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iris [78.8K]
3 years ago
5

Del Norte Brick Co. is located near the intersection of Texas, New Mexico, and Mexico. Improved access to the company’s property

is via a small bridge across the Rio Grande. The cost of the bridge was $780,000. Determine the depreciation and book value for year 3 according to the MACRS (Modified Accelerated Cost Recovery System) method.
Business
1 answer:
OLEGan [10]3 years ago
6 0

Answer:

Depreciation for year 3 = $115518

BV = $57798

Explanation:

The modified accelerated cost recovery method employees a classification-based approach to depreciating certain assets, once classified are assigned respective rates of depreciation. for example, assets classified under automobiles, trucks and machinery are treated under 5-year MACRS and will be depreciated at 20%, 32%, 19.2% and so on.

In this question the bridge across Rio Grande being built by Del Norte Brick co is treated under 3-year MACRS, for which the rates are as follows:

33.33% for the first year

44.45% 2nd year

14.81% 3rd year

7.41% 4th year

We have been asked to determine 3rd years' depreciation and book value, determined as follows:

Depreciation year 1: $780000 33.33% = $259974

Depreciation year 2: $780000 44.45% = $346710

Depreciation year 3: $780000 14.81% = $115518

So the depreciation for year 3 = $115518

The book value is calculated as follows:

<em>Book value = cost - accumulated depreciation</em>

BV = $780000 - $722202

BV = $57798

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The following summarizes the aging of accounts receivable for Johnston Supplies, Inc. as of July 31, 2016:
dybincka [34]

Answer:

a. June 30, 2016 adjusting entry for bad debt expense

Dr Bad debt expense 9,108

    Cr Allowance for doubtful accounts 9,108

b. August 15, 2016, uncollectible accounts are written off

Dr Allowance for doubtful accounts 3,251

    Cr Accounts receivable 3,251

c. Allowance for doubtful accounts

                                       debit                       credit

June 30, 2016                                               $38,565

August 15, 2016          <u>$3,251                                       </u>

August 15, 2016                                             $35,314

Explanation:

Number of Days      Total Accounts          Historical %            Total

Unpaid                      Receivable                Uncollectible  

Not yet due                      $128,200               3%                       $3,846

1-30 days past due           $90,900              13%                         $11,817

31-60 days past due         $55,300              19%                       $10,507

<u>Over 60 days past due     $33,500             37%                      $12,395  </u>

Total                                                                                          $38,565

6 0
3 years ago
In the year 2020, a divorced woman under age 50 collects $50,000 of alimony and child support as her sole source of income. The
NikAS [45]

The available options are:

A. No contribution can be made because the woman does not have earned income

B. A contribution of up to $6,000 is permitted, but the contribution is not tax deductible.

C. A tax deductible contribution of up to $7,000 is permitted

D. A tax deductible contribution of up to $9,000 is permitted

Answer:

No contribution can be made because the woman does not have earned income

Explanation:

Unlike in the previous years before 2019, concerning divorce agreements, alimony is now declared to be no longer deductible by the payor and at the same time is considered to be a tax-free income to the recipient. In essence, this indicates that alimony is no longer qualifies as earned income and therefore, cannot be utilized to fund an Individual Retirement Account.

Hence, in this case, since it is , year 2020, the correct answer is "No contribution can be made because the woman does not have earned income."

8 0
3 years ago
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sergeinik [125]

Answer:

2. acculturation

Explanation:

Acculturation -

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In this method , the people adapts to a particular new culture of the society.

In order to learn and adapt and live along with the society .

The people actively tries to adapt to the new prevailing culture by increasing participation.

Hence , from the given information of the question,

The correct term is acculturation.

3 0
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mart [117]

Answer:

I believe it is progressive taxes.

Explanation:

Taxes under the Federal Insurance Contributions Act (FICA) are composed of the old-age, survivors, and disability insurance taxes, also known as social security taxes, and the hospital insurance tax, also known as Medicare taxes.

3 0
3 years ago
Use this with "kind."<br> True<br> False
Licemer1 [7]
That makes no since ..
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3 years ago
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