Give a little more context please
Question 1 Completion with Options:
A. used equipment
B. storage warehouse
C. land for future building site
D. new office furniture
E. apartment complex
F. new delivery truck
Answer:
1. The assets purchased in the current year that are eligible to be expensed under Section 179 assuming the cost does NOT exceed the limitations are:
A. used equipment
D. new office furniture
F. new delivery truck
2. $561,000 is the maximum to be expensed with an adjusted basis of 100% for MACRS
Explanation:
There is a maximum deduction of $1,050,000 under section 179. The section affords eligible taxpayers the opportunity to reduce their tax burden in the first year that they purchase eligible properties.
Answer:
Instructions are below.
Explanation:
Giving the following information:
Investment= $4,500
Interest rate= 11.45%
For both options, we will use the following formula:
FV= PV*(1+i)^n
a. Number of years= 43
FV= 4,500*(1.1145^43)
FV= $476,053.37
b. Number of years= 33
FV= 4,500*(1.1145^33)
FV= $161,010.77
Answer:
The merchandise should be reported on the U.S. Company's December 31, 2020 balance sheet at:
b. $1,050
Explanation:
a) Data and Calculations:
November 30, 2020 Inventory purchase = CHF1,000
Exchange rate on this date = $1.05/CHF
Inventory worth = $1.05 * CHF1,000 = $1,050
b) The inventory should be reported on December 31, 2020 at $1,050. It does not need to be reported at a value above or below this. Even, the debt owed to the Swiss supplier will be reported at this price. It is when payment for the invoice is being made on February 1, 2021 that consideration will be given to the exchange rate at which payment is made.
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