User Account

All Pages

Calculate William maximum depreciation deduction

Assignment Help Accounting Basics
Reference no: EM132703167

Problem - During 2018, William purchases the following capital assets for use in his catering business:

New passenger automobile (September 30) $51,500

Baking equipment (June 30) 6,500

Assume that William decides to use the election to expense on the baking equipment (and has adequate taxable income to cover the deduction) but not on the automobile, and he also uses the MACRS accelerated method to calculate depreciation but elects out of bonus depreciation. Calculate William's maximum depreciation deduction for 2018, assuming he uses the automobile 100 percent in his business.

Reference no: EM132703167

Questions Cloud

What amount reported as goodwill as a result of acquisition : Fournier Company purchased for P60 per share, In the statement of financial position, what amount should be reported as goodwill as a result of the acquisition?
Calculate Alexandra maximum depreciation deduction : The computer cost $2,800. Alexandra uses the computer 80 percent of the time in her accounting business, Calculate Alexandra maximum depreciation deduction
What is the goodwill arising from the acquisition : FV 1,000,000; Equipment CA 800,000; FV 1,000,000; ST loan payable CA 4,000,000; FV 4,000,000. What is the goodwill arising from the acquisition?
What amount should recorded as goodwill on date of purchase : Equipment on the same date was P1,600,000 in excess of carrying amount. What amount should be recorded as goodwill on the date of purchase?
Calculate William maximum depreciation deduction : Baking equipment (June 30) 6,500. Calculate William's maximum depreciation deduction for 2018, assuming he uses the automobile 100 percent in his business
What amount is credited to gain on bargain purchase : At fair value were P6,000,000 for current assets and P12,000,000 for noncurrent assets. What amount is credited to Gain on Bargain Purchase, if any?
What amount of goodwill should be recognized by the acquirer : The fair value of identifiable intangible assets exceeded carrying amount by P900,000. What amount of goodwill should be recognized by the acquirer?
Calculate Holly total depreciation deduction : On April 8, 2018, Holly purchased residential apartment building. The cost basis assigned to building is $800,000. Calculate Holly total depreciation deduction
Analyze relevance of current organizational structure : Analyze the relevance of the current organizational structure, design, and culture and their influence on organizational effectiveness,

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.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd