9-An assets is classified as a fixed asset when ______________ a. It is bought for long term for resale in future b. It is used in the normal business operations and has life more than one year c. It has life less than one year d. It is one which has to be depreciated every year

Q: Dain's Diamond Bit Drilling purchased the following assets this year. Assume its taxable income for…

A: We’ll answer the second question since the exact one wasn’t specified. Please submit a new question…

Q: 7. Ray acquired a property on 1 January x2 at a cost of RM960,000. Expected useful life is 24 years.…

A: Answer-    W. N 1 Depreciation  1.1.X2 960,000/24 = RM40,000 p.a.             31.12.x3…

Q: . An equipment depreciates from its purchase price of 7,200 to 400 at the end of 9 years. If money…

A: solution given Cost of asset 7200 Residual value 400 Depreciable book value 6800…

Q: Que: 3 A company purchased a fixed asset on 1-1-2017 for OMR 100,000 and decided to depreciate it at…

A: Depreciation  The purpose of providing the depreciation to know the actual value which are incurred…

Q: An asset's book value is $18,000 on December 31, Year 5. The asset has been depreciated at an annual…

A: When the assets are vended at a higher price than its book value, the difference amount is…

Q: 13. An asset which cost $100,000 is being depreciated under MACRS using a 10-year normal recovery…

A: MACRS: MACRS stands for Modified accelerated cost recovery system. MACRS depreciation table:

Q: Anne LLC purchased computer equipment (five-year property) years ago for $30,000 and used the…

A: Depreciation expense: Depreciation expense is a non-cash expense, which is recorded on the income…

Q: 7. An asset was purchased for P 150,000 and retired at the end of 15 years with a salvage value of P…

A: The annual cost of the assets includes the initial cost, operating cost, and maintenance cost of the…

Q: Assume a company purchased a forklift on May 2, 20Y6 for $23,000. The residual value of the forklift…

A: Formula: Straight line method depreciation = ( Asset cost - Salvage value ) / Useful life

Q: 16. XYZ Inc. purchased machinery at an initial cost of P2.5 million. After depreciating the…

A: Assets can be either current or non-current based on their term of life. Assets that lasts for more…

Q: TB MC Qu. 08-117 An asset's book value... An asset's book value is $18,000 on December 31, Year 5.…

A: If the assets are sold at a higher price than its book value, the difference amount is considered as…

Q: CC, Inc. purchased two assets during the current year (a full 12-month tax year). On August 10 BB…

A:

Q: 5. A delivery truck (5-year property class) was purchased for $72,000 and sold for $30,000 (SV) in…

A: Given:  Cost of machine : $72000 Depreciation = MACRS method and is calculated on the cost of…

Q: 30. A building previously occupied by Grand Company with a cost of P10 million and an accumulated…

A:

Q: Xtra Energy Company purchased a business from Angus Khan for $252,000 above the fair value of its…

A: Goodwill is an excess amount paid by the business entity over the fair value. It is shown on the…

Q: 5.The Jones Corp. purchased an investment property on Jan 1, 2017 for a cost of P220,000. The…

A: Depreciation means the loss in value of assets because of usage of assets , passage of time or…

Q: 7. Dagny Company owns buildings in Colorado and New York. At the end of the year Dagny is evaluating…

A: Impairment loss = Carrying value of the assets - Recoverable value of the assets where, Recoverable…

Q: 9. The sole proprietorship business of Individual M purchased a machinery amounting to $30,000. The…

A: Depreciation is the fall in the value of fixed assets due to normal wear and tear, accident, the…

Q: 7) Depreciation Recapture examples: a) Sec. 1250 gains; RE acquired in 2004 at a cost of $1 M;…

A: Capital gain: Capital gain is realized from a sale of investments like bonds, debentures, and PPE.…

Q: RST Company acquired a building on January 1, 2021, for P25,000,000. At that date, the building has…

A: Fair Value Model: The circumstances of the market as at the conclusion of the reporting period are…

Q: 9. The sole proprietorship business of Individual M purchased a machinery amounting to $30,000. The…

A: Working note: Computation of rate of depreciation: Rate of depreciation=2×1Useful life=2×14…

Q: On January 1, Mitzu Company pays a lump-sum amount of $2,600,000 for land, Building 1, Building 2,…

