On January 3, 2015, John acquired and placed into service business tools costing $10,000. The tools have a 3-year class life. No other assets were purchased during that year. The depreciation in 2018 for those tools is (Sec. 179 and bonus depreciation were not applied)
A) $0.
B) $741.
C) $1,920.
D) $3,333.
B) $741.
(0.0741 × $10,000) = $741 per MACRS tables
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State Street Digital Company starts the year with $3500 in its Estimated Warranty Payable account. During the year, there were $213,000 in sales and $4900 in warranty repair payments. State Street Digital estimates warranty expense at 4% of sales. The Warranty Expense for the year is ________.
A) $8520 B) $4900 C) $3500 D) $7120
When using backflush costing, product costs are first accumulated in the __________ account
A) Cost of Goods Sold B) Work in Process Inventory C) Conversion Costs D) Finished Goods Inventory
A participating life policy may pay a dividend
Indicate whether the statement is true or false.
Another term used for push money that is given to retailers' or wholesalers' sales staff to encourage them in promoting and selling a company's product is
A. a slotting fee. B. an off-invoice allowance. C. a rebate. D. a spiff. E. a fixed trade spending.