1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Step2247 [10]
3 years ago
13

Convers Corporation (calendar-year-end) acquired the following assets during the current tax year: (ignore §179 expense and bonu

s depreciation for this problem): (Use MACRS Table 1, Table 2 and Table 5.)
Asset Date Placed in Service Original Basis
Machinery 10/25 70,000
Computer Equipment 2/3 10,000
Used Delivery Truck 3/17 23,000
Furniture 4/22 150,000
Total 253,000
The delivery truck is not a luxury automobile.
In addition to these assets, Convers installed new flooring (qualified improvement property) to its office building on May 12 at a cost of $300,000.
What is the allowable MACRS depreciation on Convers’s property in the current year assuming Convers does not elect §179 expense and elects out of bonus depreciation?
Business
1 answer:
marishachu [46]3 years ago
5 0

Answer:

$42,853

Explanation:

The computation of the allowable MACRS depreciation on Convers’s property in the current year is shown below:

<u>Assets      Place in service    Quarter   Original Basis  Rate Depreciation</u>

Machinery

(7 years)     Oct 25                   4th           $70,000         14.29%  $10,003

Computer

Equipment

(5 years)    Feb 03                   1st            $10,000         20%       $2,000

Used delivery

truck

(5 years)     Mar 17                   1st            $23,000        20%       $4,600

Furniture

(7 years)     Apr 22                  2nd         $150,000       14.29%    $21,435

Qualified

improvement

(39 years)    May 12                 2nd         $300,000     1.605%     $4,815

Total                                                        $553,000                       $42,853

Refer to the MACRS depreciation table

and we used the half year convention

You might be interested in
Listed below are year-end account balances ($ in millions) taken from the records of Poe Dameron's Pilot School. Debit Credit Ac
Ganezh [65]

Answer:

$812

Explanation:

Current assets:

Details                           Amount

Account receivable        $668

Cash                                $40

Interest Receivable        $38

Inventory                         $19  

Prepaid rent                    $36

Supplies                          <u>$11  </u>

Total Assets                   <u>$812</u>

5 0
2 years ago
The _____ type of channel partnership involves signing agreements through which one organization creates a long-term alliance wi
VLD [36.1K]
The answer is d, strategic.

4 0
3 years ago
A utilities consumer action panel could help resolve consumer complaints about high energy costs because the panel members are
otez555 [7]
The answer is A independent and unbiased
7 0
3 years ago
___ of breaches are caused by stealing a password
Svet_ta [14]

The answer is letter e. A Very high percentage (around 80 percent). Around eighty percent of breaches are caused by stolen passwords. Passwords can be stolen by hackers in many ways, especially if they are common, so it would be best to update your password regularly and make sure that your password is secure and hard.

3 0
3 years ago
On November 1, 20X1, a company signed a $200,000, 12%, six-month note payable with the amount borrowed plus accrued interest due
ozzi

Answer:

$8,000

Explanation:

The computation of the interest expense is shown below:

= Note payable × interest rate × number of months ÷ total number of months -  Note payable × interest rate × number of months ÷ total number of months

= $200,000 × 12% × 6 months ÷ 12 months - $200,000 × 12% × 2 months ÷ 12 months

= $12,000 - $4,000

= $8,000

The 6 months is calculated from November 1, 20X1 to May 1, 20X2

And, the 2 months is calculated from On November 1, 20X1 to December 31,20X1

We assume the accounts are closed on December 31

Or we can do one thing also

Take the 4 months from Jan 1, 20X2 to May 1, 20X2

=  $200,000 × 12% × 4 months ÷ 12 months

= $8,000

6 0
3 years ago
Other questions:
  • Why might a town decide to issue bonds??
    11·2 answers
  • Ajax Inc. is one of the customers of a well-known linenmanufacturing company. Ajax has not ordered linen in some time, but when
    14·1 answer
  • Sample observations of a claims processor made over a 160-hour work month reveal that the worker produced a total of 384 complet
    6·1 answer
  • Your goal is to have $15,000 in your bank account by the end of four years. If the interest rate remains constant at 4% and you
    5·1 answer
  • What will happen to the governmentâs tax revenues if Song chooses to spend more time pursuing her other passions besides work in
    6·1 answer
  • Which of the followings
    12·2 answers
  • Identify at least three ways in which the company sought to differentiate itself from rival jewelry firms.
    11·1 answer
  • Which of the following would NOT increase demand for sushi, a normal good?
    10·1 answer
  • List three advantages of buying an existing business
    13·1 answer
  • May someone pls help and fast???
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!