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John Paul Jones Inc. is a conservatively managed boat company whose motto is, "The old ways are the good ways." Management has always used straight-line depreciation for tax and external reporting purposes. Although they are reluctant to change, they are aware of the impact of taxes on a project's profitability.
For a typical $100,000 investment in equipment with a five-year life and no salvage value, determine the present value of the advantage resulting from the use of double-declining balance depreciation as opposed to straight-line depreciation. Assume an income tax rate of 40 percent and a discount rate of 16 percent. Also assume that there will be a switch from double-declining balance to straight-line.
How much income must Dave report for the tax year and what is the character of the income? What is Dave's basis in his partnership interest at the end of the tax year?
which of the following belong in the current assets section of the balance sheet?a. cashb. short term investmentsc.
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On December 31, 2007, Bert's Farm Store had the following account balances in its accounting system. All year-end adjustments had been entered, but the books had not yet been closed.
research and discuss at least two different forms of business organizations ex. sole proprietorship partnership
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