Alexandra Purchased a $35,000 Automobile During 2016

question 43

Short Answer

Alexandra purchased a $35,000 automobile during 2016. The business use was 70 percent. What is the allowable depreciation for the current year? (ignore any possible bonus depreciation)

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Definitions:

Operating Activities

Activities that constitute the primary or main activities of an entity, including cash flows from producing and delivering goods and providing services.

Noncontrolling Interest

An ownership interest in a company that is less than 50%, usually reflected as a separate component of equity on a parent company’s balance sheet, representing the portion of its subsidiaries not owned by the parent.

Dividends

Distributions made from a company's earnings to its shareholders, typically in the form of cash.

Consolidated Statement

A financial report that combines the financial results of a parent company and its subsidiaries, presenting the financials as a single entity.