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Question: MACRS Depreciation In 20X8, Tebow Athletic Shoe Company acquired the following assets and immediately placed them into service.
1. Special tools (a 3-year-MACRS asset) that cost $55,000 on February 1.
2. A desktop computer that cost $3,500 on December 15.
3. Special calibration equipment that was used in running-shoe research and cost $16,000 on July 7.
4. A set of file cabinets that cost $9,500, purchased on March 1. Compute the depreciation for tax purposes, under the prescribed MACRS method, in 20X8 and 20X9. Round amounts to the nearest whole dollar.
At the end of the current year, the accounts receivable account has a debit balance of $650,000, and net sales for the year total $5,500,000.
plastix inc. bought a molding machine for 550000 on january 1 2011. the company expected to use this machine to
After a careful review of all available evidence, it is determined that it is more likely than not that $60,000 of this deferred tax asset will not be realized, prepare the necessary journal entry.
The income tax rate is 38% in 20X4 and 40% in 20X5. The 20X5 tax rate was enacted in 20X5. Calculate income tax payable for each year
Analyze the meaning of each of the Langley Company ratios above. State which company performed better for each ratio.
during the current month a company that uses a job order accounting system purchases 50000.00 in raw materials for
Determine the amount of interest expense that should be accrued in a year-end adjusting entry under each assumption.
adam earns a salary of 7500 per month during the year. fica taxes are 8 on the first 100000 of gross earnings. federal
Leo Company has identified the following overhead costs and cost drivers for next year:
at the end of february the first month of the business year the usual adjustment transferring rent earned to a revenue
on december 31 2007 filmore company granted some of its executives options to purchase 50000 shares of the companys 10
A companys costs are shown below. What is total average cost per unit
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