Required information The following information applies to the questions displaye

Question

Required information The following information applies to the questions displayed below] Juliette formed a new business to sell sporting goods this year. The business opened its doors to customers on June 1. Determine the amount of start-up costs Juliette can immediately expense (not including amortization) this year in the following alternative scenarios. (Leave no answer blank. Enter zero if applicable.) c. She incurred start-up costs of $53,350. &Answer; is complete but not entirely correct. ount of start-up costs immediately $ 1,200

Explanation / Answer

For individual businesses, $5,000 can be written off in the first year if the total costs do not exceed $50,000 and the balance is amortized over 180 months including the first year

If the total costs exceed $50,000, reduce dollar for dollar amount

c.

Amount of start up costs immediately expensed = $5,000

d.

Amount of start up costs immediately expensed = 0

Related Questions

Navigate

• Browse (All)
• Browse R
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.