Concepcion Industries paid $308,000 in federal taxes last year. If business expenses and depreciation charges were $345,000, what were their gross sales for the year?
Q: An industrial plant bought a generator set for P90,000. Other expenses including installation…
A: * SOLUTION :- The given data is,
Q: Compare the different depreciation methods.? Give an example of how companies depreciate their plant…
A: Due to the wear and tear happening over a period of time, assets lose their value. Hence,…
Q: A piece of machinery at a maunfacturing plant has a cost basis of $50,000, and a salvage value of…
A: Salvage value is the expected book value of an asset after depreciation has been applied, depending…
Q: In Straight Line depreciation, the book value at the end of the depreciable life is equal to the…
A: When purchasing an asset, it can be seen that some value of the asset reduces overtime due to its…
Q: f the value of machinery is $50000 and the company follows the straight-line method of depreciation,…
A: Given Value of machinery or first cost = $50000 Salvage value =$10000 Useful life of the asset=5…
Q: What is the depreciation amount each year using straight-line depreciation for office furniture that…
A: Dear Student, as you have posted multiple questions but according to the policies and guidelines of…
Q: The costs of production of the firm are composed of 125 in Fixed cost, variable costs of 36 per unit…
A: Given: Fixed cost = 125 Variable cost = 36 per unit Depreciation cost = 0.05Q2
Q: SUM OF THE YEAR’S DIGIT METHOD A telephone company purchased a microwave radio equipment for…
A: 1) DECLINING BALANCE METHOD DEPRECIATION RATE 12.5 % , as the asset is estimated to last for 8 years…
Q: A granary has two options for a conveyor used in the manufacture of grain for transporting, filling,…
A: Given information Two Conveyor Conveyor 1: Initial investment =$75000 Operational cost=$17000…
Q: An engineering firm purchased a second hand truck for P 530,000 and paid P 15,000 for freight and…
A: Given:- Purchase price=P530,000 Freight charge(Included in purchase price)=P15,000 Life=10 years…
Q: An oil refinery has decided to purchase some new drilling equipment for $570,000. The equipment will…
A: Equipment cost = 570000 Time = 13 years Salvage value = 16000
Q: Identify which of the following items are not included in the calculation of cash flow before taxes,…
A: The cash flow before taxes is the result of calculating the effective rental income plus other…
Q: An asset purchased for $50,000 has a depreciable life of 5 years, and it has a terminal book…
A: Salvage value is an asset's anticipated book value after depreciation, based on what a firm…
Q: If a certain equipment has a book value P4,863.00 during its 7th year of operation. If the annual…
A: Answer in step 2.
Q: A machine shop purchased 10 years ago a milling machine for $60,000. A straight line depreciation…
A: According to given questions. intial cost = 60,000 Number of year(n) = 20 year Cost of machine =…
Q: With reference to the straight-line depreciation method, which statement is false? (a) An equal…
A: The depreciation method which assumes that the consumption of economic benefits of the long-term…
Q: K/N = 27 this year, and K/N = 30 last year, then saving is __ depreciation this year. greater than…
A: Steady state level is reached where the per capita variables do not change. The consumption per…
Q: Answer the following problems on clean sheets of paper. Show your solution. A company purchased a…
A: We have Machine cost = 15000 Sales tax and shipping cost = 1000 Nonrecurring installation cost =…
Q: A machine costing P540,000 has a life expectancy of 12 years with a salvage value of P40,000. Using…
A: Initial Cost=P540,000 Salvage Value=P40,000 N=12 years i=8% =.08
Q: A granary has two options for a conveyor used in the manufacture of grain for transporting, filling,…
A: Given information Two Conveyor Conveyor 1: Initial investment =$80000 Operational cost=$17500…
Q: A manufacturing company purchased a new equipment for ₱53,000 and paid ₱1,500 for freight and…
A:
Q: A telephone company purchased a microwave radio equipment for P6,000,000. Freight and installation…
A: Depreciation is defined as the systematic reduction of the recorded cost of a fixed asset until the…
Q: A printing machine initially costs ₱169,000. It can be sold for ₱15,000 at the end of its 12-year…
A: The double declining balance method of accelerated depreciation is a type of accelerated…
