Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

Q1) Griffith Delivery Service bought a delivery truck for $33,600. Truck has estimated useful life of six years and no salvage value. For purpose financial statements, Griffith is planning to utilize straight-line depreciation. For tax purposes, Griffith follows MACRS, Depreciation expense utilizing MACRS is $6,720 in Year 1, $10,750 in Year 2, $6,450 in year 3, $3,870 in each of Years 4 and 5, and $1,940 in Year 6.

problem:

1. prepare down the difference between straight-line and MACRS depreciation expense for each of 6 years?

2. Griffith's president has asked why you have utilized one method for books and another for computing taxes. "Can you do this? Is it legal? Don't we take same total depreciation either way?" he asked. prepare a short memo answering his problem and dscribing benefits of using two methods for depreciation.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M919776

Have any Question? 


Related Questions in Accounting Basics

Problemin an annual audit on december 31 2016 novelty

Problem In an annual audit on December 31, 2016, Novelty company provided the following transactions: 1. Merchandise was received on January 8, 2017, and related purchase invoice recorded on January 5, 2017. The invoice ...

Focus of the final paperyouve just been hired onto abc

Focus of the Final Paper You've just been hired onto ABC Company as the corporate controller. ABC Company is a manufacturing firm that specializes in making cedar roofing and siding shingles. The company currently has an ...

Kiona co set up a petty cash fund for payments of small

Kiona Co. set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund occurred in May (the last month of the company's fiscal year). May 1 Prepared a company check for ...

Attn super geek onlythe sarbanes-oxley act of 2002 sox was

ATTN: Super Geek Only The Sarbanes-Oxley Act of 2002 (SOX) was passed as the result of the Enron scandal and other instances of accounting fraud. This act was passed to strengthen the role of the Securities and Exchange ...

Question 1 ldquoaccountancy is an information systemrdquo

Question 1. “Accountancy is an Information System”. Do you agree? Substantiate your answer with reasons. How does an Accountant help in planning and controlling a large commercial organization? Explain.    Question 2. Th ...

Discussion forumthis week we shall look at monopolistic

DISCUSSION Forum This week we shall look at Monopolistic Competition. This is where you, as a consumer, spend most of your time. In Monopolistic Competition, there are many companies selling similar but not identical pro ...

Assignmentresearch the foreign corrupt practices actaddress

Assignment: Research "THE FOREIGN CORRUPT PRACTICES ACT" Address, at a minimum, the following: The rationale for the Act (i.e. why was it implemented) What the Act prohibits How the Act impacts businesses nationally, and ...

Question 1grammys bakery had the following information for

Question 1 Grammy's Bakery had the following information for the pay period ending June 30: Employee Name Pay Rate Hours Worked Cumulative Earnings Department Federal Income Tax Withheld P. Ganster $2,000 Salaried $12,00 ...

Review the provisions of the sarbanes-oxley act of 2002 to

Review the provisions of the Sarbanes-Oxley Act of 2002 to address the accounting scandals in the late 1990s and early 2000s (Enron, WorldCom, etc.). Identify the provisions that you believe made the most significant imp ...

In your own words explain the recording process and the

In your own words, explain the recording process and the accounting equation to someone who has no accounting experience. Then, give your opinion on the elements or areas that might cause the most confusion or be the mos ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro