Find solutions for your homework

Search

(1 bookmark)

I need help with how to calculate depreciation. I've posted this question once and the workings did not come up with the correct answer. They also were very confusing. I need to know what number to put in line 13, part 2, schedule c

Book Thish Himple owns a retall family clothing store. Her store is located at 4321 Heather Drive, Henderson, NV 89002. Her employer Identification number is 95-1234321 and her Social Security number is 123-45-6789. Trish keeps her books on an accrual basis. The income and expenses for the year are $340,000 14,000 $ 85,000 Gross sales Returns and allowances Expenses: Beginning inventory (at cost) Add: purchases Cost of goods available for sale Less: ending inventory (at cost) Cost of goods sold 101,000 $186,000 71,000 Rent Insurance Legal and accounting fees Payroll Payroll taxes $115,000 24,400 2,000 5,000 56,400 4,400 2,200 Utilities 750 Omce supplies Advertising 6,200 Trish's bookkeeper has provided the book basis Mixed asset roll forward to be used in computing the depreciation (see separate tab). For tax purposes, Thish elected out of bonus depreciation in all years except 2020. She did not elect Immediate expensing in any year. The tax lives of the assets are the same as the book live shown in the fixed asset schedule. The truck is not considered a passenger automobile for purposes of the luxury automobile limitations Thish also has a quathed home office of 250 sq. ft. Her home is 2,000 sq. Ft. Her 2015 purchase price and basis in the home, not including land, is $100,000 (the home's market value is $150,000). She incurred the following costs in 2020 related to the entire home: Utilities $3,000 Cleaning 1,000 Insurance 1,100 Property taxes 2,000 Required: Complete Trisn's Schedule C, Form 8929, and Form 4562 (as necessary). Make realistic assumptions about any missing data. Enter all amounts as positive numbers. If an amount box does not require an entry or the answer is zero, enter "0". If required round any dollar amount to the nearest dollar, O comprehensive Problem book HOW THE Himple Retail Fixed Asset Rollforward 12/31/2020 (beok basis) DEPR COST 2010 IN SERVICE METHOD LEE BASIS DEPR 12/15/2018 SL 5 9,000.00 165.00 9,900.00 165.00 2019 2020 NET BOOK ACCUM DEPR DEPR VALUE ASSET CASH ROSTER 2013 TOTAL ADDITIONS DEPR 1.950.00 1.980.00 1,900.00 4.125.00 4,125.00 5,775.00 5.775.00 1,900.00 St. 226.19 9/12/2016 012/2013 678 57 904 76 RETAIL FINTURES FURNITURE 2019 TOTAL ADDITIONS TOTAL 4,750.00 3,900.00 3,845,24 51. 557 14 3,157.15 106.71 411.90 3,301.00 3,650.00 18,550,00 7,00239 742.85 1.647.61 5,772.61 1.235.71 3.215.71 165.00 12,777.39 DELIVERY TRUCK DESK AND CARINETRY 5 6/1/2020 /1/2020 W1/2020 SL SL 2 SU 37,500.00 11,000.00 2,800.00 $2,200.00 70,250.00 2375.00 91.67 326.67 CONPUTER 2020 TOTAL ADDITIONS TOTAL 4375.00 991.67 326.67 5,693 34 33,125,00 10,901133 2.473.33 46,506.66 99,214.05 5,693.54 11,465.95 165.00 2,391.90 1.909.05 7 211,000 18 750 19 20a 20b 24,400 Chapter 08 Comprehensive Problem eBook 7 Gross income. Add lines 5 and 6 Part II Expenses. Enter expenses for business use of your home only on line 30. # Advertising 8 6,200 18 Office expense (see instructions). 9 Car and truck expenses (see 19 Pension and profit-sharing plans. Instructions) 9 20 Rent or lease (see instructions): 10 Commissions and fees 10 a Vehicles, machinery, and equipment 11 Contract labor (see instructions) 11 b Other business property 12 Depletion 12 21 Repairs and maintenance 13 Depreciation and section 179 22 Supplies (not included in Part III). expense deduction (not included 23 Taxes and licenses in Part III) (see instructions) 24 Travel and meals 14 Employee benefit programs a Travel (other than on line 19) 14 b Deductible meals (see 15 Insurance (other than health) 15 2,000 Instructions) 16 Interest (see instructions): 25 Utilities 21 22 23 4,400 13 24a 24b 25 2,200 a Mortgage (paid to banks, etc.) 16a 26 56,400 26 Wages (less employment credits) 27a Other expenses (from line 48) b Other 16b 27a 17 Legal and