Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. 2 of 4 (3 complete) hw score: 75%, 3 of 4 pts scor

2 of 4 (3 complete) HW Score: 75%, 3 of 4 pts Score: 0 of...

50.1K

Verified Solution

Question

Finance

image
2 of 4 (3 complete) HW Score: 75%, 3 of 4 pts Score: 0 of 1 pt Problem 10.LO1.3 (similar to) Question Help Assume that today is December 31, 2015. Mike Mulligan Excavation Inc. has one Caterpillar 345DL Hydraulic Excavator. It was purchased at the beginning of 2014 for $291,000. The excavator is classified as a 10-year property. (MACRS depreciation rates are shown in the table ) Selected financial values for 2015 are shown in the table, below. Assume a corporate tax rate of 35%. What is the tax on sale in 2015 ir Mike sells the 345DL at the end of 2015 for $150,000? (Enter any tax benefit as a negative tax.) Selected Financial Values 2015 Mike Mulligan Excavations Inc. Sales Cost of Goods Sold S, G&A $2,464,000 $1,033,000 $818,500 The tax (or tax benefit for an ordinary loss) on the sale is (Round to the nearest dollar) Enter your answer in the answer box and then click Check Answer. All parts showing Clear All Check

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

What are some of the differences in estimating the benefits for CRM investments versus determining the...

Finance
Q

Write a narrative essay on A time that you experienced something spooky within 300 words.

Psychology
Q

Explain how operations management supports the Quality Assurance process?

General Management
Q

13. What are sex chromosomes?a. one chromosome that determine the organism's sexb. a pair of...

Biology
Q

6 Explain the general process of transcription including the three major steps of initiation elongation...

Biology
Q

Consider the function f : N?P(N) given byf(x) = {d ? N: d|x}.(a) Write out...

Basic Math
Q

Autumn invested $2,800 in an account paying an interest rate of 6.2% compounded monthly. Assuming...

Algebra
Q

Sheffield Company acquired a plant asset at the beginning of Year 1. The asset has...

Accounting
Q

Suppose that the bank XZV has set aside 1 in allowances for loan loss reserves....

Accounting
Q

The company offers warranties for its hardware products that generally range up to three years,...

Accounting
Q

Division A manufactures electronic circuit boards. The boards can be sold either to Division B...

Accounting
Q

Which of the following conditions is not required for an employee stock purchase plan to...

Accounting