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John Marten is a sole proprietor who engages in financial planning for wealthy individuals. He wants his offices to be decorated with rare collections of art as they are investments which should increase in value; they provide an appropriate and impressive office atmosphere when current and prospective clients visit the office, and he will be able to depreciate the cost of the artworks. So John buys expensive artwork for $400,000. You are preparing John's 2013 return and he asks you to depreciate the artwork on his return. Please explain if depreciation may be claimed on the above assets, and, if so, show the amount of allowable depreciation. John does not want to claim the section 179 expensing deduction
Its estimated grossprofit on sales was 30%. On November 30, the store was destroyed by fire. What was the value of the merchandise inventory loss?
hours worked, 46; federal income tax withheld, $354; cumulative earnings for year prior to current week, $95,735; social security tax rate, 6.0% on maximum of $111,091; and Medicare tax rate, 1.5% on all earnings. What is the net amount to be paid..
Prepare a new income statement for the year using variable costing. Comment on the differences between the absorption costing and the variable costing income statements.
Which of the following is TRUE of the net business profit of the partnership?
Calculate the amount of the asset and liability of Lotus Company at the inception of the lease. (Round to the nearest dollar.) Prepare a table summarizing the lease payments and interest expense.
FASB allows companies to use either the indirect or direct method in reporting operating cash flows. Note that both methods produce the same total cash, and that the financing and investing sections are exactly the same for both methods. Do the tw..
1) What are the maturities on Intel's Long-term debt 2) What are Intel's projected obligations on Long-Term Debt and Payments due by period 3) What is the par or stated value of Intel's preference shares 4) What is the par or stated value of Intel's ..
Problem: SO University's business program has the facilities to handle 2,000 students per semester. In an effort to limit class size to reasonable level (under 200).
Server Planet operates a web hosting company. Examine the following items and prepare the current liability section of the company's December 31, 20X7, statement of financial position.
In its Statement of Net Assets, a government reported: Assets of $90 million, including $30 million in capital assets (net) and liabilities of $50 million, including long-term debt of $15 million, all related to capital asset acquisition.
Record each of the following transactions in Gagon's general journal-1. Issued capital stock for $75,000 cash. 2. Borrowed $35,000 from a bank. Signed a note to secure the debt.
Why is preferred stock referred to as "preferred"? What are some of the features that are added to preferred stock to make it more attractive to investors?
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