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

Question

1 Approved Answer

The UCC balance for a firm's automobile fleet at the end of 2012 was $30000. There was one truck in service at this time. At

The UCC balance for a firm's automobile fleet at the end of 2012 was $30000. There was one truck in service at this time. At the beginning of 2013, the firm purchased two trucks for a total of $70000. At the beginning of 2015, it purchased another truck for $20000. At the beginning of 2016, the truck owned in 2012 was sold for $11000. The CCA rate for automobiles is 10%.

What was the firm's UCC balance at the end of 2016?

Step by Step Solution

★★★★★

3.44 Rating (167 Votes )

There are 3 Steps involved in it

Step: 1

Ans Given that UCC balance for firms automobile fleet at the end of 2012 was 30000 There was one tr... 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_2

Step: 3

blur-text-image_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

Canadian Income Taxation Planning And Decision Making

Canadian Income Taxation Planning And Decision Making

Authors: Joan Kitunen, William Buckwold

17th Edition 2014-2015 Version

1259094332, 978-1259094330

More Books

Students also viewed these Economics questions

Question

★★★★★
At the end of last year, the UCC balance for class 12 was $1,300. During the current year, a class 12 item with an original cost of $8,000 was disposed for $2,000.There were no other class 12...

Answered: 1 week ago

Question

★★★★★
At the end of 2012 businesses bought more inventory, increasing GDP. What would happen if consumers didn't buy those goods?

Answered: 1 week ago

Question

★★★★★
The following forecasts were made at the end of 2012 for a firm with net operating assets of $1,135 million and net financial obligations of $720 million (in millions of dollars): The required return...

Answered: 1 week ago

Question

★★★★★
Find the quantity if v = 3i - 5j and w = -2i + 3j. |v | + |w|

Answered: 1 week ago

Question

★★★★★
How might the effect of global climate change on the ocean alter the ocean conveyor belt?

Answered: 1 week ago

Question

★★★★★
If the values of the joint probability distribution of X and Y are as shown in the table Find (a) P(X = 1, Y = 2); (b) P(X = 0, 1 F Y Y). 2-24 1-40 i 1-6 1-4 1-20...

Answered: 1 week ago

Question

★★★★★
6.32 Tennis Anyone? A stringer of tennis rack- ets has found that the actual string tension achieved for any individual racket stringing will vary as much as 3 kilograms per square centimetre (km/...

Answered: 1 week ago

Question

★★★★★
Relating profitability to financial leverage a. Compute the rule of return on common shareholders' equity in each of the following independent cases. b. In which cases is financial 1everai'e working...

Answered: 1 week ago

Question

★★★★★
discussion topic :- In a few sentences, please describe the role the time value of money has played in a recent personal or professional financial decision you have made. first person:- Personal: I...

Answered: 1 week ago

Question

★★★★★
The Bombay Beverage Company has heavily advertised its social responsibility to the environment and community. In its advertisements, the company touts how its recycling efforts have reduced its...

Answered: 1 week ago

Question

★★★★★
What is a correspondent allowance? Select one: a. A correspondent allowance is an allowance granted by the instructing attorney to the instructed attorney. b. A correspondent allowance is an...

Answered: 1 week ago

Question

★★★★★
During last assignment, you did such an amazing job with Frank's finances, that he is retaining you as his financial consultant. Thanks to you, Frank's financial house is in excellent order. He is...

Answered: 1 week ago

Question

★★★★★
Determine the total mass of the horizontal beam when the mass of the beam is 37.5kg/m. Determine also the force resultant affecting the tilted rope when angle =30 5.6 m 2.4 m B Tilted rope- 250kg

Answered: 1 week ago

Question

★★★★★
After a breakthrough election victory at Amazon, the Amazon Labor Union fell far short of winning enough votes to unionize a second warehouse on Staten Island in New York. The vote was 618 votes...

Answered: 1 week ago

Question

★★★★★
How can you customize this report to find any open balances? Customize > Filter, then choose Uncleared in the Cleared dropdown Gear icon > Change columns, then mark the Credit checkbox in Change...

Answered: 1 week ago

Question

★★★★★
A codebook is used in quantitative research to define the variables (or columns) in a data set and the response categories for each of these variables. Looking at the codebook for this Assessment,...

Answered: 1 week ago

Question

★★★★★
Which statement outputs the text: "I won't quit!"? Question 1 0 options: print ( Iwon ' t quit! ) print ( " I won't quit!" ) print ( ' I won'tquit! ' )

Answered: 1 week ago

Question

★★★★★
Three successive resonance frequencies in an organ pipe are 1310, 1834, and 2358 Hz. (a) Is the pipe closed at one end or open at both ends? (b) What is the fundamental frequency? (c) What is the...

Answered: 1 week ago

Question

★★★★★
Cole and Barker each own 50% of the shares of NRS Ltd., a Canadian-controlled private corporation. NRS had conducted a small active business, which was closed down two years ago, in late 20X0.The...

Answered: 1 week ago

Question

★★★★★
Using the information provided in Question Eight, determine TV Ltd.s refundable tax on investment income. Income tax reference: ITA 123.3, 129(4).

Answered: 1 week ago

Question

★★★★★
At the end of the current year, Fred owned two residential rental properties. Rental property #1 cost $125,000 (land $50,000; building $75,000) and at the close of last year had a UCC of $64,000....

Answered: 1 week ago

Question

★★★★★
Cincinnati Paint Company sells quality brands of paints through hardware stores throughout the United States. The company maintains a large sales force whose job it is to call on existing customers...

Answered: 1 week ago

Question

★★★★★
A multiple regression equation yields the following partial results. a. What is the total sample size? b. How many independent variables are being considered? c. Compute the coefficient of...

Answered: 1 week ago

Question

★★★★★
In a multiple regression equation, two independent variables are considered, and the sample size is 25. The regression coefficients and the standard errors are as follows. b1 = 2.676 sb1 = 0.56 b2 =...

Answered: 1 week ago

Previous Question Next Question