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In 2010, Clair, a calendar-year taxpayer, purchased business equipment (7-year property) for $700,000. The property was placed in service during 2010 (and is being used exclusively in Clair's extremely profitable business). No other personal property was (or will be) purchased by Clair in 2010. What is the most that Clair may deduct in 2010 under Section 179 of the Code (e.g., ignore any potential deductions resulting from Bonus Deprecation or MACRS)?
a. $0
b. $500,000
c. $700,000
d. $2,000,000
The fixed overhead volume variances is due to:
Any plans to depreciate the operating assets on a straight-line basis for 20 years. Determine the amount of depreciation expense for 2010 on these newly acquired assets.
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Why is the audit of cash an important part of the audit? why is the cash account important to the decisions of investors and creditors?
In August, Gold Company sold 770 units of their only product. For the month, fixed costs were $10,400, variable costs were 57% of sales, and the average sales price was $62.
In business, there is a tension between the principals (stockholders) and agents (managers). The managers may choose policies that increase short-term profitability (and their bonuses) at the expense of long-term profitability.
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