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yKpoI14uk [10]
3 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]3 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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Parker Industries is a small company with a big name! Parker Industries is actually a one-person company that imports strands of
Tamiku [17]

Answer:

Total fixed costs= $150

Explanation:

Giving the following information:

Parker's only overhead is a storage unit for the inventory that costs $125 a month and a $25 monthly fee for website hosting.

<u>A cost is categorized as fixed because it does not vary with production (in relevant ranges).</u>

In this case, the only two cost that is fixed is the storage and website hosting.

Total fixed costs= 125 + 25= $150

7 0
3 years ago
robert jacobs and richard chase (2018). operations and supply chain management, 16th edition, mcgraw-hill. isbn 978-1-260-23890-
morpeh [17]

What was robert jacobs and richard chase (2018). operations and supply chain management, 16th edition; (COMPLETE QUESTION)

With a light emphasis on quantitative coverage, Operations and Supply Chain Management, 16e covers the full spectrum of Operations Management and Supply Chain. It offers pertinent and up-to-date Operations Management topics with an emphasis on economics and the global economy, analytics content that uses math models to link decisions to pertinent data, and proper problem-solving techniques.

This sixteenth edition gives students a set of more practical skills and tools as well as examples of what businesses are doing to gain a competitive advantage in the market. Reducing the cost of supply chain processes, integrating and collaborating with customers and suppliers, sustainability, and lowering the long-term cost of products and processes are all current business hot themes that pertain to operations and supply chain management.

TO know more about operations and supply chain management

brainly.com/question/5004551

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7 0
1 year ago
2. The Jasmine Tea Company purchased merchandise from a supplier for $43,338. Payment was a noninterest-bearing note requiring J
cestrela7 [59]

Answer:

3%

Explanation:

Given the following :

Purchased merchandise = $43,338

Number of payments required = 6

Payment per period = $8,000

PV factor (PVIFA) = (purchased merchandise / payment per period)

PVIFA = (43,338 / 8000) = 5.41725

Using the PVIFA table, we locate the interest rate on PVIFA factor of 5.41725 for a period of 6 years.

For PVIFA of 5.4172, the interest rate is 3%

Hence the implicit Interest t rate = 3%

PVIFA = [1 - (1+r)^-n] ÷ r

4 0
3 years ago
Which accounts would be affected for the following transaction: "Received an invoice from a supplier for repair services perform
Sophie [7]

Answer:

Debit Bank; Credit Accounts Payable

Debit Repair Expense; Credit Accounts Payable

5 0
1 year ago
At December 31, 2011, Newman Engineering’s liabilities include the following:1. $10 million of 9% bonds were issued for $10 mill
Nadusha1986 [10]

Answer:

total long term debt: 24,000,000

Explanation:

the 1988 bonds will be long-term debt as there is no suggestion to the option to be exercised.

The 1978 bonds will be current liabilities as they matures at 2012

which is within the twelve months time period to be classified as current laibily.

the note payable has an agreement with the bank to not claim it at least until June 2012 The most probable reason is that the 1978 bonds are generating this situation, so once they are retired the normal 2 to 1  ratio will be acomplished, so the note payable will be kept at long term debt

but a note tothe financial statemtn should be made

Long term debt:

1988 bonds:   10,000,000

note payable  14,000,000

total                24,000,000

6 0
3 years ago
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