Business, 12.12.2020 16:50 destinyd10189

ADS and MACRS. (Obj. 1) Peter purchased the following new properties to use in his business. Equipment: Acquired in April, 2007 at a cost of $72,000
Furniture: Acquired in March, 2010 at a cost of $84,000
Computer: Acquired in July, 2013 at a cost of $10,000
a. Compute Peter’s 2014 depreciation expense. Peter has never elected Section 179, nor has
he ever elected out of taking bonus depreciation. Peter uses ADS straight-line method
with a ten-year life to depreciate the equipment. He uses regular (accelerated) MACRS
to depreciation the furniture and computer. The half-year convention applies to all three
properties.
b. Same as in Part a., except that the mid-quarter convention applied to all personal property
placed in service in 2010.
c. Same as in Part a. except that Peter purchased each of these properties in 2014. Compute
depreciation for each of these properties for 2014 using the maximum depreciation
allowed for each property without electing Section 179.

Answers: 2

Show answers

Another question on Business

Business, 22.06.2019 01:30

The gomez company, a merchandising firm, has budgeted its activity for december according to the following information: • sales at $500,000, all for cash. • merchandise inventory on november 30 was $250,000. • the cash balance at december 1 was $20,000. • selling and administrative expenses are budgeted at $50,000 for december and are paid for in cash. • budgeted depreciation for december is $30,000. • the planned merchandise inventory on december 31 is $260,000. • the cost of goods sold represents 75% of the selling price. • all purchases are paid for in cash. the budgeted cash disbursements for december are:

Answers: 3

Answer

Business, 22.06.2019 18:50

Plastic and steel are substitutes in the production of body panels for certain automobiles. if the price of plastic increases, with other things remaining the same, we would expect: a) the demand curve for plastic to shift to the left. b) the price of steel to fall. c) the demand curve for steel to shift to the left d) nothing to happen to steel because it is only a substitute for plastic. e) the demand curve for steel to shift to the right

Answers: 3

Answer

Business, 23.06.2019 01:10

1. alwaysrain irrigation, inc. would like to determine capacity requirements for the next four years. currently, two production lines are in place for making bronze and plastic sprinklers. three types of sprinklers are available in both bronze and plastic: 90-degree nozzle sprinklers, 180-degree nozzle sprinklers, and 360-degree nozzle sprinklers. management has forecast demand for the next four years as follows: both production lines can produce all the different types of nozzles. the bronze machines needed for the bronze sprinklers require two operators and can produce up to 12,000 sprinklers. the plastic injection molding machine needed for the plastic sprinklers requires four operators and can produce up to 200,000 sprinklers. three bronze machines and only one injection molding machine are available. what are the capacity requirements for the next four years? (assume that there is no learning.)

Answers: 1

Answer

Business, 23.06.2019 02:40

The mayflower, a seafood restaurant, had the following liabilities by the end of 2015: accounts payable $60,000 wages payable $100,000 unearned revenue $125,000 (60% will be earned in 2016) notes payable $140,000 ($45,000 payable in 2016) what is the amount that the mayflower should report as total current liability on its balance sheet as of december 31, 2015?

Answers: 2

Answer

You know the right answer?

ADS and MACRS. (Obj. 1) Peter purchased the following new properties to use in his business. Equipm...

Questions