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Genrish500 [490]
2 years ago
10

Talia’s Tutus bought a new sewing machine for $55,000 that will be depreciated over 5 years using double-declining-balance depre

ciation with a switch to straight-line. Required: a. Find the depreciation charge each year. b. If the sewing machine is sold after 3 years for $25,000, what will be the after-tax proceeds on the sale if the firm’s tax bracket is 35%?
Business
1 answer:
erastova [34]2 years ago
7 0

Answer:

$8,528

Explanation:

A

The double-declining method uses twice the rate of the straight-line depreciation method.

For Talia's tutu, the straight-line method will be 1/5 x 100

=0.2 x 100

=20%

The double-declining method will use 40%

The depreciation schedule for three years will be as follows for 5 years is as follow

<u>Opening balance Depreciation amount new Book value</u>

$55,000   $22,000   $33,000

$33,000    $13,200    $19,800

$19,800    $7,920    $11, 880

$11,880    $4,752    $ 7,128

$7,128    $,2,851.2   $,4,276.8

B.

If the asset is sold after three years.

The Book value after 3 years = $11,880

The machine is sold for $25,000

the gross profits from the machine

= $25,000 - $11,880

=$13,120

the tax rate =35%

=35/100 x $13,120

=0.35 x $13,120

=$4,592

net realized = $13,120 - $4,592

= $8,528

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Answer:

20,000

Explanation:

Henry has already received the $10,000 from HJ, It would be considered as a partial withdrawal of his share of profit. His total income should be 20,000 (40,000 x 50%) so the remaining 10,000 of his share of profit may be received by him later on a future date

Henry must report on his Form 1040 from HJ for the tax year = 40,000 x 50%

Henry must report on his Form 1040 from HJ for the tax year = 20,000

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3 years ago
Under a _____ exchange rate regime, a country will attach the value of its currency to that of a major currency.
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The answer should be pegged
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2 years ago
Question text The first task of an event marketer is to Select one: a. Attract attendees b. Elicit sponsors c. Organize staff d.
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Answer:

C. Organize staff

Explanation:

C. Organize staff is the answer.

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3 years ago
The right side of the balance sheet shows the firm's liabilities and stockholders' equity. Which of the following best describes
Leokris [45]

Answer:

1. Equity is the difference between the company's assets and liabilities.

2. D. $83

Explanation:

Req. A

We know,

The accounting equation is

Total asset = total liabilities + total stockholders' equity

Therefore, total asset - total liabilities = total stockholders' equity

So, we can say that equity is the difference between the company's assets and liabilities. However, equity cannot be claimed before the liabilities. Therefore, the option "A" is the correct answer.

Req. B

                          Now Inc.

      Statement of retained earnings

For the year ended, December 31, 20XX

Beginning retained earnings (Last year)                $527

Add: Net Income (Current year)                                 176

Less: Dividend (Balancing)                                   <u>     </u><u>(83)</u>

Ending retained earning (Current year)                 $620

Calculation: $(527 + 176 - 620) = $83

Therefore, the option "D" is the correct answer.

3 0
2 years ago
Shelley compared the number of oak trees to the number of maple trees as part of a study about hardwood trees and a woodlot she
Masja [62]

There were 72 (108 - 36) more maple trees in the woodlot before the bug problem. There were 108 maple trees in the woodlot before the bug problem. There are 36 maple trees in the woodlot after the bug problem.

The following information is given in the question:

Ratio of maple trees to oak trees before bug problem = 9:5

Ratio of maple trees to oak trees after replanting = 3:11

Total number of oak trees after replanting =132

Total number of trees in the woodlot is the same before and after the bug problem.

Let the number of maple trees after replanting be 'x'

From the data above, we can find the number of maple trees after replanting as follows:

\frac{3}{11} = \frac{x}{132}

\frac{(3*132)}{11} = {x}

x = 36

So, number of maple trees after replanting in the woodlot are 36.

Total number of trees in the woodlot =   No. of maple trees + No. of oak trees.

Total number of trees in the woodlot =  168 (132 + 36)

Let number of maple trees before bug problem be 'z'.

We can find the number of maple trees before bug problem as follows:

\frac{9}{(9+5)} = \frac{z}{168}

\frac{9*168}{14} = z

z = 108

6 0
2 years ago
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