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On February 15, 2013, Leo purchased and placed in service a new car that cost $23,750. The business use percentage for the car is always 100%. He does take the additional first-year depreciation.
Note: If required, round your answers to the nearest dollar.
a. What MACRS convention applies to the new car?
Select Half-year Mid-month Mid-quarter Item 1
b. Is the automobile considered "listed property"?
c. Leo's cost recovery deduction in 2013 is $ and for 2014 is $ .
The beginning and ending finished goods inventories of a company were $91,000 and $94,000 respectively. If cost of goods sold equaled $800,000, what is the amount of cost of goods manufactured for this period?
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From the company's perspective, should Department R purchase the units internally or externally? Assume Department A has ample capacity to handle all of Department R's needs. Would your answer change if Department A can sell everything it produces ..
Compute Welch's gross pay, payroll deductions, and net pay for the full year 2012. Round all amounts to the nearest dollar and compute United's total 2012 payroll expense for Welch.
George purchased a life annuity to provide him monthly payments for as long as he lives. Based on IRS tables, George's life expectancy is 100 months.
(Learning Objective 2: Apply GAAP for proper revenue recognition) On December 23, 2012, Big Sky Sports Manufacturing sells a truckload of sporting goods to the Sports R Us store in Amarillo, Texas. The terms of the sale are FOB destination.
It actually produces the following units: year 1, 128,000; year 2, 130,000; year 3, 126,000; and year 4, 124,500. The total number of units produced by the end of year 4 exceeds the original estimate—this difference was not predicted.
TopNotch Medical, Inc., is a supplier of medical equipment. It recently introduced a new line of equipment that may revolutionize the medical profession. Because of the new technology, potential users of the equipment are reluctant to purchase the eq..
Neither of the two items above is reported in the financial statements of British Airways, and neither is likely to appear there in the future. Why?
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