Problem 10-42 (LO 10-1) (Algo)Brittany started a law practice as a sole proprietor. She owned a computer, printer, desk, and file cabinet she purchased during lawschool (several years ago) that she is planning to use in her business.AssetComputerPrinterDeskFile cabinetAssetPurchasePrice$7,8005,6006,5005,500ComputerPrinterDeskFile cabinetFMV at TimeConverted toBusiness UseUsing the above information, what is the depreciable basis that Brittany should use in her business for each asset?$ 6,1005,4506,3005,525Depreciable Basis

Depreciable basisWhen the assets are being converted from personal use to business use, the assets…

Answered: Problem 10-42 (LO 10-1) (Algo) Brittany…

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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Required information Problem 14-63 (LO 14-6) (Static) [The following information applies to the questions displayed below.] Brooke owns a sole proprietorship in which she works as a management consultant. She maintains an office in her home where she meets with clients, prepares bills, and performs other work-related tasks. The home office is 300 square feet, and the entire house is 4,500 square feet. Brooke incurred the following home-related expenses during the year. Brooke itemizes her deductions, and her itemized deduction for non-home business taxes is less than $10,000 by more than the real property taxes allocated to business use of the home. Unless indicated otherwise, assume Brooke uses the actual expense method to compute home office expenses. Real property taxes Interest on home mortgage Operating expenses of home. Depreciation Repairs to home theater room Problem 14-63 Parts a, b, c and e (Static) Required: a. What amount of each of these expenses is allocated to the home…
Problem 08-48 (Algo) [LO 8-1, 8-7, 8-8] Ms. Drake sold a business that she had operated as a sole proprietorship for 18 years. On the date of sale, the business balance sheet showed the following assets: Accounts receivable Inventory Furniture and equipment: Cost Accumulated depreciation Leasehold improvements: Cost Accumulated amortization Tax Basis $ 37,750 143,200 Net cash flow 50,750 (40,600) 22,000 (4,400) Required: The purchaser paid a lump-sum price of $316,000 cash for the business. The sales contract stipulates that the FMV of the business Inventory is $156,400, and the FMV of the remaining balance sheet assets equals adjusted tax basis. Assuming that Ms. Drake's marginal tax rate on ordinary income is 35 percent and her rate on capital gain is 15 percent, compute the net cash flow from the sale of her business.
Please Explain Proper And Show All Step Do Not Give Solution In Image Format And Thanks In Advance
10 Part 2 of 3 Print References ! Required information Problem 11-44 (LO 11-3, LO 11-4) (Algo) [The following information applies to the questions displayed below.] Moran owns a building he bought during year 0 for $201,000. He sold the building in year 6. During the time he held the building, he depreciated it by $38,750. What are the amount and character of the gain or loss Moran will recognize on the sale in each of the following alternative situations? Note: Loss amounts should be indicated by a minus sign. Enter NA if a situation is not applicable. Leave no answers blank. Enter zero if applicable. Problem 11-44 Part-b (Algo) b. Moran received $226,000. Description Total Gain or (Loss) Recognized Remaining §1231 gain or (loss) Amount
QUESTION 3 On September 30 of last year, Rex received some investment land from Holly as a git. Holly's adjusted basis was $50,000 and the land was valued at $40,000 at the time of the git. Holly acquired the land five years ago. What is the amount of Rex's recognized gain (loss) if he sells the land on May 12 this year at $44,000? QUESTION 4 Franco converted a building from personal to business use in May 2017 when the fair market value was $50,000. He purchased the building in July 2014 for $80,000. On December 15 of this year, Franco sells the building for $39.000. On the date of the sale, the accumulated depreciation on the building was $5,565. What is Franco's recognized gain or loss on the sale?
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Ees Required information Problem 01-51 (LO 01-2) (Algo) [The following information applies to the questions displayed below.] Ryan is self-employed. This year Ryan used his personal auto for several long business trips. Ryan paid $2,500 for gasoline on these trips. His depreciation on the car if he was using it fully for business purposes would be $4,500. During the year, he drove his car a total of 16,200 miles (a combination of business and personal travel). Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Problem 01-51 Part-b (Algo) b. Ryan estimates that he drove approximately 1,720 miles on business trips, but he can only provide written documentation of the business purpose for trips totaling 900 miles. What business expense amount can Ryan deduct (if any) for these trips? Maximum deductible amount $ 589
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