Woolard Supplies (a sole proprietorship) has taxable income in 2020 of $240, 000 before any depreciation deductions (§179, bonus, or MACRS) and placed some office furniture into service during the year. The furniture does not qualify for bonus depreciation. (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) Asset Placed In Service Basis Office furniture (used) March 20 $ 1,185,000 a. If Woolard elects $50,000 of $179, what is Woolard' s total depreciation deduction for the year?
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- Potomac LLC purchased an automobile for $65,000 on August 5, 2019. What is Potomac's depreciation expense for 2019 (recognizing that Potomac does not elect any bonus depreciation)? Exhibit 10-10 on page 10-26. The text does not reflect year 2020 limits, so this problem will use Year 2019 limits, to avoid confusion.[The following information applies to the questions displayed below.] Woolard Supplies (a sole proprietorship) has taxable income in 2020 of $240,000 before any depreciation deductions (§179, bonus, or MACRS) and placed some office furniture into service during the year. The furniture does not qualify for bonus depreciation. (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) Asset Office furniture (used) Placed In Service Basis March 20 $1,195,000 c. Woolard is concerned about future limitations on its §179 expense. How much §179 expense should Woolard expense this year if it wants to maximize its depreciation this year and avoid any carryover to future years? §179 expenseRequired information [The following information applies to the questions displayed below.] Woolard Supplies (a sole proprietorship) has taxable income in 2020 of $240,000 before any depreciation deductions (§179, bonus, or MACRS) and placed some office furniture into service during the year. The furniture does not qualify for bonus depreciation. (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) Placed In Service Asset Office furniture (used) March 20 §179 expense Basis $1,171,000 c. Woolard is concerned about future limitations on its §179 expense. How much §179 expense should Woolard expense this year if it wants to maximize its depreciation this year and avoid any carryover to future years?
- ! Required information [The following information applies to the questions displayed below.] Woolard Supplies (a sole proprietorship) has taxable income in 2020 of $240,000 before any depreciation deductions (§179, bonus, or MACRS) and placed some office furniture into service during the year. The furniture does not qualify for bonus depreciation. (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) Placed In Service Asset Basis Office furniture (used) March 20 $1,171,000 b. If Woolard elects the maximum amount of §179 for the year, what is the amount of deductible §179 expense for the year? What is the total depreciation that Woolard may deduct in 2020? What is Woolard's §179 carryforward amount to next year, if any? Deductible §179 expense Total depreciation deduction §179 carryforwardRequired information [The following information applies to the questions displayed below.] Woolard Supplies (a sole proprietorship) has taxable income in 2023 of $240,000 before any depreciation deductions (§179, bonus, or MACRS) and placed some office furniture into service during the year. The furniture does not qualify for bonus depreciation. (Use MACRS Table 1, Table 2, Table 3, Table 4, and Table 5.) Note: Round your intermediate calculations and final answers to the nearest whole dollar amount. Asset Office furniture (used) Placed In Service Basis March 20 $ 1,179,000 b. If Woolard elects the maximum amount of $179 for the year, what is the amount of deductible §179 expense for the year? What is the total depreciation that Woolard may deduct in 2023? What is Woolard's §179 carryforward amount to next year, if any? Deductible §179 expense Total depreciation deduction §179 carryforwardIn 2019, the Hermes Corporation failed to record $8,000 in depreciation expense. The error was discovered in May of 2020. Required. Make the appropriate joumal entry in the books of Hermes Corporation in the year 2020.
- Woolard Supplies (a sole proprietorship) has taxable income in 2021 of $300,000 before any depreciation deductions (Section 179, bonus, or MACRS) and placed some office furniture into service during the year. The furniture does not qualify for bonus depreciation. Asset Placed in Service Basis Office furniture (used) June 5 $1,300,000 If Woolard elects the maximum amount of Section 179 for the year: a. What is the amount of MACRS depreciation expense for the year? b. What is the amount of deductible Section 179 expense for the year? c. What is Woolard's Section 179 carryforward amount to next year, if any?During 2021, a $50,000 loss on the sale of machinery was incorrectly recorded as a factory equipment repair. The error was not discovered until the books were closed and the financial statements were issued for 2022. What adjustment is necessary? Group of answer choices No adjustment is necessary to books or financial statements. Make no entry, but if $50,000 is a material amount, retrospectively adjust the 2021 comparative income statement. Since only income statement accounts are affected, make no entry to the books but recall the 2021 income statement. Record a correction to the books for 2021 and 2022 and recall prior financial statementsTom's business has a preliminary Schedule C income of $400,000 so she would like to see if she can maximize the cost recovery. What would be the cost recovery deduction for equipment that cost the $650,000 which was purchased on May 1, 2020? Remember that there may be limitations assigned to a particular option. Do not use decimal places or dollar signs in your answers. Electing Section 179 cost recovery for 2020 First Year Depreciation for 2020 MACRS without first year and section 179 election for 2020
- Required information [The following information applies to the questions displayed below.] Woolard Supplies (a sole proprietorship) has taxable income in 2023 of $240,000 before any depreciation deductions (§179, bonus, or MACRS) and placed some office furniture into service during the year. The furniture does not qualify for bonus depreciation. (Use MACRS Table 1, Table 2, Table 3, Table 4, and Table 5.) Note: Round your intermediate calculations and final answers to the nearest whole dollar amount. Asset Office furniture (used) Placed In Service March 20 Deductible $179 expense Total depreciation deduction $179 carryforward b. If Woolard elects the maximum amount of $179 for the year, what is the amount of deductible §179 expense for the year? What is the total depreciation that Woolard may deduct in 2023? What is Woolard's §179 carryforward amount to next year, if any? Basis $ 1,200,000 $ 214,335Refer to the information for Cox Inc. above. What amount would Cox record as depreciation expense for 2019 if the units-of-production method were used ( Note: Round your answer to the nearest dollar)? a. $179,400 b. $184,000 c. $218,400 d. $224,000The following information is available for Pina Corporation for 2019 (its first year of operations). 1. Excess of tax depreciation over book dapreciation, $38,400. This $38,400 difference will reverse squally over the years 2020-2023. 2. Deferral, for book purposes, of $20,800 of rentrecsived in advance. The rent will be recognized in 2020. 3. Pretax financial income, $284,000. 4. Tax rate for all yaars, 20%. Computa taxable income for 2019. Taxable incoma eTextbook and Medla List of Accounts Prepare the journal antry to record income taxepense, daferred income taxes, and income taxas payable for 2019. (Credit occount titles are automatically indented when amount is entered. Do not indent manually if no entry is required, select "No Entry" for the account titles and enter O for the amcunts) Account Titles and Explanation Debit Credit eTextbook and Medla List of Accounts Prepare the journal antry to record income tax oxpense, deferred income taxes, and income taxas payable for 2020,…