On July 10, 2021 Ariff places in service a new SUV that cost $70,000 and weighed 6,300 pounds. The SUV is used 100% for business. Determine Ariff's maximum deduction for 2021, assuming Ariffs section 179 business income is $110,000. Ariff does not take additional first year depreciation. A. $14,000 B. $26,200 C. 34,960 D. $70,000

On January 1, 2022, Swifty Company purchased equipment for $41000. The company is depreciating the equipment at the rate of $820 per month. The book value of the equipment at December 31, 2022 is O $41000. O $0. O $31160. O $9840.

K On January 2, 2016, Sweet Pet purchased fixtures for $50,800 cash, expecting the fixtures to remain in service for eight years. Sweet Pet has depreciated the fixtures on a straight-line basis, with $10,000 residual value. On April 30, 2018, Sweet Pet sold the fixtures for $33,400 cash. Record both depreciation expense for 2018 and sale of the fixtures on April 30, 2018. (Assume the modified half-month convention is used. Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Before recording the sale of the fixtures, let's calculate any gain or loss on the sale of the fixtures. (Enter a loss with a minus sign or parentheses.) Market value of assets received 33400 Less: Book value of asset disposed of Cost Less: Accumulated Depreciation Gain or (Loss) Now, record the sale of the fixtures on April 30, 2018. Date Apr. 30 50800 *** Accounts and Explanation Debit Credit

On July 10, 2023, Ariff places in service a new SUV that cost $70,000 and weighed 6,300 pounds. The SUV is used 100% for business. Determine Ariff's maximum deduction for 2023, assuming Ariff's § 179 business income is $110,000. Ariff does not take additional first-year depreciation. A. $14,000 B. $ 28,900 C. $37, 120 D. $70,000 It says that the answer is C but why is that? Please be detailed

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Question 1. Ltd purchased a machine on 1 July 2014 for $320,000. The machine is expected to have a useful life of 4 years (straight-line basis) and no residual value. The ATO allows the company to depreciate the asset over 5 years for taxation purposes. The profit before tax for the company for the year ending 30 June 2015 is $500,000. The tax rate is 30%.   Required:   A).Calculate the company's taxable profit and hence its tax payable for 2015.   B).Determine the deferred tax liability or deferred tax asset that will result.   C). Prepare the necessary journal entries on 30 June 2015.

ces On May 12, 2022, Nelson Incorporated purchased eight passenger automobiles for its business. Nelson did not make a Section 179 election to expense any portion of the cost of the automobiles, which are five-year recovery property subject to the half-year convention. Assume there is no bonus depreciation or Section 179 deduction. Use Table 7-1 and Table 7-2. Use the below table for annual depreciation deduction for year 2022 to 2025: 2022 2023 2024 2025 and subsequent years $ 11, 200 18,000 10,800 6,460 Required: a. Compute Nelson's depreciation deduction with respect to the automobiles for 2022 and 2023 assuming the automobiles were Mini Coopers costing $14,300 each. b. Compute Nelson's depreciation deduction with respect to the automobiles for 2022 and 2023 assuming the automobiles were Cadillacs costing $60,000 each. Complete this question by entering your answers in the tabs below. Required A Required B