Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jun 28, 2024

Hi there, I have a question about Accounting Calculate the deduction or assessable income arising from: Donald sold a BMW on 1 July 2021 for

Hi there, I have a question about Accounting

Calculate the deduction or assessable income arising from:

Donald sold a BMW on 1 July 2021 for $40,000. The car had an opening adjustable value of $35,000 and had been purchased in June 2016 for$90,000. It was used entirely for business purposes.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

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

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

Managerial Accounting

Authors: Ray H. Garrison, Eric W. Noreen, G. Richard Chesley, Ray Carroll

6th Canadian Edition

0070915164, 9780070915169

More Books

Students also viewed these Accounting questions

Question

★★★★★

Young Trucking, inc. has a current stock price of $46. For the past year, the company had net income of $6,250,000, total equity of $21,580,000, sales of $39,000,000, and 4.1 million shares of stock...

Answered: 1 week ago

Question

★★★★★

Compare the elaborated or central route of persuasion with Aristotles rhetorical proofs. Where do you see similarities and differences? How might the peripheral route align with Aristotles notion of...

Answered: 1 week ago

Question

★★★★★

In an M/G/1 queue, (a) what proportion of departures leave behind 0 work? (b) what is the average work in the system as seen by a departure?

Answered: 1 week ago

Question

★★★★★

Explain what is meant by the sentence, A fund is a fiscal and an accounting entity.

Answered: 1 week ago

Question

★★★★★

Applying Factory Overhead Salinger Company estimates that total factory overhead costs will be $116,000 for the year. Direct labor hours are estimated to be 29,000. a. For Salinger Company, determine...

Answered: 1 week ago

Question

★★★★★

Please send back with same table so its easy to follow! Required information Problem 12-4A Partnership income allocation, statement of partners' equity, and closing entries LO P2 [The following...

Answered: 1 week ago

Question

★★★★★

2. With the following data from the automotive industry in Mexico. a) Calculate and analyze the behavior of the CR4 and the HHI in 1980, 1994 and 2004. Sales volume (units) Number of companies 7 6 21...

Answered: 1 week ago

Question

★★★★★

Accrual Basis Accounting SLO Health Care Inc. is owned and operated by Morgan Denby, the sole stockholder. During January 20Y6, SLO Health Care entered into the following transactions: Jan. 1...

Answered: 1 week ago

Question

★★★★★

Brattleboro Barrel Company is considering purchasing a new semi-truck for its operations. If the initial cost of the truck is $196,000 with a salvage value of $25,000, the truck has an annual...

Answered: 1 week ago

Question

★★★★★

Jim is on trial for the rape of Sandra. Jim's attorney wants to introduce evidence ( 1 ) The fact that Sandra is the mother of Jim's child, who was born three years ago when they were dating ( they...

Answered: 1 week ago

Question

★★★★★

Explain all drawbacks of the application procedure.

Answered: 1 week ago

Question

★★★★★

2. In this chapter, the reader should reflect on the following concepts: feedback and flexibility as a basis for change, intention and communication as a basis for change and behavioural patterns as...

Answered: 1 week ago

Question

★★★★★

Always have the dignity of the other or others as a backdrop.

Answered: 1 week ago

Question

★★★★★

1. There are two purposes in this chapter. The first is to break out of habits that have a limiting effect on ones own ability to change. Secondly, it is to understand how the cleaning affects the...

Answered: 1 week ago

Previous Question Next Question