direct materials were three times as much as direct labor. The ending balance of the job was $1,921.

  Which investment is more attractive at an oil price

An oil and gas investor is considering the acquisition of two fields.

  Administrative expenses and operating income

No additional fixed manufacturing overhead will be incurred because of this order. The only additional selling expense on this order will be a $0.50 per unit shipping cost. There will be no additional administrative expenses because of this order...

  Exchange treatment affect eleanors capital gain

I know that Eleanor will have a capital gain...but how does having the transaction qualify or not qualify for sale or exchange treatment affect Eleanor's capital gain?

  Tax asset and deferred tax liability

Assuming the U.S. tax rate is 35%, and that this is Nocera's first year of operations, what is Nocera's balance in its deferred tax asset and deferred tax liability accounts at year end?

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