In April 2013,Emma Acquired a Machine for $60,000 for Use

question 6

Multiple Choice

In April 2013,Emma acquired a machine for $60,000 for use in her business.The machine is classified as 7-year property.Emma does not expense the asset under Sec.179,and the asset is not eligible for bonus depreciation.Emma's depreciation on the machine this year is

• A)$30,000.
• B)$60,000.
• C)$6,428.
• D)$8,574.

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Definitions:

Accounts Receivable

Outstanding payments from customers to a company for goods or services already delivered but not yet compensated for.

Bank Reconciliation

The process of comparing and matching figures from the accounting records against those presented on a bank statement to ensure they are in agreement and accurate.

Service Fees

Charges for services provided, often seen in banking, professional services, and maintenance sectors.

Outstanding Checks

Checks that have been written and recorded in the issuing company's books but not yet cleared or deducted from the bank's cash balance.