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Lori, who is single, purchased five-year class property for $200,000 and seven-year class property for $400,000 on May 20, 2013. Lori expects the taxable income derived from her business (without regard to the amount expensed under § 179) to be about $800,000. Lori wants to elect immediate § 179 expensing, but she doesn't know which asset she should expense under § 179. She elects not to take additional first-year depreciation. Determine Lori's total deduction if the § 179 expense is first taken with respect to the five-year class asset. 5-year class property Immediate expense deduction under § 179 $______________ 7-year class property Immediate expense deduction under § 179 ____________ MACRS cost recovery ____________ Total deduction $ _________
Advice to Lori?
the articles of partnership for a-b partnership provide for a salary allowance of 5000 per month for partner b with the
A violation of the profession's ethical standards would most likely have occurred when a CPA:
Assume that an account receivable in the amount of $400 was written off using the allowance method. Determine the net realizable value of the accounts receivable after the write-off.
The Molding Department of Boswell Company has the following production data: beginning work process 30,000 units (60% complete), started into production 510,000 units, completed and transferred out 480,000 units, and ending work in process 60,000 ..
as the new junior accountant at colwell company you have been asked to prove the cash account balance at 123112. you
on janurary 1 2010 bukner steel co. issued a 300000 3 year 6 installment note payable with payments of 100000 principle
A manufacturer of thermostats uses a kanban system to control the flow of materials. The packaging center processes 10 thermostats an hour and receives completed thermostats every 30 minutes. Containers hold 5 thermostats each.
Pete Corporation produces bags of peanuts. Its fixed cost is $17,280. Each bag sells for $2.99 with a unit cost of $1.55. What is Pete's breakeven point?
This year, the Alto-Baxter-Cooper group reports an $110,000 consolidated tax liability. To avoid penalties for the current year, the group must make timely estimated tax payments of during the year.
Actual production figures for the past year were as follows.
The following is last month's contribution format income statement: What is the company's margin of safety in dollars?
Mark Trucks Limited has some idle capacity in its plant, which is restored by accepting order from other automobiles industries. The company has finished assembly of150 trucks against special order N, 13A from Western Motors Limited.
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