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Rzqust [24]
3 years ago
11

Patrick purchased a used passenger automobile on June 1, 2018. He paid $19,000 for the automobile. During 2018, he uses the auto

mobile 75 percent of the time for business. Patrick wishes to claim the maximum amount of depreciation possible (no bonus depreciation or election to expense).a.Calculate Patrick's depreciation expense on the automobile for 2018.
b.Calculate Patrick's depreciation expense on the automobile for 2019, assuming the same 75 percent business use.
Business
1 answer:
kkurt [141]3 years ago
8 0

Solution:

a. The first year depreciation = $3,160

The second year depreciation = $5,100

b. By considering 75% used for business purchase

    For 2018 , for 7 months remaining

   Depreciation = $3,160 x 75% ( \frac{7}{12}

                         = $1382.50

  For 2019 ,

   Depreciation = $5,100 x 75% = $3,825

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nexus9112 [7]

Answer:

b

Explanation:

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3 years ago
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2. There is no way to resolve the conflict between commercial business goals and those of social innovation. True or False?
iogann1982 [59]

There is no way to resolve the conflict between commercial business goals and those of social innovation. Social innovation follows a different process to more commercial forms of innovation. Whilst empathy and a need for social justice may be necessary attributes of a social entrepreneur, they are not sufficient. so true.

8 0
2 years ago
Receivables; bad debts and returns; Symantec [LO7-4, LO7-5]
Hitman42 [59]

Answer:

1. Accounts receivable due = Accounts receivable + Allowances

2008

= 760,100 + 26,259

= $786,359

2009

= 840,810 + 23,936

= $864,746

2. Amount of receivable written off = Beginning balance for Allowance for doubtful accounts + Bad debt - Closing balance for allowance for doubtful accounts

= 9,200 + 3,400 - 9,148

= $3,452

3. Gross sales = Net Sales + Sales returns

Sales Returns = Closing balance for reserve for product returns + goods returned - Opening balance for reserve for product returns

= 14,788 + 3,440 - 17,059

= $1,169

Gross sales in 2009 = 6,244,800 + 1,169

= $‭6,245,969‬

4. Cash collected = Credit Sales - Goods returned - Bad debts written off - Ending receivables balance + Beginning receivables balance

= ‭6,245,969‬ - 3,440 - 3,452 - 864,746 + 786,359

= $‭6,160,690‬

6 0
3 years ago
A review of the ledger of Wildhorse Company at December 31, 2020, produces the following data pertaining to the preparation of a
Neko [114]

Answer:

Salaries expense 5,190

 Salaries payable   5,190

unearned rent revenue  90940 debit

      rent revenue                90940 credit

advertizing expense  6,800 debit

  prepaid advertising      6,800 credit

interest expense        3,934 debit

        interest payable       3,934 credit

Explanation:

<u>Salaries accrued</u>

5 employes   $750 each = 3750

3 employees $480 each = 1440

Total = 5190

<u>Rent revenue</u>

$6,670 per month x 5 lease x 2 months (from Nov 1st to Dec 31st)  =66700

$6,060 per month x 4 lease x 1 month = 24240

total 90940

<u>advertizing:</u>

8,400 / 12 months x 8 months expired = 5600

9,600 / 24 months x 3 months expired =  1200

total 6,800

interest on note payable:

principal x rate x time

56,200 x 12% x 7/12 = 3,934

8 0
2 years ago
Fresh Veggies, Inc. (FVI), purchases land and a warehouse for $540,000. In addition to the purchase price, FVI makes the followi
Dafna1 [17]

Answer:

The amount FVI should record is $ 617,200

Explanation:

The amount FVI should record as the cost of the land includes the initial purchase price ,broker's commission,title insurance ,miscellaneous closing costs as well as the cost of dismantling the old warehouse since all of these costs were incurred to bring the asset acquired to its present condition and location.

land purchase price                  $540,000

broker's commission                $34,000

title insurance                           $2,400

miscellaneous closing costs    $6,800

Cost of demolition                    $34,000

total costs                                 $617,200

7 0
3 years ago
Read 2 more answers
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