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Homework answers / question archive / Razorback Sports Inc
Razorback Sports Inc. purchased equipment on July 1, 2016. Razorback Sports took the maximum amount of §179 depreciation (no bonus depreciation). The equipment is all 7 year property. (The corporation uses MACRS depreciation for tax purposes.)
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a. |
Cost of the equipment |
832,500 |
Find the depreciation form 2019.Gem Service anticipates the following sales revenue over a five-month period: Click the icon to view the sales data.) The company's sales are 30% cash and 70% creoit. Its collection history indicates that credit sales are collected as follows: (Click the icon to view the collections data) How much cash will be collected in January? In February? In March? For the Complete the cash budget to determine how much cash will be collected in January February March and for the quarter in total. (Round your answers to the nearest whole dollar) Gem Service Cash Collections Budget For the Months of January through March January February March Quarter Cash sales Collection of credit sales 20% Month of sale 40% Month after 30% Two months after Total cash collections over a five-month 0 More Info Xpdicates that credit sales are collecte view the collections data.) e collected in January? In February ash will be collecte 20% in the month of the sale 40% in the month after the sale þund your answers to the nearest w Service ections Budget January through 30% two months after the sale 10% are never collected i Data Table Print Done ? November December March Sales revenue. January $ 15,200 February $ 12,000 $ 16,800 $ 10,600 $ 14,800 Print Done mue to the next question.