A: The journal entries are prepared to record the transactions on regular basis. The journal keeps the…

Q: S9-9 Selling an asset at gain or loss Alpha Communication purchased equipment on January 1, 2018,…

A: Journal entry Cash a/c.        Dr.              Accumulated depreciation a/c. Dr.             Cr…

Q: nge an old equipment for a new equipment.The cost and accumulated depreciation of the old equipment…

A: The adjusted net asset method is a business valuation strategy that modifies a company's reported…

Q: cimum amount of depreciation that the company can claim in 2021 (Year 2) for the building? u cannot…

A: Answer 1) Option (e) is correct - $ 18,000. As per Internal revenue service , the useful life of the…

Q: 21. Jefferson Company acquired equipment on January 2, Year 1, at a cost of $10 million. The…

A: Revaluation on Fixed Asset: The carrying value of a company's fixed asset is increased/decreased…

Q: 7. A corporation purchased equipment for P53,000.00 and paid P1,500 for freight and delivery charges…

A: Sinking fund: A sinking fund is a fund maintained by the company which is created to pay off the…

Q: 1 QUE A plant asset cost $101700 when it was purchased on January 1, 2011. It was depreciated by the…

A: Answer 1) Correct option is A there is a loss of $16950 Depreciation amount = Cost - Salvage value /…

Q: 6. On January 1, 20x1, Entity A acquires a building to be held as investment property for a total…

A: Depreciation under straight line method = (Historical cost - Salvage value)/Useful life

Q: QUESTION 8 Generally speaking taxpayers have incentives to use the fastest possible method to…

A: Depreciation indicates the reduction in the hysterical cost of the asset acquired by the company…

Q: please answer question 19

A:

Q: 8-8. Disposal of asset. Gone & Gone have a Patent that has a value on the books of $22,000. Complete…

A: Disposal of Assets: Disposal is an activity of selling the worn-out assets that is no longer in need…

Q: 8.19 Banter Co purchased an office building on 1 January 20X1. The building cost was $1,600,000 and…

A: Depreciation before revaluation for 5 years: Depreciation=Asset value×Rate×Number of…

Q: A piece of construction equipment (asset class 15.0) was purchased by the Jones Construction…

A: a) Computation:

Q: a depreciable asset company purchas MACRS depreciation with a 5 year class life. The depreciation…

A: Accounting for Fixed Assets

Q: 16. ABC Co.'s biological asset has a fair value less costs to sell of P 100,000 and P120,000,…

A: The biological assets means the livestock and plants from which the agricultural products can…

Q: Riley acquired a non-current asset on 1 October 20W9 (ie 10 years before 20X9) at a cost of $100,000…

A: We have the following information: Riley acquired a non-current asset on 1 October 20W9 (ie 10…

Q: A 1031 property with an adjusted basis of $500,000 is sold for $800,00 cash. No debt exists for…

A: Section 1031 is the provision used for the real estate property in order to defer federal taxes on…

Q: Use the following information for the next three questions: Entity A determines an indication that…

A: Impairment of assets means reducing the book value  of assets when carrying amount is more than…

Q: Smith Incorporated acquired a piece of equipment at a total cost of $4,200,000. They use the…

A: Deferred Tax Liability: The difference of the carrying value of tax and the value calculated by the…

Q: 24. Norway Company owned two investment properties with the following details: Fair Value Dec.…

A: Initial costs are the costs which are recorded when the resources are purchased and fair value is…

Q: 5-There is a fixture with an economic life of 5 years, which was purchased by our enterprise on…

A: Accounting's goals include keeping a systematic record of all financial transactions in a book of…

Q: A company purchased a drill press costing $230,000 in year 0. The drill press, classified as…

A: Depreciation expense refers to the fall in the value of the asset due to passage of time, wear and…

Q: A fixed asset with a cost of $30,192 and accumulated depreciation of $27,172.80 is sold for…

A: Fixed asset cost = $ 30,192 Accumulated depreciation = $ 27172.80 Sale amount = $ 5132.64

Q: 5. On January 2, 20x1, Ross Co. purchased a machine for P70,000. This machine has a 5-year useful…

A: Taxes are a form of liability or dues that needs to be paid by an individual or company on account…