Cost of office furniture acquired and placed in service

Assignment Help Financial Accounting

Reference no: EM13164520

Thom Jones (SSN 000-00-1111) is an unincorporated manufacturer of widgets. He uses the LCM method to value his inventory and reports the following for 2012:

Sales (less returns and allowances) $1,250,000
Cost of goods sold 500,000
Office Expenses 10,000
Depreciation ?
Legal Expenses 4,000
Salary Expenses 36,000
Travel Expenses 30,000
Repair Expenses 20,000

Information related to Mr. Jones's depreciation:

Cost of office furniture acquired and placed in service on April 15, 2012 (7 year recovery).

Thom elected to expense the maximum amount possible under Sec. 179 and the bonus depreciation provision. $480,000

Cost of other property acquired and placed in service on August 1, 2012:

5-year recovery property (computers-not listed property) $6,000

7-year recovery property (equipment) 54,000

Depreciation on assets purchased prior to 2012: 28,000

Complete Thom's 20102Form 4562 and Schedule C of Form 1040.

Reference no: EM13164520

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