Nonprofit Accounting and Depreciation Method Report

Nonprofit Accounting and Depreciation Method Report

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Professional Plagiarism Free Paper in APA/MLA/Harvard/Turabian Format, Instant Delivery, High Quality Submissions, 100% Unique, Turnitin Report Attached

In January 20XX, JIM, purchased $350,000 of new MACRS (Modified Accelerated Cost Recovery System) 5-year property in the United States. This equipment was placed in service May 1, 20XX. JIM wants to take as much depreciation in 20XX as possible.

Calculate the depreciation for 20XX.

If JIM had been located in a qualified enterprise zone, what would be the depreciation amount?

Explain the depreciation method you used.

In addition, include the tax benefits (savings) for the first year and the present value of the total tax benefits for the entire 5-year period.

Discuss how the tax benefits and present value would change if a different method of depreciation was used.

Also, discuss when JIM would not choose to take as much depreciation as possible.

Nonprofit Accounting Paper

Write a 1,050- to 1,400-word paper in which you answer the following questions:

Why are principles of accounting so important?

Who uses financial information from nonprofits? Why?

Why is the principle of matching so important?

What is the difference between current and long-term assets? Why is this important?

What is deprecation? Why is it important?

Why does a nonprofit need a chart of accounts?

When does a nonprofit pay federal taxes?

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