Question

In: Accounting

Opening UCC balances Class 1 $330,000 Class 8 $56,000 Class 10.1 $21,000 Class 13 $45,000 Class...

Opening UCC balances

Class 1 $330,000

Class 8 $56,000

Class 10.1 $21,000

Class 13 $45,000

Class 50 $260,000

The company purchased furniture on August 1, 2020 for $44,914.

On the same date, the company sold furniture, which had been originally purchased for $22,031, for $15,364.

Calculate the maximum impact on business income for the year from furniture and other miscellaneous tangible capital assets.

Solutions

Expert Solution


Related Solutions

Opening UCC balances Class 1 $330,000 Class 8 $56,000 Class 10.1 $21,000 Class 13 $45,000 Class...
Opening UCC balances Class 1 $330,000 Class 8 $56,000 Class 10.1 $21,000 Class 13 $45,000 Class 50 $260,000 Any other classes have an opening balance of nil. The company purchased furniture on February 1, 2020 for $46,372. Calculate the maximum impact on business income for the year from furniture and other miscellaneous tangible capital assets.
Opening UCC balances Class 1 $330,000 Class 8 $56,000 Class 10.1 $21,000 Class 13 $45,000 Class...
Opening UCC balances Class 1 $330,000 Class 8 $56,000 Class 10.1 $21,000 Class 13 $45,000 Class 50 $260,000 Any other classes have an opening balance of nil. The company purchased furniture on April 1, 2020 for $5,212. On the same date, furniture with an original cost of $142,713, was sold for $67,277. Calculate the maximum impact on business income for the year from furniture and other miscellaneous tangible capital assets.
2020 UCC balance $15000 in class 10.1 then purchased new car of 50000. in 2020 a...
2020 UCC balance $15000 in class 10.1 then purchased new car of 50000. in 2020 a car was sold for 20000 and purchased for 80000. what will be the tax implications for 2020 for these two situations?
Barber Inc. showed the following balances on Jan. 1 of the current year: Cash $ 45,000...
Barber Inc. showed the following balances on Jan. 1 of the current year: Cash $ 45,000 Other current assets 25,000 Operational assets, net of depreciation 235,000 Other assets 55,000 Total $ 360,000 Current liabilities $ 30,000 Long-term liabilities 60,000 Capital stock, par $10 (20,000 shares) 200,000 Contributed capital in excess of par 15,000 Retained earnings 55,000 Total $ 360,000 Required: 1. The board of directors of the Barber is considering a cash dividend. As the company controller, you have been...
On January 1, 2018, Red Flash Photography had the following balances: Cash, $21,000; Supplies, $8,900; Land,...
On January 1, 2018, Red Flash Photography had the following balances: Cash, $21,000; Supplies, $8,900; Land, $69,000; Deferred Revenue, $5,900; Common Stock $59,000; Retained Earnings, $34,000. During 2018, the company had the following transactions: February 15 Issue additional shares of common stock, $29,000. May 20 Provide services to customers for cash, $44,000, and on account, $39,000. August 31 Pay salaries to employees for work in 2018, $32,000. October 1 Purchase rental space for one year, $21,000. November 17 Purchase supplies...
in a class of 25 students, 17 passed calculus, 13 passed chemistry, and 8 passed physics....
in a class of 25 students, 17 passed calculus, 13 passed chemistry, and 8 passed physics. No one passed all three, but at least six of them failed all three subjects. How many students failed all three subjects?
1. Tickets for the school play cost $5 for students and $8 for adults. On opening...
1. Tickets for the school play cost $5 for students and $8 for adults. On opening night, all 360 seats were filled, and the box office revenues were $2610. How many student and how many adult tickets were sold? 2. A $76,000 trust is to be invested in bonds paying 8%, CDs paying 7%, and mortgages paying 10%. The bond and CD investment must equal the mortgage investment. To earn a $6670 annual income from the investments, how much should...
McBride Company has the following opening account balances in its general ledger on January 1. General...
McBride Company has the following opening account balances in its general ledger on January 1. General Ledger Acct # Account Title Jan. 1 Balance 101 Cash 35,970 112 Accounts Receivable 14,100 115 Notes Receivable 38,680 120 Inventory 21,100 126 Supplies 1,150 130 Prepaid Insurance 1,900 157 Equipment 6,640 158 Accumulated Depreciation-Equip. 1,524 201 Accounts Payable 34,300 301 Owner's Capital 83,716 In addition, the following transactions have not been journalized for January 2014. Jan.3 Sell merchandise on account to B. Berg...
We can write 13 as a sum of distinct powers of 2: 13 = 8+4+1 =...
We can write 13 as a sum of distinct powers of 2: 13 = 8+4+1 = 2 3 +2 2 +2 0 . • Using strong induction, show every integer can be written as the sum of distinct powers of two. • Show that every integer has a unique representation as the sum of distinct powers of two. It follows that every integer has a unique binary representation. For instance, 13 is uniquely represented by 1101 in binary
question 1. P10-1B On January 1, 2018, Burlington Inc.’s general ledger contained these opening balances for...
question 1. P10-1B On January 1, 2018, Burlington Inc.’s general ledger contained these opening balances for its liability accounts: Accounts payable $52,000 CPP payable 3,810 EI payable 1,598 Sales tax payable 18,000 Employee income tax payable 7,700 Unearned revenue 16,000 The following selected transactions occurred during the month. Jan.  5 Sold inventory for cash totalling $20,000, plus 5% GST and 7% PST. The cost of goods sold was $14,000. Burlington uses a perpetual inventory system. 13 Paid $18,000 ($7,500 GST to...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT