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Olga is the proprietor of a small business. In 2015, the business's income, before consideration of any cost recovery or § 179 deduction, is $250,000. Olga spends $600,000 on new 7-year class assets and elects to take the § 179 deduction on them. She does not claim any available additional first-year depreciation. Olga's cost recovery deduction for 2015, except for the cost recovery with respect to the new 7-year assets, is $95,000. Note: If required, round your answers to the nearest dollar. Assume that the 2014 additional first-year depreciation and § 179 amounts are extended to 2015
The FiFO costing method,prepare a process cost report for january - Flash had been completed and transferred to the finished goods inventory (1 Pound of input equals 1 pound of output).
What is the Systems Development Life Cycle (SDLC)? Why is it also referred to by some people as the “Waterfall Model”?
A corporation has issued 17,000 shares $50 par value common stock. The board of directors declares a 4-for-1 stock split when the market value of the stock is $185. What should be the approximate market value of the stock after the stock split?
cost of common equitypercy motors has a target capital structure of 40 debt and 60 common equity with no preferred
How does a policy of rotating clerical employees from job to job aid in strengthening the control procedures within the control environment? Explain.
In addition to the above, Mr Simpson drove in 2013 his personal automobile, a 2010 Chevrolet Caprice, in attending to the rental property a total of 400 miles (33.33 miles per month). Mr Simpson has always used the Standard Mileage Method (Automat..
"There is no such thing as a fixed cost. All costs can be unfixed given sufficient time.". Do you agree? What is the implication of your answer for CVP analysis? How do step fixed costs complicate CVP analysis? What other issues are there when using ..
As part of a hotel renovation program, a company must choose between two grades of carpet to install. One grade costs $22 per quire yard, and the other $28. The costs of cleaning and maintaining the carpets are identical, but the less expensive carp..
Richard Cliett is creating a college investment fund for his granddaughter. He will put in $850 per year for the next 15 years and expects to earn an 8% annual rate of return. How much money will his granddaughter have when she starts college?
Hayner Limos, Inc., is considering the purchase of a limousine that would cost $149,868, would have a useful life of 9 years, and would have no salvage value. The limousine would bring in cash inflows of $36,000 per year in excess of its cash operati..
What characteristics must the convertible bonds display in order to justify the accounting treatment followed on initial recognition and how was the portion of the bonds assigned to debt on initial recognition valued?
Sachin has asked his flat mate Jason for a $450 loan to cover a portion of his rent and utility costs. Sachin proposes repaying the loan with $375 from each of his next two financial aid disbursements, the first 4 months from now and the second 13 mo..
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