Father Bernard, a self-employed married man with two children who both attend private Universities in Ghana trades as Father Bernard Enterprise. He commenced business on 1st January 2022 and submitted the following extracts of his financial statements for the year ended 2022. Gross Profit b/d Interest on Savings Account Gifts received Interest on Treasury Bills Auditors Fees Depreciation of assets Computers purchased PAYE paid on his Personal Salary SSF Contribution (Other Staff) Office Rent Personal salary (Net) Penalties and Fines Vehicle purchased for company use Vehicle purchased for CEO's use Transport Net Loss GHS GHS 157,000 20,200 1,500 7,900 8,000 12,000 25,000 4,500 3,960 24,000 72,000 4,300 18,000 18,000 13,000 - 16,160 186,600 186,600

Haresh jaan

For federal tax purposes, how long should a sole proprietor keep records on a machine used for 100%? Until three years after the due date of the return: 1) in which the machine is disposed of in a taxable disposition 2) when the machine is purchased.                 3) after the machine is disposed of in a taxable disposition. 4) when the machine is placed in service.

N1.

Current Attempt in Progress Carla Vista Co., organized in 2024, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2025 and 2026. 7/1/25 10/1/25 12/31/25 1/2/26 3/1/26 4/1/26 6/1/26 9/1/26 Intangible Assets 8-year franchise; expiration date 6/30/33 Advance payment on laboratory space (2-year lease) Net loss for 2025 including state incorporation fee, $3,000, and related legal fees of organizing, $7,000 (all fees incurred in 2025) Patent purchased (10-year life) Cost of developing a secret formula (indefinite life) Goodwill purchased (indefinite life) Legal fee for successful defense of patent purchased above Research and development costs $48,000 25,800 17,800 80,600 82,000 279,600 12,765 165,000 Prepare the necessary entries to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles. Make the entries as of December 31, 2026, recording any necessary…

Andy purchased a new desk for $750 on May 1, 2021. He immediately placed it into service for his accounting business. He will depreciate it using the 200% declining balance method and the half-year convention. How much is his 2021 depreciation deduction? A.$75 B.$107 C.$150 D.$750

Prepare the complete Depreciation and Amortisation Form 4562.

Hypothetical Corporation incurred the following expenses:                                                    2019         2020Research and Development    619,000    703,000 The new product will be available for sale July 1, 2021.   Calculate the deduction for R&D expenses for 2019, 2020, and 2021 under the following independent assumptions:a. Armando Corporation elects to expense the R&D expenses. b. Armando Corporation elects to amortize the R&D expenses over 60 months.

Increases in the effect of asset ceiling are     recognized in full during the year in other comprehensive income recognized in full in the following year in other comprehensive income amortized over the remaining average service lives of the plan participants partly recognized in profit or loss and other comprehensive income