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BTech, LLC, a startup biotechnology company is preparing alternative proposals for producing a new product in an existing building. In the proposal being considered in this question, the building will be renovated and equipped in one year. Production then will start in year 1. MACRS depreciation will be used with depreciation deductions starting in year 1. The renovation will require the purchase and installation of two types of assets labeled "Group 5" and "Group 7" because they can be depreciated using 5 year and 7 year MARCS rates respectively. The Group 5 assets will costs $300,000 and the Group 7 assets will cost $800,000. Table 9.3 on page 448 contains the depreciation rates. The planning time horizon is six years after renovation.
a) Determine the depreciation and book value for each of the two investment groups for each year.
b) Determine the gain/loss for tax purposes If the Group 5 and Group 7 assets are sold at the end of the planning period for a combined $500,000.
A detailed analysis and evaluation of company'ssolvency , liquidity and profitability position. Develop common-sized income statements for most recent two years, and comment on items which you deem important.
Gilbert Corporation has an opportunity to acquire a company which produces one of the parts it uses in its manufacturing process. After careful analysis, Gilbert has decided to raise the necessary capital for the acquisition by issuing $3,000,000 ..
What is the purpose of engagement planning? What critical information should the auditor consider during engagement planning? How will this information affect the scope of the audit?
During the year just ended, Kerry Company's income under absorption costing was $3,000 lower than its income under variable costing.
A corporation that has both preferred and common stock has a deficit in accuulated earnings and profit at the beginning of the year. The current earnings and profits are $25,000.
What do you consider to be the most important thing for a forensic accountant to remember about evidence? Why?
Tax rules are often very precise. For instance, a taxpayer must ordinarily provide "over 50%" of another person's support in order to claim a dependency exemption. Why is the threshold "over 50%" as opposed to "50% or more"? Explain in detail.
What entry must Sam's Painting Service make on December 31 before financial statements are prepared?
Chester Lome drills well for residential and commercial lots. In April 2008. Chester decided to scrap his well drilling truck, purchased in 1984 for $25,000 and fully depreciated. Prepare the journal entry recording the scrapping of the truck.
Which of the following is an example of a variable cost?
On the first day of the current fiscal year, $1,500,000 of 10-year, 8% bonds, with interest payable semiannually, were sold for $1,225,000. Present entries to record the following transactions for the current fiscal year:
Calculate the cash dividends required to be paid for each of the following preferred stock issues: The semiannual dividend on 6% cumulative preferred, $50 par value, 30,000 shares authorized, issued, and outstanding.
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