Jan 1, 2019, Victoria purchased a used truck to be used in her incorporated business. It...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Jan 1, 2019, Victoria purchased a used truck to be used in her incorporated business. It cost $40,000, with maximum CCA being deducted in that year as a class 10 (30% CCA) vehicle. The purchase was financed with a bank loan of $42,000. For 2020, the interest on this loan was $1,560. The automobile is used exclusively for business purposes, with the 2020 operating costs totaling $2,025. In determining her 2020 business income, her maximum automobile related deduction will be: 2 marks O $21,585. Need more information to calculate it O $10,185. $13,035 Jan 1, 2019, Victoria purchased a used truck to be used in her incorporated business. It cost $40,000, with maximum CCA being deducted in that year as a class 10 (30% CCA) vehicle. The purchase was financed with a bank loan of $42,000. For 2020, the interest on this loan was $1,560. The automobile is used exclusively for business purposes, with the 2020 operating costs totaling $2,025. In determining her 2020 business income, her maximum automobile related deduction will be: 2 marks O $21,585. Need more information to calculate it O $10,185. $13,035
Expert Answer:
Answer rating: 100% (QA)
a 21585 It cost 40000 with maximum CCA being deducted in th... View the full answer
Related Book For
Automation Production Systems and Computer Integrated Manufacturing
ISBN: 978-0132393218
3rd edition
Authors: Mikell P.Groover
Posted Date:
Students also viewed these accounting questions
-
Governmental type fund level balance sheets report long term liabilities , whereas business organization balance sheets report both current and long term liabilities True False
-
HQ Ltd. purchased a used truck from Trans Auto Sales Inc. HQ paid a $4,000 down payment and signed a note that calls for 36 payments of $1,033.34 at the end of each month. The stated rate of interest...
-
Victoria had income for tax purposes for the current year as follows: Salary $65,000 Taxable benefits 5,000 Registered pension plan deduction (3,000) Employment income for tax purposes 67,000 Loss...
-
The adjusted trial balance for Sweet Home Catering, Inc., is presented below. Prepare the income statement and statement of retained earnings for Sweet Home Catering, Inc., for the month ended March...
-
A maker of energy drinks is considering abandoning can containers and going exclusively to bottles because the sales manager believes customers prefer drinking from bottles. However, the vice...
-
Hatfield Medical Supply's stock price had been lagging its industry averages, so its board of directors brought in a new CEO, Jaiden Lee. Lee had brought in Ashley Novak, a finance MBA who had been...
-
Measure the effect of cache conflicts on real-time execution time. First, set up your system to measure the execution time of your real-time process. Next, add a background process to the system. One...
-
Draw the network and identify the critical path. Also calculate the earliestlatest starting and finishing times for eachactivity: 467855784 C. | | ABBCDDE A B C D E F G H I
-
Two equal magnitude point charges, one positive and one negative, are situated on an x - axis . Point P is located off the axis a distance r 1 from the positive charge q 1 and a distance r 2 from the...
-
Southeastern Foods has hired you to analyze their distribution-system design. The company has 11 distribution centers, with monthly volumes as listed below. Seven of these sites can support...
-
On January 1, 2021, Pharoah Co. had the following balances: Projected benefit obligation $7,460,000 Fair value of plan assets 7,460,000 Other data related to the pension plan for 2021: Service cost...
-
What is comparative anatomy? Homologous structures? Vestigial structures? Comparative embryology?
-
QUESTION FOUR (a) Assume that you are financial analyst of Alpha Investments Plc based in Accra and you have been assigned to advise Mrs Joy Ohene about a house-building venture that she intends to...
-
You bought 4000 shares of stock on margin 9 months ago. At that time, you opened your margin account and paid $32.30 a share, investing just enough to hit the necessary initial margin requirement of...
-
1. Provide an example and description of PH Companies about Acquisition. 2. Provide an example and description of PH Companies about Merger. 3. Provide an example and description of PH Companies...
-
In late summer 2005, Carlyle Group, a prominent private equity firm, must finalize the terms of a bid to purchase the Hertz Corporation. Your job is to produce a report for the members of the Carlyle...
-
safe computer inc. started its business in 2023 and sells equipment with a 2-year warranty.prior experience indicates that costs for warranty repairs average 4% in the first year and 2% in the second...
-
(a) With not more than 300 words, examine why Malaysia missed its 2020 targets to divert 40% of waste from landfills and increase recycling rates to 22%. (10 marks) b) Why arent Malaysian recycling?...
-
What is the difference between an active sensor and a passive sensor?
-
An automated storage/retrieval system for work-in-process has five aisles. The storage racks in each aisle are 10 m high and 50 m long. The S/R machine for each aisle travels at a horizontal speed of...
-
Write the APT geometry statements to define the outline of the cam.
-
In 2022, Costco Wholesale Corporation had a market capitalization of \($238\) billion, debt of \($6.5\) billion, cash of \($12\) billion, and EBIT of about \($8\) billion. If Costco were to increase...
-
How can you identify a real option in a decision tree?
-
Why can staging investment decisions add value?
Study smarter with the SolutionInn App