Required information[The following information applies to the questions displayed below.]Karane Enterprises, a calendar-year manufacturer based in College Station, Texas, began business in 2021. In the processof setting up the business, Karane has acquired various types of assets. Below is a list of assets acquired during 2021:AssetOffice furnitureMachineryUsed delivery truck"*Not considered a luxury automobile.During 2021, Karane was very successful (and had no §179 limitations) and decided to acquire more assets in 2022 toincrease its production capacity. These are the assets acquired during 2022:AssetComputers and information systemLuxury auto"Assembly equipmentStorage building*Used 100% for business purposes.Cost$ 160,0001,562,00042,000Description.Office furnitureMachineryUsed delivery truckTotal$Date Placed inService02/03/202107/22/202108/17/2021Karane generated taxable income in 2022 of $1,735,000 for purposes of computing the §179 expense limitation. (UseMACRS Table 1. Table 2. Table 3, Table 4, Table 5, and Exhibit 10-10.)Note: Leave no answer blank. Enter zero if applicable. Input all the values as positive numbers.CostCost$ 402,00080,500Required:Compute the maximum 2021 depreciation deductions, including §179 expense (ignoring bonus depreciation).1,210,000800,0000 $Date Placed inService03/31/202205/26/202208/15/202211/13/2022§179 Expense MACRS Basis0 $CurrentMACRSDepreciation0 $Total CostRecoveryDeduction$0 $0000

Depreciation is an accounting technique which is used to reduce the book value of assets due to its…

Answered: Description Office furniture Machinery…

Description Office furniture Machinery Used delivery truck Total S Cost §179 Expense MACRS Basis 0 $ 0 $ 0 Current MACRS Depreciation $ Total Cost Recovery Deduction $ 0 $ 0 0 0 0

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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vurnng uie ITOTIT OI Jaliuat y, ve VIU LUIIPally WICIT uses a perpCludi iiventury system recorded the following information: Units Units Cost Total Cost Units On Hand 1,000,000 1.800,000 10,000 16,000 Balance on 1/1 10,000 100 Purchased on 1/7 6,000 300 7.000 11.000 Sold on 1/20 9,000 Purchased 1/25 4,000 50 2.000,000 Under the moving average method, what amount should De Oro report as inventory on lenuany 31?
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Below are departmental income statements for a guitar manufacturer. The company classifies advertising, rent, and utilities as indirect expenses. The manufacturer is considering eliminating its Electric Guitar department because it shows a loss. Departmental Income Statements For Year Ended December 31 Acoustic Sales $ 103,300 Electric $ 83,300 Cost of goods sold Gross profit Expenses Advertising Depreciation-Equipment Salaries Supplies used Rent Utilities Total expenses 45,275 47,450 58,025 35,850 4,995 4,300 10,120 8,580 20,100 17,900 1,950 1,730 7,085 6,000 3,005 2,570 47,255 41,080 Income (loss) $ 10,770 $ (5,230) 1. Prepare a departmental contribution to overhead report. 2. Based on contribution to overhead, should the electric guitar department be eliminated?
CengageNOWv2 |Online teachin X * CengageNOWv2 | Online teachin x+ ow.com/ilm/takeAssignment/takeAssignmentMain.do?invoker3&takeAssignmentSessionLocator=&inprogre... * еВook Show Me How Staley Inc. reported the following data: Net income $406,700 Depreciation expense 60,700 Loss on disposal of equipment 39,500 Increase in accounts receivable 26,800 Increase in accounts payable 11,100 Prepare the Cash Flows from Operating Activities section of the statement of cash flows, using the indirect method. Use t out flows, cash payments, decreases in cash, or any negative adjustments. Staley Inc. Statement of Cash Flows (partial) Cash flows from operating activities: Net income 406,700 Adjustments to reconcile net income to net cash flow from operating activities: Depreciation 60,700 Loss on disposal of equipment 39,500 Changes in current operating assets and liabilities: Increase in accounts receivable 26,800 x Increase in accounts payable 11,100 Net cash flow from operating activities 491,200…
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Bookmarks Window Help 0 14 eBook ACCT-2010-DEM01 Show Me How v2.cengagenow.com Check My Work 1 more Check My Work uses remaining. APR 4 C CengageNOWv2 | Online teaching and learning resourc... Units-of-activity Depreciation A truck acquired at a cost of $495,000 has an estimated residual value of $27,900, has an estimated useful life of 54,000 miles, and was driven 4,300 miles during the year. Determine the following. If required, round your answer for the depreciation rate to two decimal places. (a) The depreciable cost (b) The depreciation rate (c) The units-of-activity depreciation for the year 467,100 All work saved. 10- per mile tv Email Instructor G A q 20 Tue Apr 4 15 19 Cengage Learn Save and Exit Previous Submit Assignmen
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tab es lock esc QUESTION 8 Deja Brew Company reported the following for the most recently completed fiscal year: Raw Materials Purchased Direct Labor Work-in-Process Inventory, Beginning Work-in-Process Inventory, Ending Finished Goods Inventory, Beginning Finished Goods Inventory, Ending Calculate cost of goods sold for the year. ! Click Save and Submit to save and submit. Click Save All Answers to save all answers. 1 Q A @ 2 W S # M $63,500 58,200 31,600 31,500 3 E Manufacturing Overhead Cost of Goods Manufactured $ 4 R % 07 dº 5 MacBook Pro D F $109,600 180,800 95,900 391,200 T 6 G 7 Y * 00 O H 8 U
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royalty-free image X A Login Homework i X https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducati... A Question 11 - Ch 17-18 Homew X Cost Data: Bonding Department Direct materials costs in beginning inventory, September 1 Conversion costs in beginning inventory, September 1 Direct materials costs incurred in September Conversion costs incurred in September Physical Units: Bonding Department Units in process, September 1 Units transferred out during September Units in process, September 30 Percentages of Completion: Bonding Department Direct materials, September 1 Conversion, September Direct materials, September 30 Conversion, September 30 Cost per equivalent unit Direct Materials Required information [The following information applies to the questions displayed below.] Lavalear Corporation uses a process costing system and traces costs through several processing departments, starting with the Bonding Department.…
Required information [The following information applies to the questions displayed below.] The following data is provided for Garcon Company and Pepper Company. Garcon Pepper Company Company Beginning finished goods inventory $ 13,400 $ 19,300 Beginning work in process inventory 17,800 23,700 Beginning raw materials inventory (direct materials) 11,300 10,950 Rental cost on factory equipment Direct labor 32,000 24,100 23,600 37,400 Ending finished goods inventory 20,000 17,000 Ending work in process inventory 25,000 19,000 7,600 9,800 Ending raw materials inventory Factory utilities 13,950 17,500 Factory supplies used (indirect materials) 8,500 5,100 General and administrative expenses 21,500 45,000 Indirect labor 2,000 9,580 7,580 2,200 Repairs-Factory equipment Raw materials purchases Selling expenses 36,000 58,000 58,000 58,900 Sales 223,530 310,010 Cash 25,000 18,700 Factory equipment, net 222,500 121,825 Accounts receivable, net 14,600 21,950 Required: 1. Complete the table to find…