What is timothy total cost recovery expense

Assignment Help Accounting Basics
Reference no: EM132035070

Question - Timothy purchased a new computer for his consulting practice on October 15th of the current year. The basis of the computer was $4,000. During the Thanksgiving holiday, he decided the computer didn't meet his business needs and gave it to his college-aged son in another state. The computer was never used for business purposes again. Timothy had $50,000 of taxable income before depreciation. What is Timothy's total cost recovery expense with respect to the computer during the current year?

Reference no: EM132035070

Questions Cloud

What is the clays tentative minimum tax : During all of 2015, Mr. and Mrs. Clay lived with their four children (all are under the age of 17). What is the Clays' tentative minimum tax
Introduction stage of the product life cycle : Describe the importance of the introduction stage of the Product Life Cycle. What are the key objectives that the company must attain in this phase?
Fighting to price match online retailers : There are many reasons why consumers buy things online, instead of going to a physical store. Online retailers often have a bigger inventory
Prepare all necessary entries to correct transactions : ACTP 5008 Accounting changes. Prepare all necessary entries to record/correct the above transactions. If no entry is necessary, explain why
What is timothy total cost recovery expense : Timothy had $50,000 of taxable income before depreciation. What is Timothy's total cost recovery expense with respect to the computer during the current year
Focusing on too many different customers : Compromising its strategic success by focusing on too many different customers, what changes do you recommend from the CRM perspective
Product of the times in which we live : How well does the ad communicate the value of the brand? In what way is the ad a product of the times in which we live?
What market segmentation has apple used : What is Apple's Segmentation strategy. Use the following questions to help focus your analysis.
Increasing in the business world : Cloud-based business interactions are increasing in the business world. What are the pros and cons of this technology?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Cramden talent agency inc sales budget for november and

cramden talent agency inc. sales budget for november and december 2012 number fee total of per performance band and

  What would the delivery charge for each customer

What would the delivery charge for each customer be under the current policy of 10 percent of order value

  Identify cost-variable-fixed-mixed

Describe a variable, fixed, mixed and step cost in an organization. Would this organization be more likely to benefit from using a manufacturing cost hierarchy or a customer cost hierarchy for determining cost drivers?

  Explain the meaning of each of the langley company ratios

Explain the meaning of each of the Langley Company ratios above. State which company performed better for each ratio.

  Determine blues cost recovery

Blue Corporation acquired new office furniture on August15, 2008, for $150,000. Blue did not elect immediate expensingunder 179. Determine Blue's cost recovery for 2008.

  Explain why this article is a good example of the concept

Explain why this article is a good example of the concept, Source and date of article must be indicated. All types of magazines and newspapers are eligible.

  What should bauer inc record as an adjusting entry

who signed a note with 10% interest and is due in 12 months. On December 31, 2016, what should Bauer Inc. record as an adjusting entry?

  Wacc calculation of haverford company

Several years ago the Haverford Company sold $1,000 par value bond that now has 25 years to maturity and an 8.00% annual coupon that is paid quarterly.

  Prepare the liabilities section of obrians balance sheet

Prepare the liabilities section of O'Brian's balance sheet using the following information: Accounts payable $157,000

  Alberto comapy issues 8 10-year semi-annual bonds with a

alberto comapy issues 8 10-year semi-annual bonds with a par value of 350000. on the issue date the annual market rate

  Define the revenue recognition principle

Define the revenue recognition principle and explain why it is important to users of financial statements

  Calculate the depreciation for fiscal year

Calculate the depreciation for each fiscal year using the declining-balance method at twice the rate of straight line depreciation.

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