Csmt 360 - construction accounting and financial management

Assignment Help Accounting Basics

Reference no: EM132462541

CSMT 360 - Construction Accounting & Financial Management

Question 1. Why would a company use the sum-of-the-year or declining-balance methods to calculate depreciation? (Always use proper grammar and complete sentences when responding.)

Question 2. What is cost segregation? What are the advantages and disadvantages of cost segregation?

Question 3. For the current tax year, what are the maximum Section 179 deductions and the amount where Section 179 begins to be phased out?

Question 4. A piece of equipment is purchased for $110,000 and has an estimated salvage value of $10,000 at the end of the recovery period.

(a) Prepare a depreciation schedule for the piece of equipment using the straight-line method with a recovery period of seven years.

(b) Prepare a depreciation schedule for the piece of equipment using the sum-ofthe-years method.

(d) Prepare a depreciation schedule using the 150% declining balance method.

Question 5. A piece of equipment is purchased for $40,000 and has an estimated salvage value of $1,000 at the end of the recovery period. Prepare a depreciation schedule for the piece of equipment using the 150% declining-balance method.

Question 6. Prepare a depreciation schedule to be used for tax purposes for $40,000 of computer equipment using the 150% declining-balance method and a half-year convention. Ignore any special depreciation allowances.

Question 7. Prepare a depreciation schedule to be used for tax purposes for a $1,170,000 office building. The office building is placed in service in the fifth month of the company's tax year. The cost of the land is not included in the $1,170,000. Ignore any special depreciation allowances.

Question 8. Prepare a depreciation schedule to be used for tax purposes for a $30,000 truck using the 200% declining balance method and the half-year convention.

Question 9. The truck in Problem 8 was sold for $4,000 at the end of the fifth year. What is the capital gain or loss of the sale of the truck?

Question 10. The truck in Problem 8 was sold for $12,000 at the end of the second year. What is the capital gain or loss of the sale of the truck?

Question 11. In 2018, your company purchased a front-end loader for $150,000, a dump truck for $85,000 and a dumping trailer for the dump truck for $38,000. The front-end loader was placed in service in April and the dump truck and dumping trailer were placed in service in July. In 2019, your company purchased three side-dump trailers for $65,000 each and three tractors to purchase to pull the side-dump trailers for $68,000 each, which were placed in service in May. In December 2020, your company purchased a dump truck for $87,000. Determine the depreciation allowed for tax purposes for the 2020 tax year. The tax year runs from January to December. Ignore all Section 179 deductions and bonus depreciation allowances. Hint: The tractors have a different recovery period than the rest of the equipment.

Reference no: EM132462541

Questions Cloud

Explain what the advocacy accomplished for the patient : Discuss the importance of advocacy as it pertains to patient care. What is the nurse's role in patient advocacy? Describe a situation in which you were.

Why even extend credit to customers who dont pay their debt : Why do we as a company have to estimate and record anticipated uncollectible accounts? Can't we just record the revenues earned when the cash comes in?

What type of qualitative research design was utilized : What type of qualitative research design was utilized to conduct the study? Are the results valid/trustworthy and credible? How were the participants chosen?

Pestel input on fashion via e- commerce business : PESTEL input on fashion via e- commerce business

Csmt 360 - construction accounting and financial management : CSMT 360 - Construction Accounting and Financial Management Assignment help and solutions:-What is cost segregation? What are the advantages and disadvantages

Review the module resources focused on business plans : Review this module's Resources focused on business plans and systems thinking in healthcare organizations. Identify one or more individuals within your.

Do you need a more engaging opener or a stronger thesis : Do you need a more engaging opener or a stronger thesis? Do you need to reinforce your arguments and add more supporting evidence?

Compared to ones relative position in the reference group : Consider her comments about the senior vice president who hangs on to his old buddies from middle management,Compared to ones relative position

Discuss how term affects living beings physical environment : Discuss how the term affects living beings (including humans) and/or the physical environment. Provide two examples as needed.

User Account

All Pages