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Question - Pronghorn Corp. purchased depreciable assets costing $31,200 on January 2, 2020. For tax purposes, the company uses CCA in a class that has a 30% rate. For financial reporting purposes, the company uses straight-line depreciation over five years. The enacted tax rate is 25% for all years. This depreciation difference is the only reversing difference the company has.
Required - Calculate the amount of capital cost allowance and depreciation expense from 2020 to 2024, as well as the corresponding balances for the carrying amount and undepreciated capital cost of the depreciable assets at the end of each of the years 2020 to 2024. Assume that these assets are considered "eligible equipment" for purposes of Accelerated Investment Incentive (under the AII, instead of using the half-year rule, companies are allowed a first-year deduction using 1.5 times the standard CCA rate).
The machine and maintenance service can be sold separately. Make the necessary journal entries until 31 December 2019
Assuming that the conditions for treatment as a sale are met, prepare Samson's journal entry to record the factoring of $400,000 of receivables. Assume that the fair value of the last 10% of Samson's receivables is equal to $25,000.
The gross pay and deductions for payroll to the general ledger
Hippo, Inc., a calendar year C corporation, manufactures golf gloves. For 2010, Hippo had taxable income (before DPAD) of $800,000, qualified domestic production activities income of $950,000, and W-2 wages related to qualified production activiti..
What accounting problem arises if an internal service fund is operated at a significant profit? What accounting problem arises if an internal service fund?
Describe the role of managerial accounting in contemporary business. Provide one specific, real-life example of how managerial accounting
Taylor has owned and occupied her personal residence (adjusted basis of $190,000) for four years. What is Taylor recognized gain on the sale
midlands design ltd. of manchester england is a company specializing in providing design services to residential
The total amount withheld from employee wages for federal taxes was $32,000. Journalize the entry to record the payroll tax expense incurred for the week
Plot the data and regression line for rooms inspected and inspection costs. Plot the data and regression line for inspection labor-hours and inspection costs.
Use what you know about loan risk (or search the web if you need a refresher) to identify three different questions that might influence risk.
Identify the accounts receivable balance listed in the general ledger at month's end.
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