INT.ACCOUNTING-CONNECT+PROCTORIO PLUS
INT.ACCOUNTING-CONNECT+PROCTORIO PLUS
10th Edition
ISBN: 9781266373862
Author: SPICELAND
Publisher: INTER MCG
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Chapter 21, Problem 21.29E

a)

To determine

Statement of cash flows: This statement reports all the cash transactions which are responsible for inflow and outflow of cash and result of these transactions is reported as ending balance of cash at the end of reported period.

Generally Accepted Accounting Principle (GAAP): Generally Accepted Accounting Principle (GAAP) is a common set of accounting principles, standards, and procedures that the companies must follow at the time of preparation of the financial statements.

To Obtain: The authoritative literature on cash equivalents using FASB.

b)

To determine

To List: The general guidelines for cash equivalents.

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Acorn Construction (calendar-year-end C corporation) has had rapid expansion during the last half of the current year due to the housing market's recovery. The company has record income and would like to maximize its cost recovery deduction for the current year. (Use MACRS Table 1, Table 2, Table 3, Table 4, and Table 5.) Note: Round your answer to the nearest whole dollar amount. Acorn provided you with the following information: Asset Placed in Service Basis New equipment and tools August 20 $ 3,800,000 Used light-duty trucks October 17 2,000,000 Used machinery November 6 1,525,000 Total   $ 7,325,000 The used assets had been contributed to the business by its owner in a tax-deferred transaction two years ago. a. What is Acorn's maximum cost recovery deduction in the current year?
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