User Account

All Pages

What was basis for depreciation of the computer system

Assignment Help Accounting Basics
Reference no: EM133188581

Question - Suppose a computer software developer for a certain company purchased a computer system for $55,000 on April 27, 2017. The computer system is used for business 100% of the time. The accountant for the company elected to take a $10,000 Section 179 deduction, and the asset qualified for a special depreciation allowance.

Required -

(a) What was the basis for depreciation (in $) of the computer system?

(b) What was the amount (in $) of the first year's depreciation using MACRS?

Reference no: EM133188581

Questions Cloud

Make the entry to record this bond issuance : Harvey Company issued $100,000 of 9%, ten-year bonds when the market rate of interest was 11%. Make the entry to record this bond issuance
Conduct analysis using smart pls : Reflective measurement model, Evaluation of the structural model
What is the additional bad debtand impairment loss : Based on the above information and on your audit, what is the additional bad debt/impairment loss on the receivables to be recognized in 2022
Prepare two-page resume to support above job application : Prepare a two-page resume to support the above job application - Second Column should include the qualities and skills you currently
What was basis for depreciation of the computer system : The computer system is used for business 100% of the time. What was the basis for depreciation (in $) of the computer system
Create entries to record the sale of the copiers : Create entries to record the sale of the copiers and the related warranty costs, assuming that the accrual method is used
What should be reported as total contributed capital : Net income for 2003 was P5,000,000. What should be reported as total contributed capital on its December 31, 2003 balance sheet
What csr issues exist for nfps : What CSR issues exist for NFPs? What measures of performance are typically used by these organisations? What types of NFP exist
Discussion of key points and the readings highlights : summary or a general discussion of key points - Discussion - A summary or a general discussion of key points and the reading's highlights

Reviews

Write a Review

Accounting Basics Questions & Answers

  A review of the ledger of obi company at december 31

Notes Payable $100,000.This balance consists of a note for 9 months at an annual interest rate of 9%, dated November 1.

  Prepare the 2012 fiduciary income tax return form 1041 for

prepare the 2012 fiduciary income tax return form 1041 for the green trust. in addition determine the amount and

  The material-handling costs allocated to one lens

Under activity-based costing (ABC), the material-handling costs allocated to one lens would be what amount? The cost driver for the material-handling activity is the number of material moves.

  What registration requirements shall be needed by subject

The corporation is engaged in the production of raw materials for plastic toys making. What registration requirements shall be needed by the subject taxpayer

  Journalize the reversing entries

(a) Journalize the adjusting entries at December 31, the end of the current fiscal year, and

  Calculate the moving-average cost per unit at january

Calculate the Moving-average cost per unit at January 1, 5, 8, 10, 15, 16, 20, & 25. (Round answers to 3 decimal places, e.g. 5.251.)

  Should Ontime Delivery Service record the interest payment

Murray paid interest of $3,200 on a personal loan of $60,000 that he used to begin the business. Should Ontime Delivery Service record the interest payment

  Describe the concept of corporate governance

Describe the concept of corporate governance. Explain how internal audit ?ts into the corporate governance equation, and outline what the corporate governance.

  Prepare a monthly schedule of cash collections for Calista

Prepare a monthly schedule of cash collections for Calista Gardens for January, February and March for the first quarter of 2015

  What problems do you foresee in measuring income

Do you agree with the above statement? Explain. What problems do you foresee in measuring income in the manner described?

  What were the equivalent units of production for june

Tico Company uses a standard FIFO process costing system to account for its tortilla manufacturing process. What were equivalent units of production for June

  Ethics case alternative sources of cashstacey jensen the

ethics case alternative sources of cash.stacey jensen the founder and the owner of a major portion of the stock for

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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