FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A GST/HST registrant buys a vehicle for $42,000 plus HST/GST of 10% to be used exclusively in the business. Assume the first-year capital cost allowance

A GST/HST registrant buys a vehicle for $42,000 plus HST/GST of 10% to be used exclusively in the business. Assume the first-year capital cost allowance (CCA) on the vehicle is $1,500. What is the maximum input tax credit (ITC) that can be claimed in the year?

The right answer is 3000, why it is 3000? How this number come from

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Establishing A CGMP Laboratory Audit System A Practical Guide

Establishing A CGMP Laboratory Audit System A Practical Guide

Authors: David M. Bliesner

1st Edition

0471738409, 978-0471738404

More Books

Students also viewed these Accounting questions

Question

★★★★★
Last year's records of auto accidents occurring on a given section of highway were classified according to whether the resulting damage was $1000 or more and to whether a physical injury resulted...

Answered: 1 week ago

Question

★★★★★
3. What are some characteristics to consider when analyzing groups? (LO 2-2)

Answered: 1 week ago

Question

★★★★★
Peg Corporation owns 90 percent of the voting stock of Sup Corporation and 25 percent of the voting stock of Ell Corporation. The 90 percent interest in Sup was acquired for $18,000 cash on January...

Answered: 1 week ago

Question

★★★★★
A GST/HST registrant buys a vehicle for $42,000 plus HST/GST of 10% to be used exclusively in the business. Assume the first-year capital cost allowance (CCA) on the vehicle is $1,500. What is the...

Answered: 1 week ago

Question

★★★★★
Easton Company acquires 40 percent of the outstanding voting shares of Harris Company on January 1,2016. To obtain these shares, Easton pays $312,000 in cash. Harris's book value of stockholders'...

Answered: 1 week ago

Question

★★★★★
Mandatory Border Operations meetings are conducted for all employees in the Border Protection Unit every Monday. Employees are not permitted to telework on days when Border Operations meetings are...

Answered: 1 week ago

Question

★★★★★
A small southern West Australian country town has maintained records showing that the daily maximumtemperature during summer (Dec.,Jan.,Feb.) has averaged 30 degree Celsius with a standard deviation...

Answered: 1 week ago

Question

★★★★★
Develop a comprehensive analysis that identifies threats and vulnerabilities to the information systems infrastructure and organizational data. You may use a fictitious company, one that you...

Answered: 1 week ago

Question

★★★★★
Samstreet, Inc went public by issuing 1 million shares of common stock at $25 per share. The shares are currently trading at $30 per share. Current risk free rate is 4%, market risk premium is 8% an...

Answered: 1 week ago

Question

★★★★★
On November 12, 2020, Ms. Wilma Vander purchased an automobile to be used exclusively in her newly formed unincorporated business that commenced operations on June 30, 2020. The cost of the...

Answered: 1 week ago

Question

★★★★★
analyse your own performance and set yourself objectives for the future.

Answered: 1 week ago

Question

★★★★★
3. Performance appraisals are intended to motivate employees towards greater productivity and improve communication/relations between managers and their team members. Explain why performance...

Answered: 1 week ago

Question

★★★★★
give examples of techniques used in the management of performance at work

Answered: 1 week ago

Previous Question Next Question