What are the different types of depreciation? What are the advantages and disadvantages of each?
What will be an ideal response?
The two types of depreciation discussed in the text are straight-line and accelerated. The straight-line depreciation method of calculating annual depreciation is the simplest and usually is adequate for internal planning purposes. If the tax shields come earlier, they are worth more. Tax laws allow just that with what is called accelerated depreciation. Since 1986, the only acceptable accelerated depreciation method in the United States is the Modified Accelerated Cost Recovery System (MACRS). MACRS shortens the lives of investments, giving firms larger tax deductions. It requires the firm to categorize their investments into one of six classes, each of which has a recovery period or class life.
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Which of the following is not one of the Big Five personality dimensions?
A. tolerance for ambiguity B. extroversion C. agreeableness D. conscientiousness E. emotional stability
Flagg records adjusting entries at its December 31 year-end. At December 31, employees had earned $12,000 of unpaid and unrecorded salaries. The next payday is January 3, at which time $30,000 will be paid. Prepare the journal entry on January 3 to record payment assuming the adjusting and reversing entries were made on December 31 and January 1.
A. Debit Salaries payable $30,000; credit Cash $30,000. B. Debit Salaries expense $18,000; credit Cash $18,000. C. Debit Salaries expense $18,000, debit Salaries payable $12,000; credit Cash $30,000. D. Debit Salaries expense $12,000; debit Salaries payable $18,000; credit Cash $30,000. E. Debit Salaries expense $30,000; credit Cash $30,000.
What minimum degree of educational attainment is generally required for the issuance of an H-1B visa?
A) high school diploma B) bachelor's degree C) master's degree D) No degree of educational attainment is required, since skill level (however acquired) and the employer's particular need for the worker are the operative criteria for the issuance of an H-1B visa.
If the predetermined overhead allocation rate is 75% of direct labor cost, and the Assembly Department's direct labor cost for the reporting period is $20,000, the following entry would be made to record the allocation of overhead to the products processed in this department: Factory Overhead15,000 Work in Process Inventory, Assembly Dept. 15,000
Answer the following statement true (T) or false (F)