Bob and Michael started a technology support company called eSys Answers. During year 1, they bought the following assets (placed in service on date of purchase) and incurred the following start-up fees:Year 1 Assets Purchase Data BasisComputers (5-year) October 30, Y1 $ 15,000Office equipment (7-year)October 30, Y1 10,000Furniture (7-year) October 30, Y1 3,000Start-up costs October 30, Y1 17,000In year 1, they elected to expense the start-up costs to the maximum extent possible. Note: immediate expensing reduces basis. On April 30, year 2, they purchased a customer list (a Section 197 intangible) for $10,000 from a company providing virtually the same services. During the summer of year 2, they purchased a small van (for transportation, not considered a luxury auto) and a business-use machine (7-year life). They bought the van and placed it in service on June 15, Y2, for $18,000. The machine cost $4,000 and was placed in service on July 1, Y2.Year 2 Assets Purchase DateBasisVan June 15, Y2 $ 18,000Machine (7-year) July 1, Y2 4,000Customer list April 30, Y2 10,000Assume that eSys Answers does not claim any §179 expense or bonus depreciation. (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.)Required:a. What are the maximum cost recovery deductions for eSys Answers for Y1 (including immediate expensing) and Y2? Note: start with completing the table for Part C. Year 1 maximum cost recovery will be the Immediate Expense column total (C10) plus the Year 1 Cost Recovery column total (D10). Year 2 maximum cost recovery will be the Year 2 Cost Recovery column total (E10).c. What is eSys Answers’s basis in each of its assets at the end of Y2?

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Beck company had the following accounts and balances at the end of the year. what is net income or net loss for the year? cash $ 74 comma 000 accounts payable $12,000 common stock $21,000 dividends $12,000 operating expenses $ 13 comma 000 accounts receivable $ 49 comma 000 inventory $ 47 comma 000 longminusterm notes payable $33,000 revenues $ 91 comma 000 salaries payable $ 30 comma 000

Fred smithers, a recent college graduate decided to open his own portable juice bar, smithers smoothies, to wheel around newport beach. you, a trusted friend of fred, are a business major that has also recently graduated and agreed to handle the books for a while to get some practical experience and have a favor that you can ask of fred in the future. given the following five transactions concerning the new venture, prepare the necessary journal entries for the transactions, post the journal entries to appropriate t accounts and prepare a trial balance as of the end of the month in order to answer to the necessary may 2: fred invests $12,000 of his own money to start the new company. this money was obtained from a part-time job working at a legal firm while he was in school. may 3: fred spent $5,100 cash to purchase a refrigerated trailer that he can pull behind his car and set up at the beach. under your advice, fred agrees to place the new asset under an account called "equipment." may 6: fred bought $640 of supplies on account from the flav-o-rite confectioners company. because they will last longer than a single accounting period fred agrees to record them as, "supplies" as per your suggestion. may 13: fred sat on the beach for six hours without a single sale and was feeling very down. right before he left, however, a plumber escorting his family reunion along the beach stopped by his stand and bought $800 worth of smoothies for the entire family. under your advice, fred agrees to call this cash revenue, "sales." may 15: excited about his new venture, fred withdraws $350 from the company to take his girlfriend out to dinner. what would be the balance in the cash account at the end of the period following the posting of all the transactions?