Question
Carlos reported the following information for GPEs business activities (GPE uses the cash method of accounting): Revenues: Credit card receipts $352,000 Cash receipts 648,000 Total
Carlos reported the following information for GPEs business activities (GPE uses the cash method of accounting):
Revenues:
Credit card receipts | $352,000 |
Cash receipts | 648,000 |
Total revenue | $1,000,000 |
Expenses:
Advertising | $5,450 |
Insurance-professional | 15,750 |
Office building rent | 62,000 |
Equipment leases | 6,050 |
Travel | 14,200 |
Meals | 2,980 |
Wages | 498,725 |
Payroll Taxes and licenses | 44,875 |
Employee health insurance | 42,000 |
Employee benefit programs | 14,500 |
Utilities | 37,425 |
Office supplies | 18,900 |
Legal and professional fees | 15,550 |
Repairs and maintenance | 10,000 |
Total Expenses | $ 788,400 |
GPE purchased and placed in service the following fixed assets in 2019:
Item | Date Purchased | Amount |
Laptop computers | March 1 | $20,500 |
Printers | June 1 | $6,500 |
Office furniture | October 10 | $19,000 |
GPE does not want to claim any Section 179 expensing on any of these assets, but would like to take 1st year bonus depreciation, if available, on all the assets.
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