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1. What are the similarities and differences between personal property, real property, intangible property, and natural resources? Provide an example of each. Describe the cost recovery method used for each type of asset. The Modified Accelerated Cost Recovery System (MACRS) uses a recovery period method and a convention to depreciate tangible personal property. Why are a recovery period and a convention important in calculating depreciation?
2. What is the difference between an ordinary, capital, and Section 1231 asset? Why is this distinction important? What assets are subject to depreciation recapture? Compare and contrast Section 1245 and Section 1250 recapture.What is the difference between an ordinary, capital, and Section 1231 asset? Why is this distinction important?
3. What is the rationale for the at-risk and the passive activity law limitations? Do you think the at-risk and the passive activity law limitations should be changed? Why or why not?
4. Compare and contrast active, portfolio, and passive income. Provide an example of each. What types of losses are potentially characterized as passive losses? What are the implications of treating losses as passive?
What is the difference between using the percentage of sales and percentage of receivables method for calculating doubtful accounts? Is it appropriate to use a hybrid of the percentage of sales and the percentage of receivables methods of calculat..
As a senior staff member of Major's accounting department, you have been asked to prepare a memo to the chief accountant that includes the computations needed to determine primary and diluted earnings per share for the consolidated entity.
There were no other items includable in her gross income. What is the amount of her adjusted gross income?
Pell Company acquires 80% of Demers Company for $500,000 on January 1, 2010. Demers reported common stock of $300,000 and retained earnings of $210,000 on that date.
In April 2007 of this year, Emma acquired a machine for $50,000 for use in her business. The machine is classified as 7-year property. Emma makes no elections with regard to the property. Emma's depreciation on the machine this year is
Wade's outstanding stock consists of 50,000 shares of cumulative 9.50% preferred stock with a $10 par value and also 125,000 shares of common stock with a $1 par value.
answer needed only1. accounting is an information and measurement system that identifies records and communicates
Mancini manufactures embroideered jackets. The company prepares flexible budgets and uses standard cost system to control manufacturing costs. The standard unit cost of a jacket is based on static budget volume of 14,000 jackets per month.
Provide the National Star Inc. journal entries for the transactions involving its investment in Krypton Labs Inc. during 2010.
Marketing share of mechanical watches where at an all time low of 5%. Research so far has indicated that the watches tend to fail three tests frequently and you need to recommend machines that need to be upgraded because they may be responsible fo..
Under absorption costing a company had the following per unit costs when 10,000 units were produced. Compute the company's total production cost per unit if 25,000 units had been produced.
what is the main purpose of a financial statement worksheet and its benefits? how has automation aided the
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