Question Details
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:
Gross sales
$351,700
Returns and allowances
4,000
Expenses:
Beginning inventory (at cost)
$
84,300
Add: purchases
100,700
Cost of goods available for sale
185,000
Less: ending inventory (at cost)
75,000
Cost of goods sold
$110,000
Rent
23,800
Insurance
1,500
Legal and accounting fees
2,800
Payroll
37,200
Payroll taxes
3,440
Utilities
1,850
Office supplies
750
Advertising
2,100
On June 1 of this year, Sherry purchased the following new assets for the store:
Depreciable Basis
Recovery Period
Heavy-duty truck
$31,000
5 years
Desk and file cabinets
17,000
7 years
Computer
3,000
5 years
The truck is not considered a passenger automobile for purposes of the luxury automobile
limitations. No Section 179 election is made.
Required:
The business has MACRS depreciation of $3,651 on assets placed in service prior to 2016.
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STATUSAnswered
QUALITYApproved
DATE ANSWEREDJan 02, 2020
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