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On April 5, 2015, Kinsey places in service a new automobile that cost $36,000. He does not elect 179 expending, and he elects not to take any available additional first-year depreciation. The car is used 70% for the business and 30% for personal use in each tax year.
Kinsley chooses the MACRS 200% declining-balance method of cost recovery (the auto is a 5-year asset). Assume the following luxury automobile limitations: year 1: $3,160; year 2: $5,100. Compute the total depreciation allowed for 2015 and 2016.
Resource use is one characteristic used to differentiate between batch and real-time systems. Describe.
Optical Supply Company offers credit terms of 2/10, net 60. If Optical Supply is considering a change in its credit terms to one of those indicated below, explain whether each change would increase or decrease sales.
Amelia's Bookstore reported net income of $62,000 for the current year.
Describe what you understand by the above statement and explain briefly the alternative asset measurement approaches using examples from your selected annual report.
questionmaxwell smart is the vice-president of km ltd. a canadian-controlled private corporation located in halifax
What revenue recognition issues should Nancy consider? Elucidate the propriety of the company's accounting treatment for each of the issues identified should Nancy consider?
Explain how the cost of an intangible asset is determined. Explain how to determine whether an intangible asset is to be amortized or not amortized.
Matrix Corporation has just received its checking account statement for the month ended September 30. What adjustments if any does she need to make in her check book? Why is it important for individuals and businesses to do bank reconciliation each m..
Krall Company recently had a computer malfunction and lost a portion of its accounting records. The company has reconstructed some of its financial performance measurements including components of the return on investment calculations
What is the difference between horizontal and vertical analysis? Each of these also has another name - do you know what it is?
What does the Write Letters feature do, how many customers does Bellwether Garden Supply have and what type of promotion is Bellwether offering its customers?
Hal-Marts, Inc., has two sales departments: equipment and clothing. During February, these two departments reported the following operating results: Equipment Clothing Sales $490,000 $250,000 Contribution Margin 35% 50% Traceable Fixed Costs $29,200 ..
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