FIN. ACCT.-TOOLS FOR BUS.DEC.MAKING-CODE
9th Edition
ISBN: 9781119595724
Author: Kimmel
Publisher: WILEY C
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Chapter 10, Problem 10.16E
(a)
To determine
Bonds
Bonds are a kind of interest bearing notes payable, usually issued by companies, universities and governmental organizations. It is a debt instrument used for the purpose of raising fund of the corporations or governmental agencies. If selling price of the bond is equal to its face value, it is called as par on bond. If selling price of the bond is lesser than the face value, it is known as discount on bond. If selling price of the bond is greater than the face value, it is known as premium on bond.
To identify: The Company GE and B bonds are issued at premium or discount.
(b)
To determine
To explain: How bonds are paying same contractual interest rate, issued at different prices.
(c)
To determine
To prepare: The
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CODE 14
On August 1, 2010, Cheryl Newsome established Titus Realty, which completed the
following transactions during the month:
a. Cheryl Newsome transferred cash from a personal bank account to an account to
be used for the business in exchange for capital stock, $25,000.
b. Paid rent on office and equipment for the month, $2,750.
c. Purchased supplies on account, $950.
d. Paid creditor on account, $400.
c. Earned sales commissions, receiving cash, $18,100.
f. Paid automobile expenses (including rental charge) for month, $1,000, and miscel-
laneous expenses, $600.
g. Paid office salaries, $2,150.
h. Determined that the cost of supplies used was $575.
i. Paid dividends, $2,000.
REQUIREMENTS:
1. Determine increase - decrease of each account and new balance
2. Prepare 3 F.S: Income statement; Retained Earnings Statement; Balance Sheet
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Assume that TDW Corporation (calendar-year-end) has 2024 taxable income of $952,000 for purposes of computing the
§179 expense. The company acquired the following assets during 2024: (Use MACRS Table 1, Table 2, Table 3, Table 4,
and Table 5.)
Asset
Machinery
Computer equipment
Furniture
Total
Placed in
Service
September 12
February 10
April 2
Basis
$ 2,270,250
263,325
880,425
$ 3,414,000
b. What is the maximum total depreciation, including §179 expense, that TDW may deduct in 2024 on the assets it placed in service in
2024, assuming no bonus depreciation?
Note: Round your intermediate calculations and final answer to the nearest whole dollar amount.
Maximum total depreciation deduction (including §179 expense)
Evergreen Corporation (calendar-year-end) acquired the following assets during the current year: (Use MACRS Table 1 and
Table 2.)
Date Placed in
Asset
Machinery
Service
October 25
Original
Basis
$ 120,000
Computer equipment
February 3
47,500
Used delivery truck*
August 17
Furniture
April 22
60,500
212,500
The delivery truck is not a luxury automobile.
Note: Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.
b. What is the allowable depreciation on Evergreen's property in the current year if Evergreen does not elect out of bonus depreciation
and elects out of §179 expense?
Chapter 10 Solutions
FIN. ACCT.-TOOLS FOR BUS.DEC.MAKING-CODE
Ch. 10 - Prob. 1QCh. 10 - Prob. 2QCh. 10 - Prob. 3QCh. 10 - Prob. 4QCh. 10 - Prob. 5QCh. 10 - (a) Identify three taxes commonly paid by...Ch. 10 - Prob. 7QCh. 10 - Prob. 8QCh. 10 - Contrast these types of bonds: (a) Secured and...Ch. 10 - Prob. 10Q
Ch. 10 - Prob. 11QCh. 10 - Prob. 12QCh. 10 - Prob. 13QCh. 10 - Lee and Jay are discussing how the market price of...Ch. 10 - Prob. 15QCh. 10 - Prob. 16QCh. 10 - Prob. 17QCh. 10 - Prob. 18QCh. 10 - Prob. 19QCh. 10 - Prob. 20QCh. 10 - Prob. 21QCh. 10 - Prob. 22QCh. 10 - Prob. 23QCh. 10 - Prob. 24QCh. 10 - Prob. 25QCh. 10 - Prob. 26QCh. 10 - Prob. 27QCh. 10 - Prob. 28QCh. 10 - Prob. 10.1BECh. 10 - Prob. 10.2BECh. 10 - Prob. 10.3BECh. 10 - Prob. 10.4BECh. 10 - Prob. 10.5BECh. 10 - Prob. 10.6BECh. 10 - Prob. 10.7BECh. 10 - Prob. 10.8BECh. 10 - Prob. 10.9BECh. 10 - Prob. 10.10BECh. 10 - Prob. 10.15BECh. 10 - Prob. 10.16BECh. 10 - Prob. 10.1aDIECh. 10 - Prob. 10.1bDIECh. 10 - State whether each of the following statements is...Ch. 10 - Prob. 10.3aDIECh. 10 - Prob. 10.3bDIECh. 10 - Prob. 10.2ECh. 10 - Prob. 10.3ECh. 10 - Prob. 10.5ECh. 10 - Prob. 10.6ECh. 10 - Prob. 10.9ECh. 10 - Prob. 10.10ECh. 10 - Prob. 10.13ECh. 10 - Prob. 10.14ECh. 10 - Prob. 10.15ECh. 10 - Prob. 10.16ECh. 10 - Prob. 10.17ECh. 10 - Prob. 10.18ECh. 10 - Prob. 10.23ECh. 10 - Prob. 10.3EYCTCh. 10 - Prob. 10.4EYCTCh. 10 - Prob. 10.5EYCTCh. 10 - Prob. 10.9EYCTCh. 10 - Prob. 10.10EYCTCh. 10 - Prob. 10.14EYCTCh. 10 - Prob. 10.1IECh. 10 - Prob. 10.2IECh. 10 - Prob. 10.3IECh. 10 - Prob. 10.4IE
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