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bekas [8.4K]
3 years ago
13

Browne, a self-employed taxpayer, has 2018 business net income of $15,000 prior to any expense deduction for equipment purchases

. In 2018, Browne purchases and places into service, for business use, office machinery costing $20,000. This is Browne's only 2018 capital expenditure. Browne makes a proper and timely expense election to deduct the maximum amount (ignoring bonus depreciation). Browne is not a member of any pass-through entity. What is Browne's deduction under the election
Business
1 answer:
Vaselesa [24]3 years ago
7 0

Answer: $20,000

Explanation: A taxpayer who spends less than $800,000 on equipment can deduct the cost of

equipment purchases up to a maximum of $250,000 per tax year. The deduction is limited to the amount that will reduce taxable income to zero.

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AB Builders, Inc., has 22-year bonds outstanding with a par value of $2,000 and a quoted price of 106.657. The bonds pay interes
Aloiza [94]

Answer:

7.32%

Explanation:

<em>The price of a bond is the present of its interest payment and the present value of redemption value (RV</em>

Present value of the Redemption Value (RV) =

FV× (1+r/2)^(-2×n)

FV- 2000, r- yield rate, r/2= 6.74%/2 = 3.37%, n-22

=2000× (1.0337)^(-2×22)

= 465.233

Present Value of the coupon payment =Price of bond - PV of RV

                          = (106.657% × 2000) - 465.233

                         =    $1667.90

PV of coupon payment= A × (1-(1+r)^(-2×n)

A- semiannual coupon payment, r -yield

   1667.90 = A × (1-(1.0337)^(-2*22))/0.0337

    1,667.90   = A × 22.7710

A = 1,667.90/22.7710

A= 73.246

Annual coupon payment = 2× 73.246=  146.493

Annual coupon rate = coupon payment/ face value

                                = (146.493/2,000 )× 100

                                = 7.32%

6 0
3 years ago
Read 2 more answers
Following an active duty period of 45 days, when must an employee return to work or apply for reemployment?.
barxatty [35]

If your service lasts 31 to 180 days, you must return to work within 14 days of returning from completing your service requirements.

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Persons reemployed after resignation removal or dismissal provided they have not received any retirement terminal benefits for the pre-empolyed service .

Persons reemployed in posts the expenditure of which is not debitable to the civil estimates of the Union Government .

<h3>What reemployment means?</h3>

The act or an instance of employing or being employed again.

Learn more about reemployment here:

<h3>brainly.com/question/24306785</h3><h3 /><h3>#SPJ4</h3>
5 0
1 year ago
Warranties are commonly associated with ____________ purchases.
zhuklara [117]
Warranties are commonly associated with Consumer
5 0
3 years ago
Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $3,940 and two j
Rainbow [258]

Answer:

Stine Company

1. Journal Entries:

Debit:

Job 429                        $2,770

Job 430                           3,910

Job 431                           4,920

Manufacturing overhead 940

Credit Raw materials $12,540

To record raw materials used.

Debit:

Job 429                          $2,070

Job 430                            3,290

Job 431                              8,150

Manufacturing overhead 1,460

Credit Payroll               $14,970

To record labor consumed in production.

Debit:

Job 429                          $1,428

Job 430                            2,270

Job 431                            5,624

Credit Manufacturing Overhead $9,322

To assign overheads to jobs.

Debit Finished Goods $8,428

Credit Job 429 $8,428

To record the transfer of Job 429 to finished goods.

Debit Work-in-Process $9,322

Credit Manufacturing Overhead $9,322

To assign overheads to work-in-process.

Debit Work-in-Process $11,600

Debit Manufacturing Overhead $940

Credit Raw materials $12,540

To record raw materials used.

Debit Work-in-Process $13,510

Debit Manufacturing Overhead $1,460

Credit Payroll $14,970

To record labor consumed in production.

2. T-Accounts:

Job sheets

                                Job 429    Job 430     Job 431       Total

Beginning balance   $2,160      $1,780                       $3,940

Raw materials            2,770        3,910       $4,920      11,600

Direct labor               2,070       3,290          8,150       13,510

Overhead                  1,428        2,270         5,624       9,322

Finished goods       (8,428)                                          (8,428)

Ending balance     $8,428     $11,250      $18,694  $29,944

Work in Process

Beginning balance  $3,940

Raw materials           11,600

Direct labor               13,510

Overhead                  9,322

Finished goods       (8,428)

Ending balance   $29,944

Explanation:

a) Data and Calculations:

Beginning Work in Process Inventory = $3,940

Made up of Job No. 429 = $2,160

and Job No. 430 = $1,780

Job Number       Materials         Labor Time

                     Requisition Slips       Tickets

429                       $2,770              $2,070

430                          3,910                3,290

431                          4,920                 8,150

Total                    $11,600             $13,510

General use             940                 1,460

Total                  $12,540            $14,970

5 0
2 years ago
Live Trap Corporation received the data below for its rodent cage production unit.
Paha777 [63]

Answer:

Explanation:

Total output = output cages* sales price  = 50500 cages * $3.40 per unit =   =  $ 171,700    

Total Input:    

Wages = 630 labor hours * $7.40 = $4,662  

Raw materials = $ 31,000  

Components = $ 15,450  

Total input $51,112  [Add up wages, components and raw materials]

1) Total productivity in units sold = Output in units / Input in dollars

=50500 cages/$51,112    

=0.99 per dollar input  

2) Total productivity in dollars= Output in dollars / Input  

=$171,700/51,112 = $ 3.36 per unit input  

5 0
3 years ago
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