Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Can anyone get me started? This is the original assignment and what I have so far, I just want to know if I am on

image text in transcribedimage text in transcribed

Can anyone get me started? This is the original assignment and what I have so far, I just want to know if I am on track and what to do next. If it is completely wrong just let me know and tell me where to start. We are trying to get a deduction between $1,030,000 and $1,130,00. I just need some guidance, not the complete answer

Thank you

Steed & Peel - 12/31/2019 Recovery Period GDS Method $179 Expense Amount Remaining Basis Remaining Basis Recovery % GDS Recovery Deduction Luxury Auto MACRS Cap Total Allowable Deductions Description Date Acquired Cost Convention Bonus Rate Bonus Deprn. 5/6/19 $ 92,004 92,004 92,004 Executive Vehicle (Audi A8) Meat Slicers & Related Food Service (Used Eqpt.) 2/24/19 323,064 323,064 323,064 Walk-in Cooler & Related 6/20/19 368,651 368,651 368,651 Furniture & Fixtures 7/26/19 122,200 7 DDB 122,200 n/a n/a 122,200 Computers & Peripherals 1/16/19 48,238 5 | DDB 48,238 n/a na | 48,238 9/25/19 34,500 34,500 34,500 Canned software - business applications Delivery/Cargo Trucks (3 - each GVW 9,500 lbs) 11/11/19 173,700 173,700 173,700 Building Improvements - Expansion Costs 10/12/19 526,296 526,296 526,296 Totals 1,688,653 $ 170,438 $ 1,518,215 - $ 1,518,215 170,438 Total Personal Property (after any $179) Total Personal Property 4th Quarter (after any 179) Fourth Quarter Ratio Recovery Period GDS Method 9179 Expense Amount Remaining Basis Remaining Basis Recovery % GDS Recovery Luxury Auto Deduction | MACRS Cap Total Allowable Deductions Description Date Acquired Cost Convention Bonus Rate Bonus Deprn. 5/6/19 $ 92,004 92,004 n/a 18,100 18,100 Executive Vehicle (Audi A8) Meat Slicers & Related Food Service (Used Eqpt.) 2/24/19 323,064 323,064 323,064 Walk-in Cooler & Related 6/20/19 368,651 368,651 368,651 Furniture & Fixtures 7/26/19 122,200 DDB 122,200 122,200 Computers & Peripherals 1/16/19 48,238 HY DDB 48,238 48,238 9/25/19 34,500 34,500 17,250 17,250 17,250 Canned software - business applications Delivery/Cargo Trucks (3 - each GVW 9,500 lbs) 11/11/19 173,700 173,700 n/a 25,500.00 25,500 Building Improvements - Expansion Costs 10/12/19 526,296 526,296 526,296 Totals 1,688,653 $ 1,127,857 $ 560,796 $ 17,250 $ 543,546 923,003 Total Personal Property (after any $179) Total Personal Property 4th Quarter (after any $179) Fourth Quarter Ratio

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

English For Accounting And Auditing Students Book

Authors: Dejan Arsenovski

1st Edition

869212253X, 978-8692122538

More Books

Students also viewed these Accounting questions

Question

3. Explain how Dove adopts a social marketing perspective.

Answered: 1 week ago

Question

Describe the new structures for the HRM function. page 676

Answered: 1 week ago