Penguin Network Warehouses, LLC (PNW, LLC) is a start-up warehousing and logistics company providing grocery stores...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Penguin Network Warehouses, LLC ("PNW, LLC") is a start-up warehousing and logistics company providing grocery stores with climate-controlled storage and just-in-time delivery of perishable goods nationwide. PNW, LLC has 10 Regional Offices with the Corporate Headquarters being in Region 5, Chicago. Each Regional Office makes tangible personal property purchases based on the needs of each location and performs the data entry exercise of entering the purchase information into a central system for fixed asset tracking and depreciation purposes. Corporate has negotiated bulk pricing arrangements with its primary suppliers. Each Regional Office purchases the similar tangible personal property from three primary suppliers as follows: Gentoo Refrigeration supplier of commercial cooling machinery and equipment Magellanic Resources - supplier of computers and peripheral equipment used to manage logistics Emperor Office Furniture - supplier of office furniture and fixtures Ms. Humboldt, the Corporate Tax Analyst, has exported the data from the central system and has created the following Tableau visualization. Penguin Network Warehouses, LLC MACRS Depreciation Year 1 Regional Office $2,000,000 $1,800,000 $1,600,000 III Supplier (All) ✔ Emperor Office Furn... ✔Gentoo Refrigeration ✔ Magellanic Resources ... Penguin Network Warehouses, LLC MACRS Depreciation Year 1 MACRS Tax Depreciation Year 1 $2,000,000 $1,800,000 $1,600,000 $1,400,000 $1,200,000 $1,000,000 $800,000 $600,000 $400,000 $200,000 $0 Atlanta +ableau Regional Office Kansas Cit New York City Philadelphia San Francisc Supplier ✓(All) ✔Emperor Office Furn... ✔Gentoo Refrigeration ✓Magellanic Resources Regional Office ✓(All) ✔Atlanta ✔Boston ✔Chicago ✔Dallas ✔Denver ✔Kansas City ✔New York City ✔Philadelphia ✔San Francisco ✔Seattle +ableau K New PH Sar → KL 70 As typical of a start-up business, PNW, LLC expects to generate a current year loss with regular deprecation. As such, PNW, LLC does not elect Section 179 depreciation and elects out of bonus depreciation. PNW, LLC qualifies for the half year convention. Required: 1. How much depreciation is reported by Philadelphia Region 3 on assets purchased from Magellanic Resources? 2. How much depreciation is reported by Kansas City Region 7 on assets purchased from Magellanic Resources? 3. What asset class life was used by Kansas City Region 7 on assets purchased from Magellanic Resources? 4. Did Kansas City Region 7 under or over report depreciation on assets purchased from Magellanic Resources? 5. What is the correct depreciation for Kansas City Region 7 on assets purchased from Magellanic Resources? Penguin Network Warehouses, LLC ("PNW, LLC") is a start-up warehousing and logistics company providing grocery stores with climate-controlled storage and just-in-time delivery of perishable goods nationwide. PNW, LLC has 10 Regional Offices with the Corporate Headquarters being in Region 5, Chicago. Each Regional Office makes tangible personal property purchases based on the needs of each location and performs the data entry exercise of entering the purchase information into a central system for fixed asset tracking and depreciation purposes. Corporate has negotiated bulk pricing arrangements with its primary suppliers. Each Regional Office purchases the similar tangible personal property from three primary suppliers as follows: Gentoo Refrigeration supplier of commercial cooling machinery and equipment Magellanic Resources - supplier of computers and peripheral equipment used to manage logistics Emperor Office Furniture - supplier of office furniture and fixtures Ms. Humboldt, the Corporate Tax Analyst, has exported the data from the central system and has created the following Tableau visualization. Penguin Network Warehouses, LLC MACRS Depreciation Year 1 Regional Office $2,000,000 $1,800,000 $1,600,000 III Supplier (All) ✔ Emperor Office Furn... ✔Gentoo Refrigeration ✔ Magellanic Resources ... Penguin Network Warehouses, LLC MACRS Depreciation Year 1 MACRS Tax Depreciation Year 1 $2,000,000 $1,800,000 $1,600,000 $1,400,000 $1,200,000 $1,000,000 $800,000 $600,000 $400,000 $200,000 $0 Atlanta +ableau Regional Office Kansas Cit New York City Philadelphia San Francisc Supplier ✓(All) ✔Emperor Office Furn... ✔Gentoo Refrigeration ✓Magellanic Resources Regional Office ✓(All) ✔Atlanta ✔Boston ✔Chicago ✔Dallas ✔Denver ✔Kansas City ✔New York City ✔Philadelphia ✔San Francisco ✔Seattle +ableau K New PH Sar → KL 70 As typical of a start-up business, PNW, LLC expects to generate a current year loss with regular deprecation. As such, PNW, LLC does not elect Section 179 depreciation and elects out of bonus depreciation. PNW, LLC qualifies for the half year convention. Required: 1. How much depreciation is reported by Philadelphia Region 3 on assets purchased from Magellanic Resources? 2. How much depreciation is reported by Kansas City Region 7 on assets purchased from Magellanic Resources? 3. What asset class life was used by Kansas City Region 7 on assets purchased from Magellanic Resources? 4. Did Kansas City Region 7 under or over report depreciation on assets purchased from Magellanic Resources? 5. What is the correct depreciation for Kansas City Region 7 on assets purchased from Magellanic Resources?
