On October 1, 2015, Alexander Corp. bought furniture for its new office for $20,000. (Furniture falls within

Question:

On October 1, 2015, Alexander Corp. bought furniture for its new office for $20,000. (Furniture falls within class 8-CCA rate 20%). The residual value of the furniture is $2,000, and it is expected to remain in use for five years. The company uses the straight-line depreciation method.
Requirements
1. Calculate the depreciation expense and net book value on December 31, 2015 and 2016.
2. Calculate the CCA and UCC for 2015 and 2016.

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

Step by Step Answer:

Answer rating: 70% (10 reviews)

1 Annual straightline 20000 20005 years 3600 per year Depreciation expense in 2015 for 3 months O...View the full answer

Answered By

Asim farooq

I have done MS finance and expertise in the field of Accounting, finance, cost accounting, security analysis and portfolio management and management, MS office is at my fingertips, I want my client to take advantage of my practical knowledge. I have been mentoring my client on a freelancer website from last two years, Currently I am working in Telecom company as a financial analyst and before that working as an accountant with Pepsi for one year. I also join a nonprofit organization as a finance assistant to my job duties are making payment to client after tax calculation, I have started my professional career from teaching I was teaching to a master's level student for two years in the evening. My Expert Service Financial accounting, Financial management, Cost accounting, Human resource management, Business communication and report writing. Financial accounting : • Journal entries • Financial statements including balance sheet, Profit & Loss account, Cash flow statement • Adjustment entries • Ratio analysis • Accounting concepts • Single entry accounting • Double entry accounting • Bills of exchange • Bank reconciliation statements Cost accounting : • Budgeting • Job order costing • Process costing • Cost of goods sold Financial management : • Capital budgeting • Net Present Value (NPV) • Internal Rate of Return (IRR) • Payback period • Discounted cash flows • Financial analysis • Capital assets pricing model • Simple interest, Compound interest & annuities

4.40+ 65+ Reviews 86+ Question Solved

Related Book For book-img-for-question

Financial Accounting

ISBN: 978-0133375534

2nd Canadian edition

Authors: Jeffrey Waybright, Robert Kemp, Sherif Elbarrad

See More Books

Question Posted: Feb 12, 2018 10:36 AM

See More Questions

On October 1, 2015, Alexander Corp. bought furniture for its new office for $20,000. (Furniture falls within

Question:

Step by Step Answer:

1 Annual straightline 20000 20005 years 3600 per year Depreciation expense in 2015 for 3 months O...View the full answer

Financial Accounting

Students also viewed these Accounting questions