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In July of 2009, Mr. Mann, a sole proprietor who performs excavating services, purchased and put to use for business a piece of heavy equipment for $36,500. This piece of equipment was depreciated using the MACRS 150% DB method of depreciation over the useful period of 7 years. No salvage value was approximated and applied to the appreciable basis of this equipment. Freight and installation charges for this equipment totaled $1500. Mr. Mann sold this piece of equipment for $31,500 in June of 2011.
For this task, define capital asset and discuss the purpose of depreciation of assets, and why depreciation directly affects valuation of the asset at disposal. Based on the information provided, determine the amount of gain or loss Mr. Mann incurred through this transaction. Be certain to detail your calculations for depreciating the equipment, and how this impacts the gain or loss associated with the disposal of this asset. Explain how any gain on this asset will impact the tax obligation for Mr. Mann as the proprietor.
There will be $8,000,000 in fixed costs associated with the mouse. If the company desires to make a profit $2,000,000 on the mouse, what is the target variable cost per mouse?
Discuss the impact that other factors might have. For example, would increasing the quantity of inventory increase costs? Would a salary cut affect employee morale? Would decreased morale affect sales?
Melanie Mielke Construction Corporation is considering the appropriate accounting for two unrelated events during the year. The first event related to the effects of a labor strike that resulted in a work stoppage on a major construction project. $2,..
The financial statements of the Melton Manufacturing Company reports net sales of $300,000 and accounts receivable of $50,000 and $30,000 at the beginning of the year and end of year, respectively. What is the average collection period for accoun..
Identify a real-life outsourcing decision that has been made. Identify the specific reasons for the outsourcing. If information is available, discuss the results of the outsourcing decision (jobs lost, cost savings, etc.). Cite sources as deemed nece..
For the year ended December 31, 2016, Joey Co. reported Net Income of $800,000. At January 1, 2016 the company had 900,000 shares of common stock outstanding. Joey Co. also had $1,000,000 of 6% cumulative preferred stock. Compute Joey Co’s earnings p..
preparation of income statement and balance sheet.financial data for 20081. sales for the year all on account were
Calculate General Motors' ratio of cash flow to net income for all three comparative years. Round to two decimal places. Interpret the magnitude and year-to-year changes in the ratio.
The St. Lucia Blood Bank, a private charity partly supported by government grants, is located on the Caribbean island of St. Lucia. The blood bank has just finished its operations for September, which was a particularly busy month due to a powerful h..
Given current economic conditions and individual operating results, companies may not comply fully with lender restrictions on debt and, thus, fail to meet one of the debt covenant requirements (e.g., to maintain a certain working capital ratio). Wha..
What is the company's total debt? - What is the amount of total liabilities and equity that appears on the firm's balance sheet?
(Issuance of Bonds with Warrants) MagTech Inc. requires funding to build a new factory and has decided to raise the additional capital by issuing $850,000 face value of bonds with a coupon rate of 10%. In discussions with investment bankers, it was d..
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