User Account

All Pages

Calculate the net income for tax purposes

Assignment Help Accounting Basics
Reference no: EM132513239

Question - Old Time Company purchased a Class 10 vehicle many years ago for $8,000. The vehicle has now become a collectors' item and was sold on August 1, 2018 for $10,000. The net book value on August 1, 2018 was $500 and the Class 10 UCC balance was $1,000. There are other assets left in the class and no transaction for any class during 2019. Accounting net income before tax for the year ended December 31, 2019 was $20,000. Amortization of depreciable capital assets for accounting purposes is equal to $50. Please calculate the net income for tax purposes for 2019.

Reference no: EM132513239

Questions Cloud

Which shall be taken to profit or loss for equity : Which of the following shall be taken to profit or loss for equity investments measured at fair value through other comprehensive income?
Calculate the cost of the plant as at january : Prepare the Jouranl Enteries in the General Journal for the end of Years. Calculate the Cost of the Plant as at 01 January 2016 Fair Value
Common-law methods of resolving pollution problems : Explain the common-law methods of resolving pollution problems and evaluate their effectiveness.
By what amount net business income increased or decreased : By what amount will the 2018 net business income of Leslie's Boutique be increased or decreased by the preceding information with respect to bad debts
Calculate the net income for tax purposes : Amortization of depreciable capital assets for accounting purposes is equal to $50. Please calculate the net income for tax purposes for 2019
What is the implied sh ratio : a. If the EPQ for the heating element is 2000, what is the implied S/h ratio?
Identify the weaknesses in the existing system : Identify the weaknesses in the existing system and suggest improvements that should be included in any new system that senior management might choose
Prepare journal entries for Brodie to record the purchase : Brodie uses straight-line amortization. Prepare journal entries for Brodie to record the purchase of the bonds and the first two interest receipts
What is the firm expected or required rate on equity : If this dividend was expected to grow at a 12 percent forever, what is the firm expected or required rate on equity using a dividend discount model approach?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd