On January 1, 2020, Anderson Inc. has a balance in its Class 53 UCC of $440000. During 2020, assets with a capital cost of $160000 are added to the Class. There are no disposals during the year. Determine the maximum Class 53 CCA for 2020. Round to the nearest dollar. Do NOT write commas, dollar signs, or decimals in your response. Your Answer:

On January 1, 2020, Anderson Inc. has a balance in its Class 53 UCC of $440000. During 2020, assets with a capital cost of $160000 are added to the Class. There are no disposals during the year. Determine the maximum Class 53 CCA for 2020. Round to the nearest dollar. Do NOT write commas, dollar signs, or decimals in your response. Your Answer:

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 4MCQ

See similar textbooks

Similar questions

On January 1, 2020, Anderson Inc. has a balance in its Class 53 UCC of $390000. During 2020, assets with a capital cost of $130000 are added to the Class. There are no disposals during the year. Determine the maximum Class 53 CCA for 2020.
Rotweiler Obedience School's December 31, 2018, balance sheet showed net fixed assets of $1,750,000, and the December 31, 2019, balance sheet showed net fixed assets of $2,090,000. The company's 2019 income statement showed a depreciation expense of $326,000. What was the company's net capital spending for 2019? (Do not round intermediate calculations and enter your answer in dollars, not millions of dollars, rounded to the nearest whole number, e.g., 1,234,567.) Net capital spending $ 678.000
The Slow company has started the construction of an asset on September 1, 2019and finished it on November 1, 2020. The weighted average expenditure ascalculated at the end of the construction in 2020 was: $725,456. In 2020, thecomp had the following outstanding indirect debts:DebtOne-year loan payable taken out on March 31, 2019Two-year note payable Faken out on June 1, 2020Amount$67,000$120,000Annual rate5%7%Assuming there is no direct debt related to this construction, the interest that will becapitalized on indirect debt in 2020 is (calculate ratios to 2 decimal places):a) $47,980b) $45,130Oc) $7,133d) $5,737
The notes payable are dated June 30, 2023, and are due on June 30, 2025. Interest at 5% is payable annually on June 30. Depreciation on the furniture and fixtures for 2024 is $29,000. The furniture and fixtures originally cost $390,000. Required: Prepare a classified balance sheet at December 31, 2024, by updating ending balances from 2023 for transactions during 2024 and the additional information. The cost of furniture and fixtures and their accumulated depreciation are shown separately. Note: Amounts to be deducted should be indicated by a minus sign. Current assets: Cash Accounts receivable Inventory Total current assets Property, plant, and equipment: Furniture and fixtures Accumulated depreciation Net property, plant, and equipment Total assets Current liabilities: Accounts payable Interest payable Notes payable KORVER SUPPLY COMPANY Balance Sheet At December 31, 2024 Assets Total current liabilities Shareholders' equity: Common stock Retained earnings Liabilities and…
Our company shows, among other things, after the poster at the beginning and end of 2020 in tsek:31 Dec 2020 01 Jan 2020Fixed assets 5,000 4000Current assets 1,500 1,500Long-term liabilities 2000 2500Current liabilities 1400 1500What is the company's result for 2020? Assume that the owners did not deposit or withdraw any capital duringyear.
On May 1, 2020, Vaughn Manufacturing began construction of a building. Expenditures of $620400 were incurred monthly for 5 months beginning on May 1. The building was completed and ready for occupancy on September 1, 2020. For the purpose of determining the amount of interest cost to be capitalized, the weighted-average accumulated expenditures on the building during 2020 were O $2481600. O $3102000. O $517000. O $620400.
Logano Driving School's 2021 balance sheet showed net fixed assets of $2.4 million, and the 2022 balance sheet showed net fixed assets of $3.4 million. The company's 2022 income statement showed a depreciation expense of $309,000. What was net capital spending for 2022? (Do not round intermediate calculations and enter your answer in dollars, not millions of dollars, e.g., 1,234,567.)
Respond to the requirements in each situation. Click here to view factor tables. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) (a) V Your answer is correct. On January 1, 2020, Bramble Inc. sold computer equipment to Marin Co. The sales price of the equipment was $512,000 and its carrying amount is $413,000. Record any journal entries necessary for Bramble from the sale of the computer equipment in 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit 1/1/20 Cash 512,000 Gain on Disposal of Equipment 99000 Equipment 413,000 eTextbook and Media
Sheffield Corporation’s adjusted trial balance contained the following asset accounts at December 31, 2020: Cash $8,220, Land $40,800, Patents $16,000, Accounts Receivable $97,530, Prepaid Insurance $6,040, Inventory $34,900, Allowance for Doubtful Accounts $4,520, and Equity Investments (to be sold in the next quarter) $13,510.Prepare the current assets section of the balance sheet. (List Current Assets in order of liquidity.)
Rotweiler Obedience School's December 31, 2018, balance sheet showed net fixed assets of $1,730,000, and the December 31, 2019, balance sheet showed net fixed assets of $2,050,000. The company's 2019 income statement showed a depreciation expense of $322,000. What was the company's net capital spending for 2019?
The current sections of Famous’s statements of financial position at December 31, 2019 and 2020, are presented here. Famous’s net income for 2020 was €147,000. Depreciation expense was €21,000. 2020 2019 Current assets Prepaid expenses €25,000 €27,000 Inventory 158,000 172,000 Accounts receivable 79,000 110,000 Cash 105,000 99,000 Total current assets €367,000 €408,000 Current liabilities Accrued expenses payable € 15,000 € 9,000 Accounts payable 85,000 95,000 Total current liabilities €100,000 €104,000 Instructions Prepare the net cash provided by operating activities section of the company’s statement of cash flows for the year ended December 31, 2020, using the indirect method.
At the beginning of 2020, Best Inc. has two assets in Class 10. The cost of each asset was $72,000 and the Class 10 UCC balance was $56,472. On June 30, 2020, both of these assets are sold for a total of $41,500. What is the effect of the disposition on the Company's 2020 net business income? In addition, determine the January 1, 2021 UCC balance.