Ch 7 Assignment i Saved Help Save & Exit Submit Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. LO 14 Problem 07-32 (Algo) [LO 7-5, 7-9] points Mc Graw Hill On April 23, Mrs. Yu purchased a taxi business from Mr. Mann for a $63,000 lump-sum price. The business consisted of a two-year-old taxicab worth $20,160, Mr. Mann's license to operate a taxi business in Baltimore, his list of regular customers, and his registered business name "On Time Any Time Taxi." Mrs. Yu operated the business from April 24 through the end of the year. Use Table 7-2. Required: a. Compute Mrs. Yu's taxable income from the taxi business if her taxable income before any cost recovery deductions was $36,990. Assume Mrs. Yu wants to minimize taxable income. b. Compute Mrs. Yu's taxable income from the taxi business if her taxable income before any cost recovery deductions was $18,400. Assume Mrs. Yu wants to minimize taxable income but does not wish to take bonus depreciation. × Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required A Required B Compute Mrs. Yu's taxable income from the taxi business if her taxable income before any cost recovery deductions was $36,990. Assume Mrs. Yu wants to minimize taxable income. Note: Do not round intermediate calculations. Leave no cells blank - be certain to enter "0" wherever required. Taxable income $ 33,119 X Required A Required B > < Prev 14 of 20 Next > Return to question TABLE 7.2 MACRS for Business Personalty (Half-Year Convention) Recovery Period 3-Year 5-Year 7-Year 10-Year 15-Year 20-Year Year Depreciation Rate 1 33.33% 20.00% 14.29% 10.00% 5.00% 3.750% 2 44.45 32.00 24.49 18.00 9.50 7.219 3 14.81 19.20 17.49 14.40 8.55 6.677 4 7.41 11.52 12.49 11.52 7.70 6.177 5 11.52 8.93 9.22 6.93 5.713 6 5.76 8.92 7.37 6.23 5.285 7 8.93 6.55 5.90 4.888 8 4.46 6.55 5.90 4.522 9 6.56 5.91 4.462 10 6.55 5.90 4.461 11 3.28 5.91 4.462 12 5.90 4.461 13 5.91 4.462 14 5.90 4.461 15 5.91 4.462 16 2.95 4.461 17 4.462 18 4.461 19 4.462 20 4.461 21 2.231

Ch 7 Assignment i Saved Help Save & Exit Submit Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. LO 14 Problem 07-32 (Algo) [LO 7-5, 7-9] points Mc Graw Hill On April 23, Mrs. Yu purchased a taxi business from Mr. Mann for a $63,000 lump-sum price. The business consisted of a two-year-old taxicab worth $20,160, Mr. Mann's license to operate a taxi business in Baltimore, his list of regular customers, and his registered business name "On Time Any Time Taxi." Mrs. Yu operated the business from April 24 through the end of the year. Use Table 7-2. Required: a. Compute Mrs. Yu's taxable income from the taxi business if her taxable income before any cost recovery deductions was $36,990. Assume Mrs. Yu wants to minimize taxable income. b. Compute Mrs. Yu's taxable income from the taxi business if her taxable income before any cost recovery deductions was $18,400. Assume Mrs. Yu wants to minimize taxable income but does not wish to take bonus depreciation. × Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required A Required B Compute Mrs. Yu's taxable income from the taxi business if her taxable income before any cost recovery deductions was $36,990. Assume Mrs. Yu wants to minimize taxable income. Note: Do not round intermediate calculations. Leave no cells blank - be certain to enter "0" wherever required. Taxable income $ 33,119 X Required A Required B > < Prev 14 of 20 Next > Return to question TABLE 7.2 MACRS for Business Personalty (Half-Year Convention) Recovery Period 3-Year 5-Year 7-Year 10-Year 15-Year 20-Year Year Depreciation Rate 1 33.33% 20.00% 14.29% 10.00% 5.00% 3.750% 2 44.45 32.00 24.49 18.00 9.50 7.219 3 14.81 19.20 17.49 14.40 8.55 6.677 4 7.41 11.52 12.49 11.52 7.70 6.177 5 11.52 8.93 9.22 6.93 5.713 6 5.76 8.92 7.37 6.23 5.285 7 8.93 6.55 5.90 4.888 8 4.46 6.55 5.90 4.522 9 6.56 5.91 4.462 10 6.55 5.90 4.461 11 3.28 5.91 4.462 12 5.90 4.461 13 5.91 4.462 14 5.90 4.461 15 5.91 4.462 16 2.95 4.461 17 4.462 18 4.461 19 4.462 20 4.461 21 2.231

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter10: Payroll Register (pr)

Section: Chapter Questions

Problem 5R

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