A business (with a 31 March balance date) purchases a new vehicle on 20 June. The vehicle

Fantastic news! We've Found the answer you've been seeking!

Question:

A business (with a 31 March balance date) purchases a new vehicle on 20 June. The vehicle has a cost of $30,000 and the depreciation rate (using diminishing value) is 30%. Calculate the depreciation amount for the first year?

Related Book For answer-question

Income Tax Fundamentals 2013

ISBN: 9781285586618

31st Edition

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

See More Books

Posted Date: Mar 03, 2024 11:30 PM

See More Questions

Explain the meaning of the terms emoluments, employments and office for the purposes of PAYE as you earn systems. 2. Explain the actual receipts basis of assessing the emoluments from the employment...
Major Project - Andrew Best - Best Business Solutions Incorporated (BBSI) Andrew Best was a very inquisitive child growing up. He was a great student in school and always asked a lot of questions....
1.2.1 The format recommended by the International Financial Reporting Standards for the preparation of a statement of profit or loss and other comprehensive income calculates and shows the gross...
If any fi rms price of labor and capital each double, what will happen to the expansion path (i.e., locus of tangencies between the isoquants and isocost curves)? What will happen to the fi rms...
On July 1, 2017, Phillips Exploration invests $1.3 million in a mine that is estimated to have 800,000 tonnes of ore. The company estimates that the property will be sold for $100,000 when production...
Based on a random sample of movie lengths, the mean length is 110.5 minutes with a standard deviation of 22.4 minutes. Assume that movie lengths are normally distributed. a. What fraction of movies...
It looks to me that you have devoted everything to this company and they have treated you badly. Is that right?
A car dealer is offering the following three two-year leasing options: Assume that a customer expects to drive between 15,000 to 35,000 miles during the next two years according to the following...
On Wednesday, February 18, Jim Elsey, cost management specialist at Deere & Company in Moline, Illinois, received a call from Glen Lowery, sales manager in the Agricultural Products Division: Jim, I...
Which of the following taxpayers will be allowed a casualty loss? A tornado whips through Jasmine's neighborhood and severely damages her car. Jarrod's personal home, located in a federally declared...
An apartment building was recently sold for $3,650,000. The County Assessor has determined that the building's value is allocated with 36% land value. What is the annual allowable tax shelter from...
Onyx Healthcare is a renowned primary provider of private healthcare services in Malaysia. Onyx Healthcare provides medical specialist services from their multiple hospitals throughout Malaysia. Due...
2: Find the equation of the plane a) Passing through the point (1,1,3) and having the normal vector = (0, 2, 3) b) Passing through the three points(1,-1,3), (0,5,1) and (-2,-3,-1). c) Passing...
Given the following grammar: SWAB|ABCS B|WB Ely B A B .CZ W What are the FIRST and FOLLOW sets?
CS161 Introduction to Computer Science II Implementation Requirements The following class relationship diagram shows the required classes and how they interact. BlackjackTableGUI Extends Application...
Suppose that a box has its faces parallel to the coordinate planes and the points (4, 2, 2) and (6, 1, 1) are endpoints of a diagonal. Sketch the box and give the coordinates of the remaining six...
Find an equation of the given line. Slope is -2; x-intercept is -2
Clarita is a single taxpayer with two dependent children, ages 10 and 12. Clarita pays $3,000 in qualified child care expenses during the year. If her adjusted gross income (all from wages) for the...
Rebecca and Walter Bunge have been married for 5 years. They live at 883 Scrub Brush Street, Apt. 52B, Las Vegas, NV 89125. Rebecca is a homemaker and Walt is a high school teacher. Rebecca's Social...
Lisa Sizemore, a taxpayer in the 10-15 percent tax bracket, purchased stock as an investment on July 11, 2011. She sold the stock on July 9, 2012, 2 days before qualifying for the long-term holding...
Should morality, in and of itself, be considered a sufficient basis for defining particular conduct as criminal?
What are the chief distinctions between the civil and criminal law? Why do the criminal and civil law sometimes overlap?
What means of punishment for criminal offenses exist in your state? Is capital punishment available for persons convicted of first-degree murder? Which punishments, if any, do you think are most...

A business (with a 31 March balance date) purchases a new vehicle on 20 June. The vehicle

Question:

Expert Answer:

Since the purchase date June 20th falls within the current financial year ending March 31st we need ... View the full answer

Income Tax Fundamentals 2013

Students also viewed these accounting questions