A company's net income for financial statement purposes is $300,000. Included in this amount are the following: $40,000 gain from the sale of Class 8 equipment for $60,000 that had an original cost of $33,000, and a net book value of $20,000; amortization expense of $25,000; and client entertainment expenses of $13,000. The UCC of Class 8 at the beginning of the year was $8,000. The capital cost allowance (CCA) computed on all other depreciable assets was $7,500. What is the net income for tax purposes?

a. $337,500
b. $322,500
c. $304,000
d. $297,500

Question

17-06-2024
Business

Answered

Discover answers to your questions with Westonci.ca, the leading Q&A platform that connects you with knowledgeable experts. Join our Q&A platform to connect with experts dedicated to providing precise answers to your questions in different areas. Discover detailed answers to your questions from a wide network of experts on our comprehensive Q&A platform.

A company's net income for financial statement purposes is $300,000. Included in this amount are the following: $40,000 gain from the sale of Class 8 equipment for $60,000 that had an original cost of $33,000, and a net book value of $20,000; amortization expense of $25,000; and client entertainment expenses of $13,000. The UCC of Class 8 at the beginning of the year was $8,000. The capital cost allowance (CCA) computed on all other depreciable assets was $7,500. What is the net income for tax purposes?

a. $337,500
b. $322,500
c. $304,000
d. $297,500

Sagot :

Thanks for using our platform. We're always here to provide accurate and up-to-date answers to all your queries. We hope our answers were useful. Return anytime for more information and answers to any other questions you have. Westonci.ca is your go-to source for reliable answers. Return soon for more expert insights.

Determine whether each sequence appears to be an arithmetic sequence. If so find the common difference and the next 3 terms. 3.) 2.1, 1.4, 0.7, 0,... 4.) 1, 1,

1. What is the best definition of theme? Answer a statement about human flaws that highlight the need for social justice the effect a particular piece of writin

how did humanism change science , religion and art during the renaissance?

When combining two independent clauses, a comma must be placed __________. A.both before and after the conjunction B.after the conjunction C.before the conjunct

Which words in the sentence make up the adverb phrase? Which word does it modify? The furniture store delivery truck came at ten o'clock. A. the furniture; modi

a beam of light has a wavelength of 506 nanometers. What is the frequency of the light

Which words in the sentence make up the infinitive phrase? Even though I am too busy right now, I would still like to go to the concert tonight. A. too busy B.

The "Reply All" button_________________________. a. sends the reply to all the emails in your Inbox b. sends the email to all the contacts in your address book

Which words in the sentence are the complete gerund phrase? Kingfishers build nests by tunneling into the sides of riverbanks. A. tunneling into the sides of ri

what's the unit rate for $4.50,7.50,6.50,7.50,4.50,5.00,1.50,1.65,3.75,3.95!!!!!PLZ HURRY PROJECT DUE ON TUESDAY!!!!!

Sagot :

Other Questions