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Problem - A professional consulting business sells professional tools and equipment and provides associated services, such as repair and maintenance, to its customer base. The company's employees include technicians who are required to provide and maintain their own tools and equipment for performing the repairs and maintenance work. The company will reimburse a technician for amounts spent to purchase tools and equipment eligible for a § 179 deduction up to a set amount each year. Any costs for tools and equipment that exceed the set amount will not be reimbursed. John is a technician for the company. During the current year, he purchased equipment that qualifies for the § 179 deduction. John paid $50,000 for the equipment and was reimbursed the set amount of $40,000. Identify the relevant tax issues for John with respect to § 179 and the computation of his taxable income.
On December 31, prior to adjustments, the balance of Accounts Receivable is $16,000 and Allowance for Doubtful Accounts has a credit balance of $95. The firm estimates its losses from uncollectible accounts to be 5% of accounts receivable at the e..
the lindsay company has a defined benefit pension plan. the plan assets balance at fv on jan12011was 1600 and employer
You are the manager of an annuity settlement company. What is the most that your company can offer
what are some examples of accelerated cost allocation methods? what is the rationale for using an accelerated
suppose the standard for a given cost during a period was 80000. the actual cost for the period was 72000. under what
kendras companys standard labor cost of producing one unit of product dd is 4 hours at the rate of 12.72 per hour
Fixed production overheads are based on a monthly production of 4000 units and amounted to Rs 80000. Make Profit statement based upon Marginal Approach
Assuming she makes deposits at the beginning of each year at 4% interest rate. How much will she deposit at the start of every year
troop co. frequently borrows from the bank to maintain sufficient operating cash. the following loans were at a 12
Baron Company reported the following data: Accounts receivable 120,000. Calculate the Current ratio and Acid-Test ratio
Compute the number and cost of goods available for sale, the cost of ending inventory, and the cost of goods sold under FIFO and LIFO. Compute the inventory turnover ratio under the FIFO and LIFO inventory costing methods. Based on your answer to req..
On January 1, 2015, a machine was purchased for $90,000. Find the depreciation using double declining method if the fiscal year-end is September 30
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