Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

All of the boxes need to be filled with either an amount or 0. Can anybody help? Maple Enterprises Ltd. has always claimed maximum CCA.

image text in transcribed

All of the boxes need to be filled with either an amount or 0. Can anybody help?

Maple Enterprises Ltd. has always claimed maximum CCA. Maple had the net Income of $100,000 excluding the following capital transactions: 1. The undepreciated capital cost of certain CCA classes at the end of the previous taxation year was as follows: Class 1 Class 8 $200,000 (one building in class) 190,000 2. In 2020, the company expanded into the manufacturing business by purchasing the following assets: Equipment (manufacturing) Product licence for an indefinite period $30,000 10,000 3. The building was sold in 2020 for $260,000 (original cost-$230,000). 4. During 2020, the company purchased office furniture for $14,000. Required: Complete the table below to calculate Maples's net income for tax purposes for the 2020 taxation year. (If an Item is not relevant, leave blank. Use a minus sign (-) when entering numbers that reduce UCC.) Class 1 Building Class 8 Furniture Class 14.1 Intangible License Class 53 Manufacturing equipment UCC, beginning of year Add Purchases Less Disposal Recapture Less CCA Ending UCC Capital Gain Taxable Capital Gain Business income Net Income for Tax purposes

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

Business Accounting Uk Gaap Volume 1

Authors: Frank Wood, Alan Sangster

1st Edition

0273718762, 9780273718765

More Books

Students also viewed these Accounting questions