professional services 17 5,000 b Reserved for future use 27b 28 Total expenses before expenses for business use of home. Add lines through 270 28 Book Thish Himple owns a retall family clothing store. Her store is located at 4321 Heather Drive, Henderson, NV 89002. Her employer Identification number is 95-1234321 and her Social Security number is 123-45-6789. Trish keeps her books on an accrual basis. The income and expenses for the year are $340,000 14,000 $ 85,000 Gross sales Returns and allowances Expenses: Beginning inventory (at cost) Add: purchases Cost of goods available for sale Less: ending inventory (at cost) Cost of goods sold 101,000 $186,000 71,000 Rent Insurance Legal and accounting fees Payroll Payroll taxes $115,000 24,400 2,000 5,000 56,400 4,400 2,200 Utilities 750 Omce supplies Advertising 6,200 Trish's bookkeeper has provided the book basis Mixed asset roll forward to be used in computing the depreciation (see separate tab). For tax purposes, Thish elected out of bonus depreciation in all years except 2020. She did not elect Immediate expensing in any year. The tax lives of the assets are the same as the book live shown in the fixed asset schedule. The truck is not considered a passenger automobile for purposes of the luxury automobile limitations Thish also has a quathed home office of 250 sq. ft. Her home is 2,000 sq. Ft. Her 2015 purchase price and basis in the home, not including land, is $100,000 (the home's market value is $150,000). She incurred the following costs in 2020 related to the entire home: Utilities $3,000 Cleaning 1,000 Insurance 1,100 Property taxes 2,000 Required: Complete Trisn's Schedule C, Form 8929, and Form 4562 (as necessary). Make realistic assumptions about any missing data. Enter all amounts as positive numbers. If an amount box does not require an entry or the answer is zero, enter "0". If required round any dollar amount to the nearest dollar, O comprehensive Problem book HOW THE Himple Retail Fixed Asset Rollforward 12/31/2020 (beok basis) DEPR COST 2010 IN SERVICE METHOD LEE BASIS DEPR 12/15/2018 SL 5 9,000.00 165.00 9,900.00 165.00 2019 2020 NET BOOK ACCUM DEPR DEPR VALUE ASSET CASH ROSTER 2013 TOTAL ADDITIONS DEPR 1.950.00 1.980.00 1,900.00 4.125.00 4,125.00 5,775.00 5.775.00 1,900.00 St. 226.19 9/12/2016 012/2013 678 57 904 76 RETAIL FINTURES FURNITURE 2019 TOTAL ADDITIONS TOTAL 4,750.00 3,900.00 3,845,24 51. 557 14 3,157.15 106.71 411.90 3,301.00 3,650.00 18,550,00 7,00239 742.85 1.647.61 5,772.61 1.235.71 3.215.71 165.00 12,777.39 DELIVERY TRUCK DESK AND CARINETRY 5 6/1/2020 /1/2020 W1/2020 SL SL 2 SU 37,500.00 11,000.00 2,800.00 $2,200.00 70,250.00 2375.00 91.67 326.67 CONPUTER 2020 TOTAL ADDITIONS TOTAL 4375.00 991.67 326.67 5,693 34 33,125,00 10,901133 2.473.33 46,506.66 99,214.05 5,693.54 11,465.95 165.00 2,391.90 1.909.05 7 211,000 18 750 19 20a 20b 24,400 Chapter 08 Comprehensive Problem eBook 7 Gross income. Add lines 5 and 6 Part II Expenses. Enter expenses for business use of your home only on line 30. # Advertising 8 6,200 18 Office expense (see instructions). 9 Car and truck expenses (see 19 Pension and profit-sharing plans. Instructions) 9 20 Rent or lease (see instructions): 10 Commissions and fees 10 a Vehicles, machinery, and equipment 11 Contract labor (see instructions) 11 b Other business property 12 Depletion 12 21 Repairs and maintenance 13 Depreciation and section 179 22 Supplies (not included in Part III). expense deduction (not included 23 Taxes and licenses in Part III) (see instructions) 24 Travel and meals 14 Employee benefit programs a Travel (other than on line 19) 14 b Deductible meals (see 15 Insurance (other than health) 15 2,000 Instructions) 16 Interest (see instructions): 25 Utilities 21 22 23 4,400 13 24a 24b 25 2,200 a Mortgage (paid to banks, etc.) 16a 26 56,400 26 Wages (less employment credits) 27a Other expenses (from line 48) b Other 16b 27a 17 Legal and professional services 17 5,000 b Reserved for future use 27b 28 Total expenses before expenses for business use of home. Add lines through 270 28