Question
In: Accounting
Problem 8-48 (c) (LO. 2, 4) On May 31, 2019, Arnold purchased and placed in service...
Problem 8-48 (c) (LO. 2, 4)
On May 31, 2019, Arnold purchased and placed in service a new $25,000 car. The car was used 90% for business, 5% for production of income, and 5% for personal use in 2019. In 2020, the usage changed to 30% for business, 30% for production of income, and 40% for personal use. Arnold did not elect immediate expensing under § 179. He elects not to take additional first-year depreciation. If required, round your intermediate computations and final answers to the nearest dollar.
Click here to access the cost recovery tables of the textbook. Assume the following luxury automobile limitations: year 1: $10,000; year 2: $16,000.
a. The cost recovery deduction taken in 2019 was $.
b. The cost recovery deduction for 2020 is $.
c. The cost recovery recapture, if any, in 2020 is $.
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Problem 8-42 (c) (LO. 2, 3) Gilbert is the proprietor of a small business. In 2019,...
Problem 8-42 (c) (LO. 2, 3)
Gilbert is the proprietor of a small business. In 2019, the
business income, before consideration of any cost recovery or § 179
deduction, is $2,000,000. Gilbert spends $2,870,000 on new
seven-year class assets (use half year convention), and elects to
take the § 179 deduction on them. He elects not to take additional
first-year depreciation. Gilbert's cost recovery deduction for
2019, for 5-year assets( not purchased this year), is $780,000. If
an amount is...
Comprehensive Problem 8-85 (LO 8-1, LO 8-2, LO 8-3, LO 8-4, LO 8-5) [The following information...
Comprehensive Problem 8-85 (LO 8-1, LO 8-2, LO 8-3, LO 8-4, LO
8-5) [The following information applies to the questions displayed
below.] John and Sandy Ferguson got married eight years ago and
have a seven-year-old daughter, Samantha. In 2019, John worked as a
computer technician at a local university earning a salary of
$152,000, and Sandy worked part-time as a receptionist for a law
firm earning a salary of $29,000. John also does some Web design
work on the side...
Comprehensive Problem 8-85 (LO 8-1, LO 8-2, LO 8-3, LO 8-4, LO 8-5) [The following information...
Comprehensive Problem 8-85 (LO 8-1, LO 8-2, LO 8-3, LO 8-4, LO
8-5) [The following information applies to the questions displayed
below.] John and Sandy Ferguson got married eight years ago and
have a seven-year-old daughter, Samantha. In 2019, John worked as a
computer technician at a local university earning a salary of
$152,000, and Sandy worked part-time as a receptionist for a law
firm earning a salary of $29,000. John also does some Web design
work on the side...
Required information Comprehensive Problem 8-85 (LO 8-1, LO 8-2, LO 8-3, LO 8-4, LO 8-5) [The...
Required information
Comprehensive Problem 8-85 (LO 8-1, LO 8-2, LO 8-3, LO 8-4, LO
8-5)
[The following information applies to the questions
displayed below.]
John and Sandy Ferguson got married eight years ago and have a
seven-year-old daughter, Samantha. In 2019, John worked as a
computer technician at a local university earning a salary of
$153,100, and Sandy worked part-time as a receptionist for a law
firm earning a salary of $30,100. John also does some Web design
work on...
Comprehensive Problem 8-85 (LO 8-1, LO 8-2, LO 8-3, LO 8-4, LO 8-5) Skip to question...
Comprehensive Problem 8-85 (LO 8-1, LO 8-2, LO 8-3, LO 8-4, LO
8-5) Skip to question [The following information applies to the
questions displayed below.]
John and Sandy Ferguson got married eight years ago and have a
seven-year-old daughter, Samantha. In 2020, John worked as a
computer technician at a local university earning a salary of
$152,000, and Sandy worked part time as a receptionist for a law
firm earning a salary of $29,000. John also does some Web design...
David immediately placed his car in service when he purchased it on May 16, 2019, for...
David immediately placed his car in service when he purchased it
on May 16, 2019, for $23,500. He did not claim bonus depreciation
and he used the car 55% for business. What is David's greatest
allowable depreciation deduction amount for the second year,
assuming the same business use percentage?
$5,500
$8,855
$10,000
$16,000
On May 31, 2018, Javier Sanchez purchased and placed in service a new 7-year class asset...
On May 31, 2018, Javier Sanchez purchased and placed in service
a new 7-year class asset costing $489,200 for use in his
landscaping business, which he operates as a single member LLC
(Sanchez Landscaping LLC).
Rather than using bonus depreciation, Javier would like to use §
179 to expense $200,000 of this asset and then use regular MACRS to
cost recover the remaining cost. During 2018, his business
generated a net income of $587,040 before any § 179 immediate
expense...
Integration Exercise 9 Master Budgeting. LO 8-2, LO 8-3, LO 8-4, LO 8-5, LO 8-6, LO...
Integration Exercise 9 Master Budgeting. LO 8-2, LO 8-3, LO 8-4,
LO 8-5, LO 8-6, LO 8-7, LO8-9, LO 8-10
Endless Mountain Company manufactures a single product that is
popular with recreation enthusiasts. The company sells its product
to retailers throughout the quadrant of the United States. It is in
the process of creating a master budget for reports a balance sheet
as December 31, 2016 as follows:
Endless Mountain Company
Balance Sheet
December 31, 2016
Assets
Current Assets:
Cash...
Integration Exercise 9 Master Budgeting. LO 8-2, LO 8-3, LO 8-4, LO 8-5, LO 8-6, LO...
Integration Exercise 9 Master Budgeting. LO 8-2, LO 8-3, LO 8-4,
LO 8-5, LO 8-6, LO 8-7, LO8-9, LO 8-10
Endless Mountain Company manufactures a single product that is
popular with recreation enthusiasts. The company sells its product
to retailers throughout the quadrant of the United States. It is in
the process of creating a master budget for reports a balance sheet
as December 31, 2016 as follows:
Endless Mountain Company
Balance Sheet
December 31, 2016
Assets
Current Assets:
Cash...
Integration Exercise 9 Master Budgeting. LO 8-2, LO 8-3, LO 8-4, LO 8-5, LO 8-6, LO...
Integration Exercise 9 Master Budgeting. LO 8-2, LO 8-3, LO 8-4,
LO 8-5, LO 8-6, LO 8-7, LO8-9, LO 8-10
Endless Mountain Company manufactures a single product that is
popular with recreation enthusiasts. The company sells its product
to retailers throughout the quadrant of the United States. It is in
the process of creating a master budget for reports a balance sheet
as December 31, 2016 as follows:
Endless Mountain Company
Balance Sheet
December 31, 2016
Assets
Current Assets:
Cash...
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