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ivann1987 [24]
3 years ago
15

On April 15, 2012, Andy purchased some furniture and fixtures (7-year property) for $10,000 to be used in his business. He did n

ot elect to expense the equipment under Section 179 or bonus depreciation. On June 30, 2020, he sells the equipment. What is the cost recovery deduction for 2020
Business
1 answer:
jenyasd209 [6]3 years ago
8 0

Answer:

$874.50

Explanation:

Calculation to determine the cost recovery deduction for 2020

2020 cost recovery deduction = $10,000 × 17.49% × ½

2020 cost recovery deduction = $874.50

Therefore the cost recovery deduction for 2020 is $874.50

You might be interested in
Suppose Ruston Company has the following results related to cash flows for 2018: Increase in Debt of $700,000 Dividends Paid of
AveGali [126]

Answer:

Cash flow <em>generated </em>from financing activities 400,000

Cash flow <em>used </em>in Investing activities 7,800,000

Explanation:

700,000 debt receive

-500,000 dividends paid

200,000 other adjustment on Financing

400,000 TOTAL CASH GENERATED

-8,300,000 purchase of PPE

500,000 other adjustment on Inventing

-7,800,000 TOTAL CASH USED

<u>Notice: </u>There is no hint about the adjustment being related as negative, so it should be assuem are positive cashflow.

5 0
3 years ago
JUJU's dividend next year is expected to be $1.50. It is trading at $45 and is expected to grow at 9 percent per year. What is J
Kisachek [45]

Answer:

3.33%; 9%

Explanation:

Given that,

Expected dividend next year = $1.50

Trading at = $45

Expected growth rate per year = 9 percent

Dividend yield = (Expected dividend next year ÷ Trading amount) × 100

                        = ($1.50 ÷ $45) × 100

                        = 0.0333 × 100

                        = 3.33%

The capital gain of JUJU is same as the expected growth rate i.e 9 percent.

5 0
3 years ago
Q 6.41: Which of the following companies is most likely to have lost sales due to an inventory shortage? Company 1 has an invent
V125BC [204]

Answer:

Company 1 is most likely to have lost sales due to an inventory shortage.

Explanation:

Inventory turnover is the ratio that how many time a business has sold or replaced the inventory during a given period. A business is considered more profitable if it has high inventory turnover.

Company with highest Inventory turnover may lost sales due to inventory shortage.  Company 1 1 has the highest inventory turnover of 46.3. Which may lead to to the shortage of stock because the inventory in stock is more likely to sold earlier than other companies. High inventory turnover will lead to low inventory days.

6 0
3 years ago
Scarcity, opportunity cost, and marginal analysis Alex is training for a triathlon, a timed race that combines swimming, biking,
lilavasa [31]

Answer:

D

Explanation:

Marginal decisions involves considering the cost and benefit of taking a particular action. If the marginal benefit of taking a particular action exceeds the marginal cost, the activity should be undertaken

6 0
3 years ago
Janie has a joint account with her mother with a balance of $562,000. Based on $250,000 of Federal Deposit Insurance Corporation
vaieri [72.5K]

Answer:

$31,000

Explanation:

Given:

Janie holds joint account with her mother that has a balance of $562,000. They are covered up to $250,000 each under Federal Deposit Insurance Corporation.

It is assumed by FDIC that all co-owners' shares are equal.

So, Janie's share in the balance = 562,000 ÷ 2

                                                       = $281,000

Amount insured = $250,000

Uninsured amount = 281,000 - 250,000

                               = $31,000

Therefore, Janie's savings worth $31,000 will not be covered by deposit insurance.

4 0
3 years ago
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