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CONCEPTS IN FED.TAX.,2020-W/ACCESS

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter9: Acquisitions Of Property

Section: Chapter Questions

Problem 45P

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general accounting

Calculate the schedule of deductible expenses for the following hobby:
Income: $19,500 Property taxes related to hobby space: $5,200 Advertising
expenses: $3,800 Cost of materials: $7,000 Depreciation on hobby
equipment: $6,500 Professional membership dues: $1,800

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Compute the schedule of deductible expenses
For each of the following transactions, state whether the cost would be capitalized (C) or recorded as an expense (E). A. Purchased a machine, $100,000; gave long-term note B. Paid $600 for ordinary repairs C. Purchased a patent for $45,300 cash D. Paid $200,000 cash for addition to old building E. Paid $20,000 for monthly salaries F. Paid $250 for routine maintenance G. Paid $16,000 for major repairs
Steele Corp. purchases equipment for $25,000. Regarding the purchase, Steele recorded the following transactions: Paid shipping of $1,000 Paid installation fees of $2,000 Pays annual maintenance cost of $200 Received a 5% discount on $25,000 sales price Determine the acquisition cost of the equipment.
I need help finding the after tax salvage value, investment in net working capital, net cash flows, present value of net cash flows, and NPV. after tax WACC: 10.10% investment related cash flows: invoice price of machinery: $500,000 shipping charges: $35,000 installation cost: $10,000 deprciable basis: $545,000 salvage value: $95,000 investment in net working captial: 20% of next years sales tax rate: 30% depreciation rates: year 1: 0.3333 year 2: 0.4445 year 3: 0.1481 year 4: 0.0741 operating cash flows: projects economic life: 4 years year 1 unit sales: 3,200 units unit growth: 4% year 1 price per unit: $250.00/unit year 1 cost per unit: $185.00/unit inflation rate: 2.5%
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Capitalized cost:
Solar Industries
Warren Company purchased a truck for $54,000. Sales tax amounted to $5,400; shipping costs amounted to $1,200, and one-year registration of the truck was $100. What is the total amount of costs that should be capitalized? Select one: $59,400 $60,600 $66,100 $54,000
Steele Corp. purchases equipment for $30,000. Regarding the purchase, Steele paid shipping of $1,200, paid installation fees of $2,750, pays annual maintenance cost of $250, and received a 10% discount on sales price. Determine the acquisition cost of the equipment.
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Larkspur Corporation donates equipment and a truck to the community Home Assistance Centre. The equipment had a cost of $98,000, accumulated depreciation to the contribution date of $41,000, and a fair value of $50,000. The truck had a cost of $49,000, accumulated depreciation to the contribution date of $41,000, and a fair value of $27,000. Prepare the journal entry Larkspur Corporation would make for the donation. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit

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