16,100 2022... 9,700
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In March 2020, Jones Company purchased a Mercedes for use in its business at a cost of $73,000. Required: Assuming no bonus
2020...$ 10,100
2021... 16,100
2022... 9,700
2023 and subsequent years... 5,760
* Refer to attached images for Table 7-1 and Table 7-2
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- A manufacturer of aerospace products purchased three flexible assembly cells for $450,000 each. Delivery and insurance charges were $40,000, and installation of the cells cost another $54,000. a. Determine the cost basis of the three cells. b. What is the class life of the cells? c. What is the MACRS depreciation in year three? d. If the cells are sold to another company for $100,000 each at the end of year seven, how much is the recaptured depreciation? Click the icon to view the partial listing of depreciable assets used in business. Click the icon to view the GDS Recovery Rates (rk). a. The cost basis of the three cells is $ thousand. (Round to the nearest whole number.) b. The class life of the cells is years. (Round to the nearest whole number.) c. The MACRS depreciation in year three is $ thousand. (Round to the nearest whole number.) d. The recaptured depreciation is $ thousand. (Round to the nearest whole number.)Valuation of assets. Using the information provided in the following table, find the value of each asset. Asset End of Year Amount A 1 7000 7% 2 7000 3 7000 B 1 through &inf; 600 5% C 1 0 5% 2 0 3 0 4 0 5 45000 D 1 through 5 1000 3% 6 8900 E 1 6000 7% 2 7000 3 9000 4 11000 5 8000 6 5000Use the information in Problem A-1 to solve this problem. Assume that the van is five-year property for tax purposes. Required Prepare a schedule of depreciation under MACRS. Round figures to the nearest whole dollar. PROBLEM A-1 A delivery van was bought for 18,000. The estimated life of the van is four years. The trade-in value at the end of four years is estimated to be 2,000. Check Figure Year 3 depreciation, 3,456
- Problem 1. a:Consider the following data on an asset: Cost of the asset, I Useful life, N Salvage value, S $130,000 5 years $5,000 Compute the annual depreciation allowance using the straight-line depreciation method.The following information is for Bridgeport Real Estate: Bridgeport Real Estate Balance Sheet December 31, 2020 Cash $ Accounts Payable $ 24800 59600 Prepaid Insurance 30200 Salaries and Wages Payable 15200 Accounts Receivable 49500 Mortgage Payable 85700 Inventory 70100 Total Liabilities 160500 Land Held for 85800 Investment Land 118400 Buildings 98500 Less Accumulated Owner's Capital 365300 Depreciation ( 78300 20200) Trademark 68700 Total Liabilities and Total Assets 24 Owner's Equity 24 525800 525800 The total dollar amount of assets to be classified as current assets is O $ 190300. O $174600. O$ 104500. O $ 260400.Statement of Profit and Loss and Other Comprehensive Income for the years ended 31 December 2024 2023 R'000 R'000 Turnover 1287052 934052 Operating Profit 137342 81768 Net Finance Cost 39264 20862 Operating Profit before taxation 98078 60906 Income tax expense 7027 3048 Profit for the Year 91051 57858 3502 2237 Operating profit includes Depreciation and loss on sale of fixed asset 5/12 Required: a) Prepare the cash flows from operating activities for the company for 2024 using the available information (10 Marks) b) Perform a financial review of the company based on calculating the following financial ratios and explain how it may be interpreted. Debt equity ratio Times interest earned Current ratio Debtors average collection period Inventory turnover Your answer should include an overall assessment of the company (25 Marks) c) List the audit steps to verify the existence of inventory (10 Marks)
- Air handling equipment costs $8,000. The air handling equipment is to be depreciated, using the MACRS with a GDS recovery period of seven years. What is the BV of the equipment at the end of (including) year four?An asset has values of the PW during its economic life as shown in the table below. When should the asset be abandoned without replacement? Year PW 1 $14,408 2 $18,856 3 $21,466 4 $21,061 5 $19,614 a. year 3 b. year 5 c. year 4 d. year 1Using the MACRS table in your sildes covering chapters 9-11 and for an asset purchased at a cost of $200.000 and considered class 7, what is the MACRS depreciation for years two through five? a) Second year: b) Third year: d) Fourth year: d) Fifth year:
- Connect: Cha... 6 Table 9.7 Modified ACRS depreciation allowances Saved Help Save & Exit Submit Property Class Year 3-Year 5-Year 7-Year Check my work 1 33.33% 20.00% 14.29% 2 44.45 32.00 24.49 3 14.81 19.20 17.49 4 7.41 11.52 12.49 An asset used in a four-year project falls in the five-year MACRS class (MACRS schedule) for tax purposes. The asset has an acquisition cost of $7,200,000 and will be sold for $1,620,000 at the end of the project. If the tax rate is 24 percent, what is the aftertax salvage value of the asset? Note: Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32. 7 5 11.52 8.93 6 5.76 8.92 8.93 8 4.46 Aftertax salvage valueFind the depreciation for the fourth year using MACRS cost-recovery rates for the property placed in service at midyear. The property is a 3-year property and was purchased for $90,981. MACRS Table Depreciation rate for recovery period Year 3-Year 5-Year 7-Year 10-Year 15-Year 20-Year 1 33.33 % 20.00 % 14.29 % 10.00 % 5.00 % 3.750 % 2 44.45 32.00 24.49 18.00 9.50 7.219 3 14.81 19.20 17.49 14.40 8.55 6.677 4 7.41 11.52 12.49 11.52 7.70 6.177 5 11.52 8.93 9.22 6.93 5.713 6 5.76 8.92 7.37 6.23 5.285 7 8.93 6.55 5.90 4.888 8 4.46 6.55 5.90 4.522 9 6.56 5.91 4.462…A Cost 49, 300, # Computer System purchased by Jones Company Using the MACRS method Caleviate depreciation at the the accumulated 3. (Round all Dollar amounts. to A 35, 101.60 B 33, 345.54 C 40 780.9 و ما ان ها ,45 D 87 Abswer ky end of year newest Cent)