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David rents a small space as his office for $4,000 for the year. He has a limited amount of furniture in the office. David elects to take §179 Expense on all personalty placed in service. He not only does this in 2016, but has consistently done this as long as he has been in business. During 2016, he buys new furniture and places it in service on May 10, 2016. The furniture costs $3,000. Also, he sells furniture that he bought and placed in service on March 15, 2014. He sells the furniture on June 16, 2016. His original basis in the furniture was $4,000 and his amount realized on the sale is $2,000. Could you tell me how this would apply to a tax return?
Perform a financial analysis of the city of Milwaukee, WI, for the fiscal year 2012 based on the CAFR applying - Your report should include a profile of the entity, copy of financial statements used and an assessment of the "financial" health of the..
Assume that at the beginning of 2010, Northeast USA, a FedEx competitor, purchased a used Boeing 737 aircraft at a cost of $53,000,000. Northeast USA expects the plane to remain useful for five years (six million miles) and to have a residual valu..
Selected year-end financial statements of McCord Corporation follow. (All sales were on credit; selected balance sheet amounts at December 31, 2010.
Installation costs totaled $12,000, which included $4,000 for taking out a section of a wall and rebuilding it because the press was too large for the doorway. The capitalized cost of the ten-ton draw press is:
Why would a company that sells expensive jewelry (Zales) collect its receivables so much quicker than a company that sells toothpaste and soap (Procter & Gamble)?
You have been selected as the chief negotiator to represent your country, which is facing an economic crisis and must seek assistance from the IMF.
As assistant controller of Midwest Construction Company, you are reviewing with your boss, the controller, Dave Jackson, the financial statements for the year just ended. During the review, Jackson reminds you of an existing loan agreement with So..
If Sergio invests $210,000 in cash in the business for a 30 percent interest, what journal entry is recorded? Assume that the bonus method is used. (If no entry is required for a transaction/event, select "No journal entry required" in the first a..
ginvold co. began operating a subsidiary in a foreign country on january 1 2011 by acquiring all of the common stock
In the current year, Louise invests $50,000 for a 10% interest in a passive activity. Her share of the loss this year is $10,000. If this is her only passive activity, the $10,000 loss is suspended for use in a future year.
Why are externally presented reports required to be prepared according to generally accepted accounting principles while internally
How does Gina's monthly profit increase as revenue increases? (Note: given that absence of unit-level data, you will need to express Gina's monthly profit in terms of revenue).
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