Expert Answer:
Related Book For
Posted Date:
Students also viewed these accounting questions
-
Data visualization tools such as Tableau can be used to help audit teams identify items or specific areas of higher risk within an entire population. Your data and analytics center has provided you...
-
On January 1, 2017, Chicago Furniture purchases a new delivery truck. The company pays $80,000 for the truck, sales taxes of $4,500, and delivery costs of $2,300. Chicago Furniture pays a local...
-
Penguin Office Equipment Co. has a fleet of automobiles and trucks for use by salespersons and for delivery of office supplies and equipment. Sioux City Auto Sales Co. has automobiles and trucks for...
-
Tabulate the function f(x) = sin x for x = 0.0(0.2)1.6. From this table estimate, by linear interpolation, the value of sin 1.23. Construct a table equivalent to Figure 2.102, and so estimate the...
-
Repeat Exercise 5 using the Crank-Nicolson Algorithm. Repeat exercise 5
-
5. Spin states and uncertainty [25 points] (a) Derive an uncertainty relation for the S, and S, operators. That is, given a state ), demonstrate an inequality of the form (AST) (AS) .... where the...
-
A distillation column at \(101.3 \mathrm{kPa}\) is separating a two-phase feed that is \(60.0 \%\) liquid, \(40.0 \mathrm{~mol} \%\) methanol, and \(60.0 \mathrm{~mol} \%\) water. Distillate product...
-
Plyler Plastics Company produces a variety of custom plastics products for a worldwide clientele. The company's cost accounting manager, Martha Johns, is beginning to implement an activity-based...
-
Schultz, Inc. reports the following information: Units produced 530 units Units sold 530 units Sales price $ 170 per unit Direct materials $ 33 per unit Direct labor $ 20 per unit Variable...
-
You talk to Sally about getting paid for the work you're doing. You suggest $25 an hour and she agrees. You are only doing this temporarily since you have some extra time so you set yourself up as a...
-
This week you will learn about Social Media and the liabilities and risks from a legal perspective. Social media is defined as electronic communication (including the Internet or network systems)...
-
What are the correct Journal Entries for these 2 transactions. Decided to sell second line of consulting business. Found a buyer for second line of consulting services. Sold the business in exchange...
-
Two balls of equal mass 9 . 2 5 kg undergo a collision. Initially, one ball is moving at a velocity of 1 2 . 0 m / s [ E ] . The other ball is moving directly west with a kinetic energy of 1 8 5 0 J...
-
Create an Excel File with the name What If Analysis & your name . Copy the following Data in Sheet 1 : Data for Goal Seek Assignment Note: Keep in Mind that Goal Seek Does not work on the NON -...
-
Four lawn sprinkler heads are fed by a 2.0 cm diameter pipe. The water comes out of the heads at an angle of 37 to the horizontal and covers a radius of 6.9 m. Part A What is the velocity of the...
-
Apply addition and multiplication methods to numbers that are expressed in different base systems a) Determine the value of the following equations in Decimal form: i) 768 +13110 - 4E216 ii) 3BB16...
-
beta golf case harvard - If i was to go for the acquisition 1 . how much does the business opportunity need? 2 . what type of managemtn do we need? 3 . what are the motives and incentives to this...
-
Wimot Trucking Corporation uses the units-of-production depreciation method because units-of-production best measures wear and tear on the trucks. Consider these facts about one Mack truck in the...
-
The U.S. Census Bureau publishes census data on the resident population of the United States in Current Population Reports. According to that document, 7.3% of male residents are in the age group...
-
Following are the data on plant weight and quantity of volatile emissions from Exercise. Do the data suggest that, for the potato plant Solanum tuberosom, weight and quantity of volatile emissions...
-
Each year, Forbes magazine compiles a list of the 400 richest Americans. As of September 17, 2008, the top 10 on the list are as shown in the following table. Person Wealth ($ billions) William Gates...
-
Express the decimal \(1 . \overline{813}\) as a fraction \(\frac{m}{n}\) (where \(m\) and \(n\) are integers).
-
Which of the following numbers are rational, and which are irrational? Express those which are rational in the form \(\frac{m}{n}\) with \(m, n \in \mathbb{Z}\). (a) \(0 . a_{1} a_{2} a_{3} \ldots\),...
-
The Fibonacci sequence starts with the terms 1,1 and then proceeds by letting the next term be the sum of the previous two terms. So the sequence starts \(1,1,2,3,5,8,13,21,34, \ldots\). With this in...
Study smarter with the SolutionInn App