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John Marten is a sole proprietor who engages in financial planning for wealthy individuals. He wants his offices to be decorated with rare collections of art as they are investments which should increase in value; they provide an appropriate and impressive office atmosphere when current and prospective clients visit the office, and he will be able to depreciate the cost of the artworks. So John buys expensive artwork for $400,000. You are preparing John's 2013 return and he asks you to depreciate the artwork on his return. Please explain if depreciation may be claimed on the above assets, and, if so, show the amount of allowable depreciation. John does not want to claim the section 179 expensing deduction
What type of tax rate structure does the U.S. tax system apply? What are the individual tax forms, and what factors are used to determine which one to use?
To the nearest whole dollar how large would the salvage value of the equipment have to be to make the investment in the equipment financially attractive?
Many companies use a balanced scorecard for performance evaluation. The balanced scorecard has four business perspectives, and utilizes KPIs to evaluate performance in various areas. Which of the following KPIs would relate to the financial perspe..
The fair value of net identifiable assets exclusive of goodwill of a reporting unit of X Company is $300,000. On X Company's books, the carrying value of this reporting unit's net assets is $350,000, including $60,000 goodwill. If the fair value o..
An auditor observes inventory held by the client and notes that some of the inventory appears to be very old but still in reasonable condition for sale. Which of the following conclusions is justified by the audit procedure?
What would be the answer to this question and how did you figure it? A company issues $20,000,000, 7.8%, 20-year bonds to yield 8%on January 1, 2007.
The characteristics noted above are indeed true. What are some of the other differences between Managerial and Financial Accounting? Also, as for the numbers used in financial versus managerial accounting, are they different (what is their source)..
Assume that the County of Katerah maintains its books and records in a manner that facilitates preparation of the fund financial statements. Prepare the necessary entries for the current fiscal year.
Tierney Construction, Inc. recently lost a portion of its financial records in an office theft. The following accounting information remained in the office files: Direct labor cost incurred during the period amounted to 2.5 times the factory overh..
Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities.
A special order to purchase 10,000 units was recently received. Kandeed has enough capacity to fill the order, and filling the order would not disrupt current production or sales of K.
Roxanne is an aerobics (Jumping Jacks) instructor. She submitted a list of her business expenses to you. The list includes: DVD player $500; CD Music $500; Leotards and Tights $500; Towels $500; Mats $500. Which expenses would you allow?
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