On January 3, 2014, Dave’s Excavating Company purchased a bulldozer for $200,000

/in /by

On January 3, 2014, Dave’s Excavating Company purchased a bulldozer for $200,000. In addition to the basic

purchase price, the company paid sales tax of $12,000 and freight charges of $11,000. The bulldozer will be used for 36,000 machine hours. Dave estimates that the bulldozer will have a useful life of 5 years and no residual value.

Required:
I. Compute the cost of the asset.
II. Compute the depreciation expense for 2014 and 2015 using the:
i. straight-line method
ii. units-of-production method assuming the bulldozer was used 5,000 machine hours in 2014 and 20,000 machine hours in 2015.
iii. double declining balance method

 
Looking for a Similar Assignment? Order now and Get 10% Discount! Use Coupon Code "Newclient"

1. Capital losses: a) can offset ordinary income up to a maximum of $3000 in a tax year

/in /by

1. Capital losses:

a) can offset ordinary income up to a maximum of $3000 in a tax year

b) may be

carried back two years and then carried forward 15 years

c) may only be claimed against other investment income

d) are disallowed if the tax payer’s filling status is married filling separately

2. FICA applies to which of the following?

a) individuals who report only interest and dividend income

b) corporations that report less than $50,000 in gross receipts

c) individuals who report only distributions from retirement accounts

d) independent contractors reporting net earnings from self-employment of $400 or more

Please choose the correct answers.

 
Looking for a Similar Assignment? Order now and Get 10% Discount! Use Coupon Code "Newclient"

1. In general, which would you rather claim on a tax return?

/in /by

1. In general, which would you rather claim on a tax return?

a) an IRA deduction of $200

b) a capital

gain of $200

c) a net operating loss of $200

d) a credit for $200

please choose the correct answer.

 
Looking for a Similar Assignment? Order now and Get 10% Discount! Use Coupon Code "Newclient"

Class, Please provide a definition and examples proper usage of each method for documenting specific business processes.

/in /by

Class,

Please provide a definition and examples proper usage of each method for

documenting specific business processes.

 
Looking for a Similar Assignment? Order now and Get 10% Discount! Use Coupon Code "Newclient"