A client placed three new business assets into service in 2018. The client has high taxable income and would like to maximize the deduction by using bonus depreciation. All of the following assets will qualify for bonus depreciation except
A. a garage for the service vans.
B. computer software.
C. manufacturing equipment.
D. All of the assets qualify for bonus depreciation.
Answer: A
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Which of the following depreciation methods is considered to be the least conservative?
a. Sum-of-the-Years' Digits b. Declining-Balance Method c. Straight-Line d. each method is equally conservative e. Sum-of-the-Years' Digits and Declining-Balance Method are equally conservative
Elimination entries are recorded in the consolidated journal and posted to the consolidated ledger
Indicate whether the statement is true or false
Mammoth Foods, a major agricultural corporation, recently purchased MJS Organic Foods Co. MJS was established six years ago and has become a major supplier to restaurants in the northeastern United States. The organic herbs, vegetables, and fruit market is expected to have a double-digit growth rate over the next decade. Under the Boston Consulting Group (BCG) Growth-Share Matrix, MJS would most likely be classified as a ________.
A. dog B. star C. problem child D. top gun E. cash cow
Uniq Works purchased raw materials amounting to $126,000 on account and $16,000 for cash
The materials will be used to manufacture upholstery for furniture manufacturers on a contract basis. Which of the following journal entries correctly records this transaction? A) Accounts Payable 126,000 Cash 16,000 Raw Materials Inventory 142,000 B) Finished Goods Inventory 142,000 Accounts Payable 142,000 C) Work-in-Process Inventory 142,000 Accounts Payable 142,000 D) Raw Materials Inventory 142,000 Cash 16,000 Accounts Payable 126,000