Question
In: Finance
TARTAN LTD. is a company operating in Nova Scotia. Currently, the company uses the following two...
TARTAN LTD. is a company operating in Nova Scotia. Currently, the company uses the following two CCA classes. Class 8 (CCA rate 35%) Class 5 (CCA rate 20%) During 2019, the company purchased $85,000 worth of Class 8 assets and $200,000 worth of Class 5 assets. Calculate TARTAN LTD’s total CCA in 2019 and 2020 due to these two purchases.
Solutions
Expert Solution
TARTAN LTD's Total CCA
2019 34,875.00
2020 189,581.25
In the first year (year of purchase), half year rule applied.
jeff jeffy answered 2 years agoRelated Solutions
Question: Tempo Ltd. is a retailer operating in Dartmouth, Nova Scotia. Tempo uses the perpetual inventory...
Question:
Tempo Ltd. is a retailer operating in Dartmouth, Nova Scotia.
Tempo uses the perpetual inventory method. All sales returns from
customers result in the goods being returned to inventory; the
inventory is not damaged. Assume that there are no credit
transactions; all amounts are settled in cash. You are provided
with the following information for Tempo Ltd. for the month of
January 2020.
Ignore GST
Date
Description
Quantity
Unit Cost or Selling Price
December 31
Ending inventory
150
£19...
D&D Construction Ltd. is based in Maitland, Nova Scotia. The company takes on construction jobs ranging...
D&D Construction Ltd. is based in Maitland, Nova Scotia. The
company takes on construction jobs ranging from small contracts
worth just a few thousand dollars to multi-million-dollar projects.
It only prepares accrual and adjusting entries at year end. The
following significant transactions have occurred in 20X7, and may
have possible yearend adjustment implications:
a) Land
D&D accounts for land using the revaluation model. The
company has only one parcel of land. It is recorded in the
statement of financial position...
You have just started up a new company in Nova Scotia. Your company produces software for...
You have just started up a new company in Nova Scotia. Your
company produces software for the “Doctors Online” company which
provides medical assessments and treatment recommendations via
combination of online doctor appointments and extensive screening
questionnaires. You need to invest $200,000 immediately to purchase
computer equipment (CCA class number 45 with a CCA rate of 45% and
no salvage value). If the anticipated operating costs (excluding
your salary) are $15,000 per year increasing at 5% per year
(inflation) and...
Question 2: Revised depreciation – betterment Nova Scotia Telecom Company had a truck that was purchased...
Question 2: Revised depreciation – betterment
Nova Scotia Telecom Company had a truck that was purchased on July
7, 2018, for $36000. The PPE subledger shows the following
information regarding the truck:
A customized tool carrier was constructed and permanently fitted to
the truck on July 3, 2020 at a cost of $9600 cash. The tool carrier
adds to the economic value of the truck. It will be used for the
truck’s remaining life and have a zero-residual value. The...
The following financial ratios have been calculated for Nova Ltd for the year ended 30 June...
The following financial ratios have been calculated for Nova Ltd
for the year ended 30 June 2008:
Actual results
Budgeted results
Previous year
Industry average
current ratio
1.97
1.92
1.87
1.92
Quick asset ratio
1.06
1.06
1.06
1.11
Inventory turnover
4.21
4.91
4.86
4.76
Net profit ratio
0.05
0.03
0.03
0.03
Gross margin
0.65
0.59
0.61
0.61
Required: Provide four (4) possible explanations for the results
for the various ratios for Nova Ltd and outline their implications...
The following financial ratios have been calculated for Nova Ltd for the year ended 30 June...
The following financial ratios have been calculated for Nova Ltd
for the year ended 30 June 2008: Ratio Actual results Budgeted
results Previous year Industry Average Current ratio 1.97 1.92 1.87
1.92 Quick asset ratio 1.06 1.06 1.06 1.11 Inventory turnover 4.21
4.91 4.86 4.76 Net profit ratio 0.05 0.03 0.03 0.03 Gross margin
0.65 0.59 0.61 0.61 Required: Provide four (4) possible
explanations for the results of the various ratios for Nova Ltd and
explain their implications for the...
The following financial ratios have been calculated for Nova Ltd for the year ended 30 June...
The following financial ratios have been calculated for Nova Ltd
for the year ended 30 June 2008:
Actual results Budgeted results
Previous year Industry
average
current ratio
1.97
1.92
1.87 1.92
quickasset ratio
1.06
1.06
1.06 1.11
Inventory turnover 4.21
4.91
4.86 4.76
Net profit ratio 0.05
0.03
0.03
0.03
Gross
margin
0.65
0.59
0.61
0.61
Required: Provide four (4) possible explanations for the results
for the various ratios for Nova Ltd and outline...
You are a consultant for Glory Ltd, a quoted company operating in the manufacturing sector. Following...
You are a consultant for Glory Ltd, a quoted company operating
in the manufacturing sector. Following are a Statement of Profit or
Loss and Statement of Financial Position with comparatives for the
year ended 31st December 2018.
Statement of Profit or Loss for th e year ended 31st December,
2018
2018
2017
GHS
GHS
Sales revenue
3,095,576
1,909,051
Cost of sales
2,402,609
1,441,950
Gross profit
692,967
467,101
Interest receivable
744
2,782
Administration expenses
333,466
222,872
Operating profit
360,245...
Maendeleo Ltd. is a manufacturing company operating through a number of branches in Kenya. The following...
Maendeleo Ltd. is a manufacturing company operating through a
number of branches in Kenya. The following information relates to
Maendeleo Ltd.’s operations for the year ending 31 December
2020.
Sh ‘000’
Sh ‘000’
Turnover
19,480.00
Cost of goods sold
5,620.00
Gross profit
13,860.00
Foreign exchange gain
148.00
Insurance recovery for stolen motor vehicle
968.00
Proceeds from sale of factory extension
469.00
40,545.00
Less Expenses
Directors emoluments and staff costs
16,890.00
Pension contribution for staff
4,200.00...
Delicioso Ltd manufactures two types of Microwave Ovens – Conventional and Integrated. The company is currently...
Delicioso Ltd manufactures two types of Microwave Ovens –
Conventional and Integrated. The company is currently using a
traditional costing system with machine hours as the cost driver.
The company is considering whether to use the activity-based
costing (ABC) method to allocate overhead costs to products.
Budgeted overhead costs of the upcoming accounting period
follow:
Activity
Total budgeted activity cost
Activity driver
Machining
$300,000
Number of machine hours
Setup
$100,000
Number of production runs
Inspection
$105,000
Number of inspection hours...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- Question 3 (20 marks) a. A 10-year 5% coupon bond has a yield of 8% and...
- The following table compares musical genre preference with preferred leisure activity among Mary's goats. Music: Jazz...
- We are using javaCC notation.This is the full question Given the following grammar: String ::= "A"...
- According to the existentialism of Sartre, what follows from the view that existence is prior to...
- Assess brand characteristics, promise, and equity of Montes Calçados?
- The following grammar for a program has a problem with semicolons: Program ::= Block "." Block...
- Forten Company, a merchandiser, recently completed its calendar-year 2017 operations. For the year, (1) all sales...
ADVERTISEMENT