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disa [49]
2 years ago
15

g Under Bonus Depreciation, which was part of the tax reform act under Trump’s administration, Taxpayers are allowed to claim 10

0 percent of property acquired and placed into service after September 27, 2017 and before January 1, 2023. a. True b. False 5. Taxpayers generally want to take as much depreciation expense as possible in the earliest possible years due to the time value of money. a. True b. False
Business
2 answers:
Zigmanuir [339]2 years ago
8 0

Answer:

4 True

5 True

Explanation:

4) TRUE

BecauseTrump Administration has allowed to claim 100 prevent of bonus depreciation for the property acquired and placed in service after sep 27 2017 to January 1 2023. It is allowed on business asset with a life of 20 years or less.

5) TRUE

BecauseTaking depreciation in earlier year keeps taxable income low and lower tax has to be paid in earlier years. Which save the interest cost.

grin007 [14]2 years ago
4 0

Answer:

Under Bonus Depreciation, which was part of the tax reform act under Trump’s administration, Taxpayers are allowed to claim 100 percent of property acquired and placed into service after September 27, 2017 and before January 1, 2023.

  • a. True

Under the Tax Cuts and Jobs Act, bonus depreciation increased from 50% to 100% fro qualified property acquired between September 27, 2017, and before January 1, 2023.

Taxpayers generally want to take as much depreciation expense as possible in the earliest possible years due to the time value of money.

  • b. False

The time value of money states that 1 dollar today is worth more than 1 dollar tomorrow, so 1 dollar saved today is worth more than 1 dollar saved tomorrow. That means that taxpayers will want to decrease their taxes as much as possible and as soon as possible.

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Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory 23 units $16 5 Sale 1
Allisa [31]

Answer:

(a) the cost of the goods sold for the September 30 sale and

  • COGS = $415

(b) the inventory on September 30.

  • Ending inventory = 9 units at $17 = $153

Explanation:

date        transaction           units         unit price          total

1              beginning inv.        23                $16               $368

5             sale                        -13                                    ($208)

17            purchase               24                 $17               $408

30           sale                       -25                                    ($415)

30           ending inv.              9                 $17               $153

When we use first in, first out (FIFO) inventory method, the price of the units sold are calculated using the oldest units in inventory.

The COGS of the units sold on Sept. 5 = 13 units x $16 = $208

The COGS of the units sold on Sept. 30 = (10 units x $16) + (15 units x $17) = $160 + $255 = $415

Ending inventory = 9 units at $17 = $153

4 0
3 years ago
Amanda Roberts works a Monday Through Friday work week at a rate of 8.75$ per hour. She takes a 1 hour lunch break. If she clock
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She works 8 hour and 30 minutes a day - 1hr of lunch break is 7hrs and 30 min

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What is an internship?
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