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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.
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?
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.
Squid reported net income of $100,000 for 2005. Minority interest income that will appear in the consolidated income statement for 2005 is
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..
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?
Which of the following statements regarding the effective interest method of accounting for bonds characteristics is false?
Discuss the differences between a probability and a non-probability sample. Under what circumstances would each be used?
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.
An oil and gas investor is considering the acquisition of two fields.
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...
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?
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?
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