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Question - In 2018, Jessica bought a new heavy truck for $44,000 to use 80% for her sole proprietorship. Total miles driven include 9,800 in 2018, 10,800 in 2019, and 10,300 in 2020.
Required -
a. If Jessica uses the standard mileage method, how much may she deduct on her 2020 tax return (miles were incurred ratably throughout the year)?
b. What is the deduction for 2020 assuming the actual method was used from the beginning? Calculate depreciation only; the truck is not limited by the luxury auto rules. Also, assume $179 was not elected in the year of purchase.
The corporation distributes $50,000 to its sole shareholder, Abby, whose stock basis is $10,000. How is the distribution treated for tax purposes
The Vend-a-Bar Supply Company has a mature and stable business with a capital employed of $26 million. Compute the target operating income for next year
Allison is the sole shareholder of Destiny Corporation, which operates a travel agency for business travelers. Allison would like the corporation to donate some used computers to a local private school dedicated to the education of young ladies.
The following accounts and balances were drawn from the records of Barker Company at December 31, 2016: Supplies $ 650 Beginning retained earnings $18,000.
The new phone model has a target price of $380. Management requires a 25% profit on new product revenues. Calculate the amount of desired profit
During the month of September, direct labor cost totaled $13, 055 and direct labor cost was 35% of prime cost. What was the manufacturing overhead?
An entity incurred depreciation expenses of P200,000 in its administrative department, Present the expenses under the two forms of income statement
Panner, Inc., owns 30 percent of Watkins. Assuming Alison uses the fair-value option, what income from the investment in Holister should be reported for 2013?
Question - Variable and Absorption Costing Unit Product Costs and Income Statements. Assume that company uses absorption casting: Compute the unit product cost
Department of Bowman Freight Company for November
July 3 Purchased some supplies on account for $900 from Office Depot. Journalize and post July's transactions using T Accounts (Excel or Word)
Pharoah Corporation, Make a multiple-step income statement in good form for Pharoah Corporation (earnings per share information is not required).
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