Stowe Lumber purchased new office furniture amounting to 64,300. Using MACRS and Tables 17-1 and 17-2 from your text: a. What is the cost recovery percentage for the end of year 5? b. What is the amount of depreciation expense for year 5? (Round to the nearest dollar)
Question 2
Finney & Company purchased 1,800 of merchandise on May 6. The terms were 2/15 EOM. The sneakers were received on May 20, sent F.O.B. shipping point. Freight charges amounted to 45. a. What is the discount date? b. What payment must be made by that date to take advantage of the discount?
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