1Required informationProblem 01-51 (LO 01-2) (Algo)[The following information applies to the questions displayed below]Ryan is self-employed. This year Ryan used his personal auto for several long business trips. Ryan paid $2,500 forgasoline on these trips. His depreciation on the car if he was using it fully for business purposes would be $4,500. Duringthe year, he drove his car a total of 16,200 miles (a combination of business and personal travel).Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.Problem 01-51 Part-a (Algo)a. Ryan can provide written documentation of the business purpose for trips totaling 4,860 miles. What business expense amount canRyan deduct (if any) for these trips?Maximum deductible amounten1.637

Income tax refers to a charge that is imposed by the government on the income of a taxpayer. It is…

Answered: 1 Required information Problem 01-51…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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erry purchased a boat on 4 June 1986 for $10 500 which he used on holidays and at week-ends to do some fishing. The fish caught were eaten by Jerry and his family. He used the boat until 20 January of the current income year when he sold it for $18 000. Jerry’s capital gain/(loss) (to the nearest $) on the disposal of the boat using the indexed cost base method is: Select one: 1. $8000 gain. 2. $864 gain. 3. $7500 gain. 4. $17 136 gain. 5. $3750.
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On June 5, 2022, Leo purchased and placed in service a new car that cost $75,000. The business use percentage for the car is always 100%. Leo does not elect § 179 expensing, and does not claim any available additional first-year depreciation. If required, round your answers to the nearest dollar. Click here to access the depreciation table to use for this problem. Click here to access the limits for certain automobiles. a. What MACRS convention applies to the new car? Half-year b. Is the automobile considered "listed property"? Yes c. Leo's cost recovery deduction in 2022 is $ 10,200 X and for 2023 is $ 16,400 X.
Required information [The following information applies to the questions displayed below.] Carl purchased an apartment complex for $3.5 million on March 17 of year 1. of the purchase price, $1,500,000 was attributable to the land the complex sits on. He also installed new furniture into half of the units at a cost of $84,000. (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Note: Enter your answers in dollars and not in millions of dollars. b. What is Carl's allowable depreciation deduction for year 3 if the real property is sold on January 2 of year 3? Note: Do not round intermediate computations. Round your final answer to the nearest whole dollar amount. Depreciation for year 3
Required information [The following information applies to the questions displayed below.] Carl purchased an apartment complex for $3.3 million on March 17 of year 1. of the purchase price, $1,400,000 was attributable to the land the complex sits on. He also installed new furniture into half of the units at a cost of $82,000. (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Enter your answers in dollars and not in millions of dollars.) a. What is Carl's allowable depreciation deduction for his real property for years 1 and 2? (Round your final answers to the nearest whole dollar amount.) Depreciation Deduction Year 1
In the financial year ended 31 December 2009, Sister Edith sold a car for $15,000. The car had been bought on 2 January 2006 for $45,000. Sister Edith depreciates motor vehicles on the reducing balance basis at a rate of 20% per annum. She charges a full year's depreciation in the year an asset is bought, and no depreciation in the year it is sold. What is the profit or loss on disposal of the car?
None
Required information [The following information applies to the questions displayed below.] Ryan is self-employed. This year Ryan used his personal auto for several long business trips. Ryan paid $2,080 for gasoline on these trips. His depreciation on the car if he was using it fully for business purposes would be $4,800. During the year, he drove his car a total of 12,600 miles (a combination of business and personal travel). Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. a. Ryan can provide written documentation of the business purpose for trips totaling 2,520 miles. What business expense amount can Ryan deduct (if any) for these trips? Maximum deductible amount
Please do a-c a. The vehicle cost $31,200, and business use is 100 percent (ignore §179 expense). b. The vehicle cost $76,000, and business use is 100 percent. c. The vehicle cost $76,000, and she used it 80 percent for business. d. The vehicle cost $80,000, and she used it 80 percent for business. She sold it on March 1 of year 2. e. The vehicle cost $76,000, and she used it 20 percent for business. f. The vehicle cost $76,000, and it is an SUV that weighs 6,500 pounds. Business use was 100 percent.
S Required information [The following information applies to the questions displayed below.] Carl purchased an apartment complex for $3.5 million on March 17 of year 1. of the purchase price, $1,500,000 was attributable to the land the complex sits on. He also installed new furniture into half of the units at a cost of $84,000. (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Note: Enter your answers in dollars and not in millions of dollars. a. What is Carl's allowable depreciation deduction for his real property for years 1 and 2? Note: Round your final answers to the nearest whole dollar amount. Year 1 Year 2 Depreciation Deduction
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