AS land cannot be depreciated we will first subtract the value of the land from the complex so we are left with $390,000 (490,000-100,000) In straight line method each year the asset is depreciated by the same amount so in order to find out yearly depreciation we will divide 390,000 by 40 =9750 In 6 years the complex has depreciated for $58,500 So the current value of the apartment complex would be (490,000-58500) The current value of the apartment complex is $431500
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Sales promotion and direct marketing are the two promotional methods consumers convince themselves that it is not unfair.
Answer:
Yes, Barry is required by law to report the income from his lab on his tax return.
Explanation:
The provision of Internal Revenue Code (IRC) enacted by US congress give no exception for illegal income tax and where there is no explicit exception, taxable income is all income from whatever source it was derived be it legal or illegal.
Answer:
c. $42900
Explanation:
Calculation to determine what the correct balance of cash at May 31, 2020 is
Using this formula
Correct balance of cash =Balance per bank statement, 5/31/20+Deposit in transit, 5/31/20-Outstanding checks, 5/31/20
Let plug in the formula
Correct balance of cash=$41000+5900-4000
Correct balance of cash= $42900
Therefore correct balance of cash at May 31, 2020 is:$42900
Answer:
$27,000
Explanation:
The computation of the amount of factory maintenance department costs that would be allocated to the fabrication department is shown below:
= Fabrication square foot occupied ÷ Total square foot occupied × factory overhead cost of factory maintenance department
= 20,000 ÷ 50,000 × $67,500
= $27,000
The overhead cost of factory maintenance department is allocated on square foot occupied and the same is considered
The total square foot occupied is
= 20,000 + 30,000
= 50,000