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

Question

1 Approved Answer

Aladdin Inc. purchased Equipment X for $25000 on January 2, 2020. Aladdin is subject to a 20% tax rate and all of Aladdin's depreciable assets

Aladdin Inc. purchased Equipment X for $25000 on January 2, 2020. Aladdin is subject to a 20% tax rate and all of Aladdin's depreciable assets are with a CCA of 30%. Aladdin's beginning UCC is $90000 in 2021. In 2021, Aladdin Inc. replaced Equipment X with Equipment Y. It was able to sell Equipment X for $22500 and Equipment Y cost $30000. What is the CCA for 2021

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

Financial Accounting Information For Decisions

Financial Accounting Information For Decisions

Authors: Robert w Ingram, Thomas L Albright

6th Edition

9780324313413, 324672705, 324313411, 978-0324672701

More Books

Students also viewed these Accounting questions

Question

Plan #2 Issue Stock The board of directors of Wildhorse Corporation is considering two plans for financing the purchase of new plant equipment. Plan #1 would require the issuance of $5,260,000, 7%,...

Answered: 1 week ago

Question

Aladdin Inc. purchased Equipment X for $26000 on January 2, 2020. Aladdin is subject to a 25% tax rate and all of Aladdin's depreciable assets are with a CCA of 30%. Aladdin's beginning UCC is $50000...

Answered: 1 week ago

Question

I don't understand where the 15% in the book value formula comes from. When I used the depreciation formula I got 14%. Any help would be appreciated. Practice Question 5 Kinnetics Inc. purchased...

Answered: 1 week ago

Question

★★★★★
(a) Using the ion-pair equilibrium constant from Appendix J, with activity coefficients = 1, find the concentrations of species in 0.025 M MgSO 4 . Hydrolysis of the cation and anion near neutral pH...

Answered: 1 week ago

Question

★★★★★
Taylor Corporation discovered in 2019 that it had incorrectly recorded in 2018 a cash payment of $70,000 for utilities expense. The correct amount of the utilities expense was $35,000. Requirements...

Answered: 1 week ago

Question

★★★★★
In Exercises 110, factor out the greatest common factor. 9x 4 - 18x 3 + 27x 2

Answered: 1 week ago

Question

★★★★★
Identify and briefly explain the four approaches that financial counselors commonly use when engaging with clients.

Answered: 1 week ago

Question

★★★★★
In business circles, one frequently hears references to the old boy network. Many women in professional firms complain that their gender precludes them from becoming a member of the old boy network...

Answered: 1 week ago

Question

★★★★★
34 35 36 37 38 39 40 1 2 3 4 5 AutoSave OFF In A24 Home Insert Draw Page Layout Formulas Data Default P Keep Exit X Units On AIR (in Market) Expected Demand 24 Opening Cash Balance 25 26 27 28 29 30...

Answered: 1 week ago

Question

★★★★★
A new English -Language Arts (ELA) teacher is so excited to take all of the ideas she learned during her training and use them in the classroom. After a PLC (Professional Learning Committee) meeting,...

Answered: 1 week ago

Question

★★★★★
Let us consider an economy lasting for three dates, t=0, 1, 2, and inhabited by two types of utility maximizing consumers. There is a = 0.45 fraction of impatient and a (1 - ) = 0.55 fraction of...

Answered: 1 week ago

Question

★★★★★
A worker views leisure and income as "goods" and has an opportunity to work at an hourly wage of $16 per hour. a. The worker's opportunity set in a given 24-hour period is illustrated below.What are...

Answered: 1 week ago

Question

★★★★★
Question 26 [2 points} Using expansionary policies to combat a recession would 0 increase a budget deficit. 0 increase a budget surplus. 0 decrease discretionary spending. 0 increase federal revenue....

Answered: 1 week ago

Question

★★★★★
To analyze a complex negotiation (work, personal, or historical) To apply negotiation course concepts in your analysis. These objectives, while straightforward, are critical to your learning....

Answered: 1 week ago

Question

★★★★★
What Would You Do? Michael Michael is a student in your fifth-grade class. His father passed away in an automobile accident last year. Before his father's death Michael always did well in school and...

Answered: 1 week ago

Question

★★★★★
Exercise 8-23 (Algo) Preparing a balance sheet LO P1, P3, P4 Selected accounts from Gregor Company's adjusted trial balance for the year ended December 31 follow. Prepare a classified balance sheet....

Answered: 1 week ago

Question

★★★★★
Gregg Company recently issued two types of bonds. The first issue consisted of 20-year straight (no warrants attached) bonds with an 6% annual coupon. The second issue consisted of 20-year bonds with...

Answered: 1 week ago

Question

★★★★★
Which of the following streaming TV devices does not involve use of a remote controller? A) Google Chromecast B) Apple TV C) Amazon Fire TV D) Roku

Answered: 1 week ago

Question

★★★★★
P210 Cost classification Time allowed: 25 minutes Listed below are a number of costs typically found in organizations: 1 Property taxes, factory 2 Boxes used for packaging detergent 3 Salespersons...

Answered: 1 week ago

Question

★★★★★
P29 Cost identification Time allowed: 40 minutes The Dorilane Company specializes in producing a set of wooden patio furniture consisting of a table and four chairs. The set enjoys great popularity,...

Answered: 1 week ago

Question

★★★★★
P211 Cost identification Time allowed: 20 minutes Tracy Beckham began dabbling in pottery several years ago as a hobby. Her work is quite creative, and it has been so popular with friends and others...

Answered: 1 week ago

Previous Question Next Question