Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jul 12, 2021

A1A is a proprietorship that has a calendar fiscal year. The proprietorship begins operations on April 1, 2020 and acquires a machine on December 1,

A1A is a proprietorship that has a calendar fiscal year. The proprietorship begins operations on April 1, 2020 and acquires a machine on December 1, 2020.

The machine has a cost of $22,000 and A1A incurs an additional$5,800 in expenses for installation. The machine is a Class 8 asset with a rate of 20%.

What is the maximum CCA deduction A1A can take on this asset for the April 1 to December 31, 2020 fiscal year?

Choose the correct answer. (Round your answer to the nearest dollar.)

A. $4,189

B. $8,340

C. $6,284

D. $2,095

Step by Step Solution

★★★★★

3.39 Rating (149 Votes )

There are 3 Steps involved in it

Step: 1

Calculation of CCA Total cost Purchase Cost plus installation expen... 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

Step: 3

Document Format ( 2 attachments)

6360335003b4f_233626.pdf

180 KBs PDF File

6360335003b4f_233626.docx

120 KBs Word File

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

Accounting Principles

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

9th Edition

978-0470317549, 9780470387085, 047031754X, 470387084, 978-0470533475

More Books

Students also viewed these Accounting questions

Question

★★★★★

Tomlin Company begins operations on April 1. Information from job cost sheets shows the following. Job 12 was completed in April. Job 10 was completed in May. Jobs 11 and 13 were completed in June....

Answered: 1 week ago

Question

★★★★★

Forte Company begins operations on April 1. Information from job cost sheets shows the following. Job 12 was completed in April. Job 10 was completed in May. Jobs 11 and 13 were completed in June....

Answered: 1 week ago

Question

★★★★★

Tierney Company begins operations on April 1. Information from job cost sheets shows the following. Job 12 was completed in April. Job 10 was completed in May. Jobs 11 and 13 were completed in June....

Answered: 1 week ago

Question

★★★★★

If a currency reform has no effects on the economys real variables, why do governments typically institute currency reforms in connection with broader programs aimed at halting runaway inflation?...

Answered: 1 week ago

Question

★★★★★

What is auditor independence, and what is its significance to the audit profession? In what ways was Arthur Andersens independence potentially affected on the Waste Management audit, if any?

Answered: 1 week ago

Question

★★★★★

Simplify the given expressions. Express results with positive exponents only. 2i 40 i 70

Answered: 1 week ago

Question

★★★★★

3.2 Discuss how the components of Bronfenbrenner's bioecological model influence development, especially the impact of families, parenting styles, peers, and teachers.

Answered: 1 week ago

Question

★★★★★

A thirty-year U.S. Treasury bond has a 4.0 percent interest rate. In contrast, a ten-year Treasury bond has an interest rate of 3.7 percent. If inflation is expected to average 1.5 percentage points...

Answered: 1 week ago

Question

★★★★★

The market value of all PTX debentures is $15 million when the market yield for PTX debentures is 13.12%. The cost of equity for PTX Ltd is estimated to be 21.14% with the current market value of $30...

Answered: 1 week ago

Question

★★★★★

Mahalo Boat Adventure Inc. has a July 31 year-end. It showed the following partial amortization schedules regarding two bond issues: Required Answer the following for each bond issue: a. Were the...

Answered: 1 week ago

Question

★★★★★

Novelties-and-such borrowed $1100 for 100 days and paid $28.63 in interest. Find the rate of interest on the loan. Round to the nearest tenth. A) 9.5% B) 9.0% C) 9.7% D) 10.0%

Answered: 1 week ago

Question

★★★★★

Rambo Company has three products, A, B, and C. The following information is available: Product A Product B Product C Sales $60,000 $90,000 $24,000 Variable costs 36,000 48,000 15,000 Contribution...

Answered: 1 week ago

Question

★★★★★

After reading aloud a certain fable to his fifth graders, mr osmet asks some students 'so who can you tell me the moral of this story> When the students don't respond immediately he tells them, "the...

Answered: 1 week ago

Question

★★★★★

The following table gives amount of annual spending of a country s defense budget in billions of dollars for military construction Let x 12 correspond to the year 2012 Sketch the graph of the...

Answered: 1 week ago

Question

★★★★★

Post an explanation of how identity, privilege, power, and oppression influence professional practice based on Janet Helms's explanation in the Microtraining Associates video. Then explain the...

Answered: 1 week ago

Question

★★★★★

VWX Inc., has sales of $500,000, net income of $80,000, dividend payout of 50%, total assets of $700,000 and target debt-equity ratio of 1.5. If the company grows at its sustainable growth rate in...

Answered: 1 week ago

Question

★★★★★

*Please help me with what you can. I need help with the Schedule of Expected Cash Receipts and Expected June 30 Balance of Accounts Receivable, Schedule of Expected Cash Payments and Expected June 30...

Answered: 1 week ago

Question

★★★★★

The Thomas Corporation was organized on Jan. 1, 2020. On Dec. 31, 2021, the corporation lost most of its inventory in a warehouse fire before the year-end count of inventory was to take place. just...

Answered: 1 week ago

Question

★★★★★

(a) When entering a transaction in the journal, should the debit or credit be written first? (b) Which should be indented, the debit or credit?

Answered: 1 week ago

Question

★★★★★

The steps in the accounting cycle are listed in random order below. List the steps in proper sequence, assuming no worksheet is prepared, by placing numbers 19 in the blank spaces. (a) _____ Prepare...

Answered: 1 week ago

Question

★★★★★

Tryon Manufacturing Company has four operating divisions. During the first quarter of 2011, the company reported aggregate income from operations of $135,000 and the divisional results shown on the...

Answered: 1 week ago

Question

★★★★★

What type of question requires that you understand the material so well that you are able to compare and contrast it to other material? a. factual b. applied c. conceptual d. true/false

Answered: 1 week ago

Question

★★★★★

Which of the following is not a mistake often made by students when taking notes? a. Taking notes while reading the chapter before going to the lecture b. Highlighting material in the textbook as the...

Answered: 1 week ago

Question

★★★★★

Your mom wants you to eat some breakfast before going off to your first psychology exam. What will you tell her? a. No thanks. A big meal will probably put me to sleep. b. Sounds good. Can I have...

Answered: 1 week ago

Previous Question Next Question