What is the maximum total depreciation expense that acw

Assignment Help Accounting Basics
Reference no: EM131773234

Good day,

I need help with the below problem. Please answer A and B. No need to put in any particular area; please just provide both answers. 

Assume that ACW Corporation has 2014 taxable income of $1,000,000 before the §179 expense and acquired the following assets during 2014 (assume no bonus depreciation): (Use MACRS Table 1Table 2Table 3Table 4 and Table 5.)

  Asset       Placed in Service    Basis
  Machinery       September 12  $ 470,000  
  Computer equipment       February 10   70,000  
  Delivery truck       August 21   93,000  
  Qualified leasehold improvements       April 2   380,000  
   
  Total   $ 1,013,000  
   


a. What is the maximum amount of §179 expense ACW may deduct for 2014?

b. What is the maximum total depreciation expense that ACW may deduct in 2014 on the assets it placed in service in 2014? (Round your answer to the nearest whole dollar amount.)

Reference no: EM131773234

Questions Cloud

Evaluate your experience with organizational change : Explain and evaluate your experience with organizational change. Explain the type of experiences you have had that will make you a strong leader.
Create amount of behavior obligatory by business in humanity : Recall that the law creates a minimum amount of behavior obligatory by businesses in humanity, whereas ethics requires more.
Determine the present value of the bonds payable : Caps Co. produces and sells bottle capping equipment for soft drink and spring water bottlers. Determine the present value of the bonds payable
What should be the length of the pendulum : A chronograph is to be opera ted by a 2-s pendulum of length L shown in Fig. A platinum wire attached to the bob completes the electric timing circuit.
What is the maximum total depreciation expense that acw : What is the maximum total depreciation expense that ACW may deduct in 2014 on the assets it placed in service in 2014
Record the semi-annual interest payment on july : On Jan 1, Quest Corp issues 8%, 20 year bonds payable with a maturity value of $100,000. Record the semi-annual interest payment on July 1
Article related to information technology : Research a unique news story or article related to Information Technology. Post a summary of what you learned to the discussion thread
How the company involved in the case could have avoided : how company involved in case could have avoided deceptive advertising, including safeguards that should have been in place to prevent the deceptive advertising.
Prepare journal entries to record the pension expense : Prepare journal entries to record the pension expense, funding of plan assets, and retiree benefit payments

Reviews

Write a Review

Accounting Basics Questions & Answers

  Explain why reports prepared for shareholders and banks

ACCT5000 Intermediate Management Accounting Portfolio Case Study. Explain why reports prepared for shareholders and banks

  Brown company produces fine leather footballs the standard

brown company produces fine leather footballs. the standard cost for each football is direct material 2 feet of leather

  Fundamental concepts and principles in accounting

Identify and explain the fundamental concepts and principles in accounting, the components of the accounting equation, the primary financial accounting equation, and financial statements and reports.

  Tatum company has four products in its inventory

Assuming that Tatum recognizes an inventory write-down as a separate income statement item, determine the amount of the loss.

  Write a memo in response to council member cannedy

(Use of Capital Projects Funds) The City of New Falls is planning to acquire furniture and fixtures for the mayor's office and the council chambers.

  Main accounting issues in ssap 24

Identify and explain the main accounting issues in SSAP 24, Accounting for pension costs, for defined contribution schemes and defined benefit schemes.

  What is included in the original cost of property

What is included in the original cost of property, plant, and equipment and intangible assets acquired in an exchange transaction?

  Assignment-nursing leadership health policy paper

This assignment requires thought about a public policy that is needed or needs to be changed that relates to nursing, health care, or the public. Policy changes can occur by working with members of your legislature, and state or national nurses as..

  Present some arguments to convince him

Present some arguments to convince him that accounting data should still be based on cost.

  The western division of guinn corp had an roi of 25 when

the western division of guinn corp. had an roi of 25 when sales were 2 million and controllable margin was 400000. what

  Performing accounting and review services

Jones, CPA, entered into a signed contract with Foster Corp. to perform accounting and review services. If Jones repudiates the contract prior to the date performance is due to begin, which of the following is false?

  Contacting the appropriate vendors

Ellison Inc., a manufacturer of steel school lockers, plans to purchase a new punch press for use in its manufacturing process. After contacting the appropriate vendors, the purchasing department received differing terms and options from each vend..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd