If taxpayers are married and living together at the end of the year, they must file a joint tax return. True False

Archie Co. purchased a framing machine for $45,000 on January 1, 2021. The machine is expected to have a four-year life, with a

k0ka [10]

Answer: $10,000 and $25,000

Explanation:

DEPRECIATION FOR 2022.

Straight line method of depreciation means it depreciates by the same amount every year. You can calculate by

(Cost - Residual Value) / useful life.

=($45,000 - $5,000) / 4

= $10,000.

Each year the framing machine reduces by $10,000 meaning in 2022 the depreciation will be $10,000.

BOOK VALUE AT DECEMBER 31, 2022

We've established that every year the value drops by $10,000.

On December 31, 2021, it dropped by $10,000.

On December 31, 2022, it dropped by another $10,000.

Adding that together gives you 10,000 + 10,000 = $20,000.

$20,000 is the total depreciation at the end of 2022.

Subtract that figure from the cost,

=$45,000-$20,000

=$25,000.

BOOK VALUE ON DECEMBER 31, 2022 is $25,000.

8 0

3 years ago

In economics a computer bought by a firm for its account keeping is classified differently to a computer bought by an individual

Nesterboy [21]

Answer:

12

Explanation:

5 0

2 years ago

The _____ reports the financial position of a firm by identifying and reporting the value of the firm's assets, liabilities, and

Verdich [7]

Answer:

balance sheet

Explanation:

4 0

3 years ago

According to the Food and Drug Administration, "...the ultraviolet (UV) radiation from these devices [sunlamps and tanning beds]

Sonbull [250]

Answer:

B. shift the demand curve leftward for tanning

Explanation:

According to the Food and Drug Administration, "...the ultraviolet (UV) radiation from these devices [sunlamps and tanning beds] poses serious health risks." As a result of reading this, the local mayor decides to introduce legislation that will put a 10% excise tax on tanning consumers. From an economic point of view, this will________

A. shift the demand curve rightward for tanning.

B. shift the demand curve leftward for tanning.

C. shift the supply curve rightward for tanning.

D. move down along the demand curve for tanning.

The excise tax is a legislated form of tax on specific goods and services at purchase; an indirect type of indirection taxation imposed on the manufacture, sale or the use of certain type of good and products. They are often levied upon goods services such as cigarettes, gasoline,alcohol, tobacco and gambling. They are considered unnecessary goods and services, Taxes are levied on them to raise their price and in order to reduce the amount they are been used.

The local mayor decides to introduce legislation that will put a 10% excise tax on tanning consumers in order to lower the demand for these devices

Consumer will now need to pay higher tax in addition to the price they will pay for the device, this is make people to tan less because of the extra cost. this will lead to a shift in the demand curve

4 0

3 years ago

ABC LLC reported the following items on the LLC's Schedule K: ordinary income of $100,000; interest income of $3,000; long-term

Sophie [7]

Answer:

$98,000

Explanation:

Use the following formula to calculate the net income

Net income = Ordinary income + Interest income - long term capital loss - Charitable contribution

Ordinary income = $100,000

Interest income $3,000

Long term capital loss = $4,000

Charitable contribution = $1,000

Placing values in the formula

Net Income = 100,000 + 3,000 - 4,000 - 1,000

Net Income = $98,000

8 0

3 years ago