Q: A granary has two options for a conveyor used in the manufacture of grain for transporting, filling,…
A: Given that, Cost of asset = $70000 and $110000 Salvage value = $3000 and $4000 Useful life = 16…
Q: Compute the interest paid on a 3-year lease for a $26,738 car if the annual rate of depreciation is…
A: Economic depreciation is a proportion of the abatement in the market worth of a resource over the…
Q: Erectors Co. owns earth moving equipment that cost P90,000. After 8 years it will have estimated…
A: The double declining balance method of accelerated depreciation is a type of accelerated…
Q: An asset is purchased for P350,00. The salvage value in 18years is P65,000/ what are the…
A: Depreciation and amortisation are calculated on a straight line basis. It's also known as straight…
Q: A telephone company purchased a microwave radio equipment for P6,000,000. Freight and installation…
A: Here we calculate the depreciation on the equipment with 2 method by using the given information so…
Q: A granary has two options for a conveyor used in the manufacture of grain for transporting, filling,…
A: Given, The conveyor will be 10 yrs MACRS property Tax rate = 25% There will be depreciation…
Q: Annual depreciation charge using the straight-line method (b) Depreciation charge during the fifth…
A:
Q: The Parkview Hospital is considering the purchase of a new autoclave. This equipment will cost…
A: As autoclave is a medical equipment, one should consider it as an office equipment.
Q: A granary has two options for a conveyor used in the manufacture of grain for transporting, filling,…
A: Given information Two Conveyor Conveyor 1: Initial investment =$90000 Operational cost=$14000…
Q: Does the inclusion of a depreciation expense reflect the true cost of doing business?
A: Yes, the inclusion of a depreciation expense reflect the true cost of doing business
Q: Which of the following is not true about depreciation? a. Depreciation is not a cash flow b. To be…
A: Depreciation: - depreciation is a process of a systematic allocation of the cost of an asset over…
Q: company purchased factory equipment on January 1, 2021 for $84,000. It is estimated that the…
A: Given Equipment cost in 1 Jan 2021 = 84000 $ Salvage value = 8000 $ Time = 10 years Adjusted value…
Q: The General Service Contractor Company paid $400,000 for a house and lot. The value of the land was…
A: The information given is:- The General Service Contractor Company paid $400,000 for a house and lot.…
Q: A manufacturing company makes it a policy that for every new equipment purchased, the annual…
A: The largest change of depreciation using the SYD method: d1=(C0-Cn)nΣ years0.25C0=C0nΣ yearsΣ years…
Q: Your company has purchased new equipment for $100,000. An additional $20,000 has been charged for…
A: Cost of new furniture purchased= $100,000 Additional amount charged for shipping and handling=…
Q: ABC Corporation makes it a policy that for any new equipment purchased, the annual depreciation cost…
A: Depreciation using SYD method: d1 = (Co- Cn) n∑years 0.2 C0 = C0(n∑years)∑years = 5n
Q: A granary has two options for a conveyor used in the manufacture of grain for transporting, filling,…
A: Annual worth is calculated by present value of annuity formula. Present value of cash flows from the…
Q: ach’s Corporation purchased a Jacquard machine for P6M, freight and installation charges amounted to…
A: Given the purchase price = P6M or 6000000 Installation charges = 3% of 6000000 = 180000 Years = 10…
Q: A piece of machinery at a maunfacturing plant has a cost basis of $44,000, and a salvage value of…
A: A continuous, permanent, and steady reduction in the book value of fixed assets is referred to as…
Q: Consider the following information: • Cost of the asset: $800,000 Salvage value of the asset:…
A: The amount of the years' digits is a sped-up technique for deciding a resource's normal depreciation…
Q: Depreciation A manufacturing company buys an electric motor of P 50,000. It estimates that the…
A: The amount of depreciation charged against an item or a group of assets over the course of a…
Q: Equipment costing $20,000 that is a MACRS 5-year property is disposed of during the second year for…
A: Introduction Cost of equipment is $20,000. Its MACRS is 5 years. But it is disposed during the…
Q: DEPRECIATION 2. A telephone company purchased a microwave radio equipment for P6,000,000. Freight…
A: The amount of depreciation charged against an item or a group of assets over the course of a…
Q: the depreciation in the third year?
