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1. Book vs. Tax (MACRS Depreciation) Annunzio Enterprises purchased a delivery truck on January 1, 2010, at a cost of $41,000. The truck has a useful life of 7 years with an estimated salvage value of $6,000. The straight-line method is used for book purposes. For tax purposes the truck, having an MACRS class life of 7 years, is classified as 5-year property; the MACRS tax rate tables are used to compute depreciation. In addition, assume that for 2010 and 2011 the company has revenues of $200,000 and operating expenses (excluding depreciation) of $130,000.
(a) Prepare income statements for 2010 and 2011. (The final amount reported on the income statement should be income before income taxes.)
(b) Compute taxable income for 2010 and 2011.
(c) Determine the total depreciation to be taken over the useful life of the delivery truck for both book and tax purposes.
(d) Explain why depreciation for book and tax purposes will generally be different over the useful life of a depreciable asset.
manteca inc. produces two types of speakers deluxe and regular. manteca uses a plantwide rate based on direct labor
A check drawn by a depositor for $180 in payment of a liability was recorded in the journal as $810? This item would be included on the bank reconciliation as?
Establishing Metrics. Your text explains why it is important to select the appropriate criteria for strategic planning. Part of this process is establishing metrics to measure the progressive success of the strategic plan. Choose and discuss two m..
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Putting yourself in the role of an investor or creditor, suggest the ratios that you believe would provide you with the most important information needed to make accurate predictions about the company's financial condition. Provide a rationale..
Presented are a number of values taken from compound interest tables involving the same number of periods and the same rate of interest? Indicate what each of these four values represents.
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