Gillock, Incorporated Uses Modified Accelerated Cost Recovery System (MACRS)for Its

question 125

Multiple Choice

Gillock, Incorporated uses modified accelerated cost recovery system (MACRS) for its income tax return and the straight-line method for its financial statements. On January 1, Year 1, the company purchased a long-term asset that cost $130,000 and has a $10,000 salvage value and an expected 8-year useful life. MACRS specifies a 5-year life for that asset and a depreciation rate of 20% for the first year of its life. Which of the following would the company show on its financial records?

• A)Less depreciation expense on the tax return than on the income statement
• B)The same amount of depreciation expense for financial reporting as for income tax preparation
• C)Depreciation expense of $26,000 on the income statement and $15,000 on the tax return
• D)A deferred tax liability will be reported on the balance sheet

Distinguish between presenting facts and opinions in digital media.

Identify best practices for phone usage in a professional setting.

Recognize appropriate timing for transitioning to business discussions during a meal.

Analyze the proper handling and timing for business documents in a casual meeting setting.

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Definitions:

Infants' Behaviors

The actions or reactions of babies, typically from birth to one year of age, as they interact with their environment and develop.

Familiar Objects

Items that are easily recognized by an individual, often because of repeated exposure or personal significance.

Young Babies

Infants in the early stages of life, typically considered to be from birth to 12 months, experiencing rapid physical, cognitive, and social development.

Count

To determine the total number of objects in a group or series by assigning each one a consecutive number.