Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Theresa bought a car (5-year property) for $10,000 for her business on 1/3/2019. She used it 100% for her business. She sold it on 4/5/2021

Theresa bought a car (5-year property) for $10,000 for her business on 1/3/2019. She used it 100% for her business. She sold it on 4/5/2021 for $12,000. Her depreciation for 2021 is 

a. $1920 

b. $960 

c. $1152


Step by Step Solution

3.42 Rating (171 Votes )

There are 3 Steps involved in it

Step: 1

Answer Step 1 Depreciation It is a noncash expense This is the decrease in the value of a f... 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

Smith and Roberson Business Law

Authors: Richard A. Mann, Barry S. Roberts

15th Edition

1285141903, 1285141903, 9781285141909, 978-0538473637

More Books

Students also viewed these Accounting questions

Question

Discuss the potential civil liabilities under the 1933 Act.

Answered: 1 week ago