Print off a copy of the Schedule 8 form found in the Content->Resources folder and fill...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Print off a copy of the Schedule 8 form found in the Content->Resources folder and fill it out by hand. Use the sheet to make the following CCA calculations. Use column 1 for the year instead of the class, one row for each of the eight years. You can ignore columns 4, 10, 11 by putting zeros in those columns. In all years, there are no adjustments (e.g., for HST or GST rebates or for investment tax credits). Assume no assets prior to 2016 and round your column 13 work to the nearest dollar. You will need to go the Government of Canada website to determine the Class and the CCA Rate to use in your calculations. The assets that you will be purchasing and selling are a mixture of furniture, appliances, and tools costing $500 or more per tool, some fixtures, machinery, outdoor advertising signs, refrigeration equipment, and other equipment you use in the business. Date 2016-03-11 Amount Activity Purchase 2017-04-24 Purchase $ 50,000 $150,000 2018-07-08 Purchase $ 36,111 2018-11-22 Sale $ 10,000 2020-08-03 Purchase $ 60,000 2023-09-12 Sale $ 45,000 Print off a copy of the Schedule 8 form found in the Content->Resources folder and fill it out by hand. Use the sheet to make the following CCA calculations. Use column 1 for the year instead of the class, one row for each of the eight years. You can ignore columns 4, 10, 11 by putting zeros in those columns. In all years, there are no adjustments (e.g., for HST or GST rebates or for investment tax credits). Assume no assets prior to 2016 and round your column 13 work to the nearest dollar. You will need to go the Government of Canada website to determine the Class and the CCA Rate to use in your calculations. The assets that you will be purchasing and selling are a mixture of furniture, appliances, and tools costing $500 or more per tool, some fixtures, machinery, outdoor advertising signs, refrigeration equipment, and other equipment you use in the business. Date 2016-03-11 Amount Activity Purchase 2017-04-24 Purchase $ 50,000 $150,000 2018-07-08 Purchase $ 36,111 2018-11-22 Sale $ 10,000 2020-08-03 Purchase $ 60,000 2023-09-12 Sale $ 45,000
Expert Answer:
Answer rating: 100% (QA)
To begin filling out the Schedule 8 form you need to first organize your purchases and sales into categories based on the Canadian governments classif... View the full answer
Related Book For
Understanding Financial Statements
ISBN: 978-0133874037
11th edition
Authors: Lyn Fraser, Aileen Ormiston
Posted Date:
Students also viewed these accounting questions
-
Its for filling out a pretend 1040, schedule 3, schedule 8812, form 8863, and a schedule EIC. Filing as Head of Household with one dependant. Everything I have filled in so far is marked as correct,...
-
: (i) What data structures are maintained by the page manager. (ii) What happens when a machine performs a read operation to a page. (iii) What happens when a machine performs a write operation to a...
-
Division S of ABC Company makes a part that it sells to other companies. Data on that part appear below: Selling price on the intermediate market $30 per unit Variable costs per unit $22 per unit...
-
Use the data in WAGEPRC.RAW for this exercise. Problem 11.5 gave estimates of a finite distributed lag model of gprice on gwage, where 12 lags of gwage are used. (i) Estimate a simple geometric DL...
-
Describe how data values can be manipulated to create coloured pixel images on a computer screen.
-
At a location \(25 \mathrm{~mm}\) away from a long, straight currentcarrying wire, the magnitude of the magnetic field due to the wire is \(2.0 \times 10^{-5} \mathrm{~T}\). Calculate the magnitude...
-
Use the information from Exercise 16-22 to prepare a profit variance analysis for Data-2-Go like the one in Exhibit16.5. DE 17) Master Budget (based on Budget (based on actual activity of Actual...
-
1.XYZ Corp. just paid an annual dividend of $3 per share on its common stock. This dividend is expected to grow at a 10 percent annual rate for two years, after which it is expected to grow at a 6...
-
The Equity Decelerator company has designed a new type of secured process equipment loan aimed at industrial clients. The loan would carry an initial set-up fee of $200, and the borrowers monthly...
-
How is literary criticism used in interpreting literature? How is literary criticism most helpful in interpreting literature?
-
Earth receives approximately 1.7 1017 J of energy from the sun each second through a process called O a) evaporation. Ob) convection. Oc) radiation. O d) sublimation. O e) conduction
-
A 1 0 0 kg box is laying on the horizontal ground. You pushed the box with a 2 0 0 N horizontal force toward North and moved the box 1 0 meters to the North. Then you pushed the box with a 3 0 0 N...
-
5) [2.5pts] When an LRC series circuit is at resonance, which one of the following statements about that circuit is accurate? (There may be more than one correct choice.) A) The impedance has its...
-
If an object starts from rest, the distance it will travel is equal to one - half of its accerlation, times the time it has been traveling squared. If the acceleration is 1 2 0 0 and the time it has...
-
Answer the following question Identify one technique that you use to reduce stress in your daily life. Do you think your technique will work for others? Why or why not?
-
Complete problem P10-21 using ASPE. Data from P10-21 Original cost ................................................................. $7,000,000 Accumulated depreciation...
-
(a) Determine the critical values for a right-tailed test of a standard population deviation with 15 degrees of freedom at \(\alpha=0.1\) level of significance. (b) Determine the critical values for...
-
A simple random sample of size \(n=20\) is drawn from a population that is normally distributed. The sample variance is found to be 49.3. Determine whether the population variance is less than 95 at...
-
To test \(H_{0}: \sigma=0.35\) versus \(H_{1}: \sigma <0.35\), a random sample of size \(n=41\) is obtained from a population that is known to be normally distributed. (a) If the sample standard...
Study smarter with the SolutionInn App