A: Solution: Given Data Asset price = P 10000 Useful life (n) = 20 years Salvage value = 0
Q: A company purchased a machine for P15,000. It paid sales tax and shipping costs of 1,000 and…
A:
Concepcion Industries paid $308,000 in federal taxes last year. If business expenses and
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- A crane rental company has acquired a new heavy-duty crane for $280,000. The company calculates depreciation on this equipment on the basis of number of rentals per year, and the salvage value of the crane at the end of its 12-year life is $40,000. If the crane is rented an average of 133 days per year, what is the depreciation rate per rental? The depreciation is per day of rent. (Round to the nearest dollar.)A builder paid $120,000 for a house and lot. The value of the land was appraised at $65,000, and the value of the house at $55,000. The house was then torn down at an additional cost of $8,000 so that a warehouse could be built on the lot at a cost of $50,000. What is the total value of the property with the warehouse? For depreciation purposes, what is the cost basis for the warehouse?Material-handling equipment used in the manufacture of grain products (MACRS-GDS 10-year property) is purchased and installed for $180,000. It is placed in service in the middle of the tax year. If it is removed just before the end of the tax year approximately 4.5 years from the date placed in service, determine the depreciation deduction during each of the tax years involved using MACRS-GDS allowances. ———————- Repeat the previous problem if the material-handling equipment is removed just after the tax year, again using MACRS-GDS allowances.
- ABC Corporation makes its policy that for every new equipment purchased, the annual depreciation should not exceed 20% of the first cost at any time without salvage value. Determine the length of service if the depreciation used is the SOYD Method.MalMax purchased a depreciable asset. What would be the difference in total assets at the end of the first year if MalMax chooses straight-line depreciation versus double-declining-balance depreciation?A corporation in 2018 expects a gross income of $680,000, total operating expenses of $480,000, and capital investments of $29,000. In addition the corporation is able to declare $53,000 of depreciation charges for the year. The federal income tax rate is 21%. What is the expected taxable income and total federal income taxes owed for the year 2018?
- On its tax return at the end of the current year Webnet Inc. has $6 million of tax depreciation in excess of depreciation in its income statement. A disclosure note reveals that $1 million of the $6 million difference will reverse itself next year, and the remainder will reverse over the next 4 years. In the absence of other temporary differences, in the balance sheet at the end of the current year Webnet would report ?In Straight Line depreciation, the book value at the end of the depreciable life is equal to the salvage value used to calculate the yearly depreciation amount. TRUE OR FALSEI need help in figuring out the step by step procedure, performing the operations and calculations manually, using formulas. One year ago, your company purchased a machine used in manufacturing for $110,000. The current machine is expected to produce EBITDA of $20,000 per year. The current machine is being depreciated on a straight-line basis over a useful life of 11 years, after which it will have no salvage value, so depreciation expense for the current machine is $10,000 per year. The market value today of the current machine is $50,000. You have learned that a new machine is available that offers many advantages; you can purchase it for $150,000 today. It will be depreciated on a straight-line basis over 10 years, after which it has no salvage value. You expect that the new machine will produce EBITDA (earning before interest, taxes, depreciation, and amortization) of $40,000 per year for the next 10 years. All other expenses of the two machines are identical.Your company’s tax…
- The costs of production of the firm are composed of 125 in Fixed cost, variable costs of 36 per unit produced and depreciation charges are given by the expression 0.05Q2. Find the level of output which would minimize average cost of production per unitLynn Construction Company had a gross income of $34,000,000 in tax-year 1,$5,000,000 in salaries, $4,000,000 in wages, $1,000,000 in depreciation expenses, a loan principal payment of $200,000, and a loan interest payment of $210,000.(a) What is the marginal tax rate for Lynn Construction in tax-year 1?(b) What is the average tax rate in tax-year 1?(c) Determine the net income of the company in tax-year 1.ABC Company makes its policy that for every new piece of equipment purchased, the annual depreciation should not exceed 25% of the first cost at any time without salvage value. determine the length of service if the depreciation used is the Double Declining Balanced method.