Comprehensive Problem 7-1 Sherry Hopson owns a retail family clothing store. Her store is located at 4321 Heather Drive, Henderson, NV 89002. Her...
Sherry Hopson owns a retail family clothing store. Her store is located at 4321 Heather Drive,
Henderson, NV 89002. Her employer identification number is 95-1234321 and her Social
Security number is 123-45-6789. Sherry keeps her books on an accrual basis. The income and
expenses for the year are:
Returns and allowances
Beginning inventory (at cost)
Cost of goods available for sale
Less: ending inventory (at cost)
Cost of goods sold
Legal and accounting fees
On June 1 of this year, Sherry purchased the following new assets for the store:
Desk and file cabinets
The truck is not considered a passenger automobile for purposes of the luxury automobile
limitations. No Section 179 election is made.
The business has MACRS depreciation of $3,651 on assets placed in service prior to 2016.
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