1 answer

Problem 12-10 A small business sold an equipment for $100,000 after depreciating the equipment using SOYD...

Question:

Problem 12-10

A small business sold an equipment for $100,000 after depreciating the equipment using SOYD depreciation method. The federal tax liability on this depreciation recapture is $34,000 if the company also had other taxable income of $150,000 in that year.

True/False


Answers

true

using Sum Of Year's Depreciation method the small business sold its equipment for $100,000. $34000 is the depreciation recapture on the federal tax liability. the company also had other taxable income of $150,000.

SOYD = n(n+1)/2, where n is the estimated useful life.

.

Similar Solved Questions

1 answer
DC circuit with emf ? = 6.0 V and resis Problem #3 (3+2+2 SI ® ®...
DC circuit with emf ? = 6.0 V and resis Problem #3 (3+2+2 SI ® ® » ZRb #3 (3+2+2+2=9 points) V and resistor R = 2.0 2 is placed in the form magnetic field pointing into the page as shown in the figure. At time t = 0 magnetic field begins to decrease uniformly from its original value of...
1 answer
37. An alcohol has a molecular ion peak at m/z 102. What is a reasonable formula...
37. An alcohol has a molecular ion peak at m/z 102. What is a reasonable formula for the alcohol? (a) C3H 100, (c) C,HO b) CH2 (d) C,H,O 38. How many hydrogen atoms are on the indicated carbon? (a) nonc (b) one (c) two (d) three...
1 answer
Question 8 Not yet answered Marked out of 1.00 Consecutive balance sheets of Crow Ltd showed...
Question 8 Not yet answered Marked out of 1.00 Consecutive balance sheets of Crow Ltd showed the following balances: 30 June 2019 30 June 2018 Land $850 000 $500 000 Asset revaluation surplus $150 000 During the year ended 30 June 2019, land was revalued upwards by $150 000 and $120 000 was borrowed...
1 answer
QUESTION 4 A Company sells a marble slab for $1,100. Fixed costs are $33,000, while the...
QUESTION 4 A Company sells a marble slab for $1,100. Fixed costs are $33,000, while the variable costs are $550 per slab. The month. What is the margin of safety assuming 85 slabs are actually sold? (Round interim calculations and final calc $168,000 $59,500 $27,500 $43,000...
1 answer
Part 1 As the controller of Lynbrook, Inc. you are responsible for preparing the monthly bank...
Part 1 As the controller of Lynbrook, Inc. you are responsible for preparing the monthly bank reconciliation. Using the information below, prepare the bank reconciliation for January 31, 2020. 1. The ledger account for Cash showed a balance at January 31 of $127,500. 2. The January bank statement sh...
1 answer
A) There is a NACA 2412 airfoil with a chord length of 6ft. It has a...
a) There is a NACA 2412 airfoil with a chord length of 6ft. It has a 5 degree angle of attack during a sea-level flight at a velocity of 100 ft/s. Calculate the lift and moment (about the quarter chord) per unit span b) What is the profile drag coefficient for the airfoil in part a), as well as the ...
1 answer
Miller Company's contribution format income statement for the most recent month is shown below: Sales (40,000...
Miller Company's contribution format income statement for the most recent month is shown below: Sales (40,000 units) Variable expenses Contribution margin Fixed expenses Net operating income Total $ 280,000 160,000 120,000 41,000 $ 79,000 Per Unit $ 7.00 4.00 $3.00 Required: (Consider each case ...
1 answer
Using data to estimate what is likely to occur in the future is an example of...
Using data to estimate what is likely to occur in the future is an example of Multiple Choice O predictive analytics. O O diagnostic analytics. O prescriptive analytics. descriptive analytics....
1 answer
During FY 2018 Bay Manufacturing had total manufacturing costs are $440,000. Their cost of goods manufactured...
During FY 2018 Bay Manufacturing had total manufacturing costs are $440,000. Their cost of goods manufactured for the year was $425,000. The January 1, 2019 balance of Work-in-Process Inventory is $60,000. Use this information to determine the dollar amount of the FY 2018 beginning Work-in-Process I...
1 answer
Respondents Sex Statistic Std. Error 6.33 5.12 7.54 4.85 2.00 90.364 9.506 EmailHrsiperWeek Male Mean 95%...
Respondents Sex Statistic Std. Error 6.33 5.12 7.54 4.85 2.00 90.364 9.506 EmailHrsiperWeek Male Mean 95% Confidence Interval for Mean 5% Trimmed Mean Median Variance Std. Deviation Minimum Maximum Range Interquartile Range Skewness Kurtosis 615 Lower Bound Upper Bound 50 50 2.658 7.585 5.93 4.98 6....
1 answer
The psychoanalytic theorist who originated the idea that a person's excessive eating, drinking, or talking might...
The psychoanalytic theorist who originated the idea that a person's excessive eating, drinking, or talking might be traceable back to the way that person's mother handled his or her urge to suck during infancy is_...
1 answer
E70.1(a) Construct the potential energy operator of a particle with potential energy V(x)={kx, where k is...
E70.1(a) Construct the potential energy operator of a particle with potential energy V(x)={kx, where k is a constant....
1 answer
Gamble Products has adopted an ABC costing system. The following manufacturing activities, indirect manufacturing costs, and...
Gamble Products has adopted an ABC costing system. The following manufacturing activities, indirect manufacturing costs, and cost drivers have been identified: (Click the icon to view the activity costs and drivers.) The Job Cost Record for Job #624 revealed that direct materials requisitioned for t...
1 answer
Suppose that, in booms the capital utilization rate rises, while output increases. If economists use growth...
Suppose that, in booms the capital utilization rate rises, while output increases. If economists use growth accounting by ignoring these developments, what is likely to happen? A) The contribution to economic growth of growth in productivity is overestimated. B) The contribution to economic growth ...