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yKpoI14uk [10]
4 years ago
14

Quanti Co., a calendar year taxpayer, purchased small tools for $5,000 on December 21, 2016, representing the company's only pur

chase of tangible personal property that took place during 2016. On its 2016 tax return, how many months of MACRS depreciation may Quanti Co. claim on the tools (assuming they do not qualify for immediate expensing/bonus depreciation)?
Business
1 answer:
iris [78.8K]4 years ago
7 0

Answer:

1 and a half months worth of depreciation

Explanation:

The advantage of starting to depreciate an asset purchased on December is that next year you will be able to depreciate it for a full year under MACRS.  Generally, when you purchase an asset, you have to use the half year convention and your depreciation expense for the first year will be low compared to the second year. But if you start depreciating your asset in the current year, even if you purchased it on December and the depreciation expense is not that significant, the next year you will be able to depreciate it at the second year rate.

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Drum buffers are:
maks197457 [2]

Answer: Extra safety that is applied to a project immediately before the use of the constrained resource.(D)

Explanation:

Drum buffer can be explained as period of time that is used to safeguard the drum resource from the problems that occur from the drum operation.

The aim of the drum buffer effect is to provide a recheck of the work in order not to deviate from the real aim of the project. The buffer makes up for the process variation, and makes the project stable as it gives extra safety which is applied mmediately before using constrained resource.

6 0
3 years ago
Golden Marine Stores Company manufactures special metallic materials and decorative fittings for luxury yachts that require high
drek231 [11]

Answer:

A. The company paid a higher cost for the direct materials than allowed by the standards.

Explanation:

The following is a logical explanation for this variance:

Since, the standard quantity of raw materials to be used is 22 pounds x 500 units = 11000 pounds. The actual usage is 9500 pounds ony. Hence, variance in direct material price variance can be only due to higher cost of direct material purchased.

7 0
4 years ago
on december 1, bright company receives a 6% interest-bearing note from galvalume company to settle a $20,000 account receivable.
andreyandreev [35.5K]

At December 31, bright should record interest revenue of $100. Money gained by lending money or money acquired from depositing or investing can both be referred to as interest revenue.

Is interest revenue a liability or an asset?

If a company anticipates receiving the interest payment within the year, it typically records the interest receivable as a current asset on its balance sheet. Companies that collect interest from loans view this revenue as a significant source of income that belongs at the top of the income statement. It is the price of taking out a loan from a bank, financial institution, bond buyer, or another lender. In order to assist a business finance its operations, such as the acquisition of rival businesses or machinery, plant, and property, interest expense is incurred.

To learn more about interest revenue, refer to:

brainly.com/question/27992328

3 0
1 year ago
Which one of the following stock index futures has a multiplier of $10 times the index value?
stiv31 [10]

Answer: b. Dow Jones Industrial Average

Explanation: The Dow Jones Industrial Average index futures has a multiplier of $10 times the index value which is used to calculate contract settlements and helps determine the dollar value of each point of price movement. For example, Dow multiplier is 10, meaning each Dow point is worth $10 per contract.

7 0
4 years ago
Which business function is concerned with delivering a product or service to customers?
Gwar [14]

Answer:

Production

Production departments or companies are the manufacturing branches of a business to produce products or delivery of services to customers

4 0
2 years ago
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