On January 1, 2016, Fisher Company purchases a machine that manufactures a part for one of its key products. The machine cost $210,000 and is estimated to have a useful life of 4 years, with an expected salvage value of $34,000. Compute (1) depreciation expense, (2) accumulated depreciation, and (3) net book value of the machine for 2016 using the double-declining methods.

Group of answer choices

88,000; 88,000; 122,000

105,000; 105,000; 105,000

105,600; 105,600; 158,400

63,360; 168,960; 95,040

Al Rayyan company purchased a new assembly equipment on the 1st of January 2015, which costed $ 150,000 with a residual value of $ 24,000 and estimated useful life of 5 years or 210,000 units. The equipment produced 51,000 units in 2015 and 45,000 units in 2016. The company's fiscal year ends on 31 December of each year. Under the double-declining balance method, what will be the depreciation expense on 31 December 2016?

a. 25,200

b. 30,000

c. 36,000

d. 60,000

The Income Statement for XYZ Company for 2016 and 2017 is as follows:

2017
Sales $4,000,000

Cost of Goods Sold 2,500,000 Gross Profit 1,500,000 Selling Expense 600,000 Administrative Expense 200,000 Total Operating Expense 800,000 Income from Operations 700,000 Income Tax Expense 50,000 Net Income 650,000

2016 $3,500,000 2,400,000 1,100,000 700,000 150,000 850,000 250,000 20,000 230,000

Instructions: Using the above comparative horizontal analysis for ABC Company.

In​ 2016, the Allen Corporation had sales of $61 ​million, total assets of $44​ million, and total liabilities of $17 million. The interest rate on the​ company's debt is 5.7 ​percent, and its tax rate is 35 percent. The operating profit margin is 12 percent.

a. Compute the​ firm's 2016 net operating income and net income.

b. Calculate the​ firm's operating return on assets and return on equity.​ (Hint: You can assume that interest must be paid on all of the​ firm's liabilities.)

Faucci Industries, Inc. uses the dollar-value LIFO method of computing its inventory cost with December 31, 2015 representing the base cost. Data for the past five years follows:

Required:

Determine the inventory valuation for 2016 through 2019 using the dollar-value LIFO technique.

Roden Ltd. has a December 31 year end. The Company leases its office space under a lease that was signed on January 1, 2016. The lease term is 5 years, with an option to renew at an increased rent for an additional 2 years. In 2016, the Company spent $74,000 renovating the premises. In 2020, changing needs require the Company to spend another $16,000 renovating the space. Determine the maximum amount of Class 13 CCA that the Company can deduct for 2020 and 2021.

Chaz Corporation has taxable income in 2016 of $344,000 before the §179 expense and acquired the following assets during the year:

What is the maximum total depreciation expense that Chaz may deduct in 2016? (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.)

In April 2016 Norman, a hairdresser, bought his main residence in Melbourne for $700,000. Legal and stamp duty costs associated with the purchase were $70,000. The home had six rooms. In April 2017 Norman spent $100,000 in making part of his home suitable for his hairdressing business. The business used two of the rooms and he started working from home in May 2017. 3 Advise Norman of the capital gains tax implications of the above facts for the 2016- 17 year

Determining the Proceeds from Bond Issues

Madison Corporation is authorized to issue $810,000 of 5-year bonds dated June 30, 2016, with a stated rate of interest of 11%. Interest on the bonds is payable semiannually, and the bonds are sold on June 30, 2016.

Required:

Determine the proceeds that the company will receive if it sells the following: (Click here to access the tables to use with this exercise and round your answers to two decimal places, if necessary.)

Net Investment in Capital Assets was $1,200,000 on December 31, 2015. During

2016, the following occurred:
? Issued $1,000,000 bonds for construction of Capital Assets
? Materials, labor, and overhead of $900,000 went into Construction In
Progress. Transferred $850,000 of Construction in Progress to Capital Assets.
? Paid $100,000 principal and $60,000 interest on the bonds.
? Recorded depreciation expense of $125,000
What amount was Net Investment in Capital Assets at December 31, 2016?
A. $1,025,000 B. $1,075,000 C. $1,135,000 D. $1,925,000