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Computer Mary’s income or deductions for 2012 using the (1) cash basis and (2) the

Computer Mary’s income or deductions for 2012 using the (1) cash basis and (2) the

Computer Mary’s income or deductions for 2012 using the (1) cash basis and (2) the accrual basis for each of the following: (a.) In May 2012, Mary paid a licence
fee of $1200 for the period June 1, 2012 through May 31, 2013. (b) In December 2012, Mary collected $10,000 for January 2013 rents. In January 2013, Mary Collected
$2,000 for December 2012 rents. (c) In June 2012, Mary paid $7,200 for an office equipment service contract for the period July 1, 2012 through Dec. 31, 2013. (d)
In June 2012, Mary purchased office furniture for $273,000. She paid $131,000 in cash and gave $142,000 interest bearing note for the balance. The office furniture
has an MARCS cost recovery period of 7 yrs. Mary did not make the 179 election and elected not to take additional first-year depreciation.

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