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On April 5, 2015, Kinsey places in service a new automobile that cost $36,000. He does not elect 179 expending, and he elects not to take any available additional first-year depreciation. The car is used 70% for the business and 30% for personal use in each tax year.
Kinsley chooses the MACRS 200% declining-balance method of cost recovery (the auto is a 5-year asset). Assume the following luxury automobile limitations: year 1: $3,160; year 2: $5,100. Compute the total depreciation allowed for 2015 and 2016.
a. What is the proper adjusted cash balance per bank b. What is the proper adjusted cash balance per booksc. Prepare the adjusting journal entries necessary to determine the adjusted cash balance per books
Allen Air Lines is now in the terminal year of a project. The equipment originally cost $20 million, of which 80% has been depreciated. Carter can sell the used equipment today to another airline for $5 million, and its tax rate is 40%. Illustrate..
Prepare a Comprehensive Income Statement as well in addition to the required.
on a partnership tax return
Bonds usually sell at a price that is different from the bond's face value. When this happens, the bonds are sold at a discount or premium. Discuss the market forces that would cause a bond to sell at a price that is different from its face value.
Develop a thorough understanding of accounting standards and principles, fulfill the core accounting educational requirement to sit for the CPA exam.
recommendations based on the above analysis to improve profitability.downes consolidated industries international uses
Of the prepaid insurance in the trial balance, $ 5,000 is for coverage during the months after December 31 of the current year
preparation of the single-step and multiple-step income statementthe following data were taken from the records of
Assume the following situation: Your business is 3 years old sole proprietorship. It has sales of $300,000 and net income after taxes of $40,000. Your total assets are $100,000 and your total liabilities are $2,000. Would it make sense to issue a bon..
cyndi corporation reported net accounts receivable on its september 30 2008 balance sheet of 54320 this amount is net
Illustrate what would Waterways be likely to choose as the cost driver for the overhead for the job of installing the irrigation system and why?
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