What is the maximum cca deduction of the goodwill

Assignment Help Financial Accounting
Reference no: EM133042533

Question - A proprietorship commenced operations on May? 1, 2020 and will have a calendar fiscal year. On June? 1, 2020?, the proprietorship acquired goodwill for ?$54,000. Using only this? information, what is the maximum CCA deduction of the goodwill for the year 2020??

Reference no: EM133042533

Questions Cloud

What is the amount that she should accept in this scenario : Sarah just won a settlement with an insurance company, which entitles her to receive payments of $30,363. What is the amount that she should accept
Determine the direct labor time variance : Labor standards were 7.0 hours per completed unit at a standard rate of $12.75 per hour. Determine the direct labor time variance
SHR043-6 Integrated Management Project Assignment : SHR043-6 Integrated Management Project Assignment Help and Solution, University of Bedfordshire - Assessment Writing Service
Indicate the accounts that are increased or decreased : Indicate the accounts that are increased and/or decreased and by which amount to remove the equipment from the books of Brown Company on March 31, 2015
What is the maximum cca deduction of the goodwill : On June? 1, 2020?, the proprietorship acquired goodwill for ?$54,000. What is the maximum CCA deduction of the goodwill for the year 2020?
Provide the journal entries to account for the revaluation : Provide the journal entries to account for the revaluation on 30 June 2022. Petersen Ltd classifies the residential land and factory land as different classes
Reflect on what corporate social responsibility means : Reflect on what corporate social responsibility (CSR) means to you and think of ways organizations might practice CSR. What is the purpose of CSR
What is the present value of a single cash flow : What is the present value of a single cash flow of $25,000 received at the end of 10 years, if we assume a discount rate of 5% annually
How much is the balance of Brooklyn capital : The total capital will be $330,000 and Damian's capital will be $70,000. How much is the balance of Brooklyn's capital, after the admission of Damian

Reviews

Write a Review

Financial Accounting Questions & Answers

  Define bad-good risks-known risks and misperceived risks

Define ERM, bad risks vs. good risks, known risks and misperceived risks. Discuss the problems associated with the current ERM process. Explain how risk management failures contributed to the 2008-09 financial crises.

  Prepare a record each event and the related adjusting entry

Record each event and the related adjusting entry in general journal format. The first event is recorded as an example. Assume a December 31 closing date

  Which entry to record transaction for little bo beep corp

Little Bo Beep Corporation issued 5,000 shares of $2 par value common stock. The issue price was $7.50 per share. The entry to record this transaction includes?

  Discuss the qualitative factors that would affect decision

Venable, Inc., a manufacturer of snowmobiles, has just received an offer from a supplier to provide 3,000 units of a component used in its main product. The component is a track assembly that is currently produced internally. Discuss the qualitative ..

  How demonstrate what is profit associated with copper

Determine what is the profit or loss associated with Copper? Landmark Coal operates a mine. Allocate the joint costs using the relative sales values.

  Financial Accounting Question - Prepare financial statements

Prepare the following financial statements for Perniagaan Manja Wholesaler: Statement of Profit or Loss for the year ended 30 April 2017

  Prepare a cash budget for the month

Allan Corporation has the following sales budget for March of $440,000. About 10 percent are cash sales and the remainder is sold on account. The company expects that 60 percent of credit sales will be collected in the month of the sale, 25 percent i..

  Find what other insights into challenge found for disney

Find What other insights into this challenge can be found in examples from accounting for Disney's acquisitions of Lucasfilm and Pixar?

  How to record the transactions in the journal

How to Record the transactions in the journal. Post journal entries to the ledger accounts, and balance ledger accounts. Complete the trial balance.

  How ethics can best be incorporated in organisations

Demonstrate in your critical analysis how the use of Ethics by the parties involved could have assisted in better operation of News Ltd. Provide an insight into how Ethics can best be incorporated in organisations and those charge with Corporate G..

  Preparing accrual basis journal entries

Preparing Accrual Basis Journal Entries and Reporting Financial Statements,which occurred during September; update the account balances

  Contrast the general fund and special revenue fund

The General Fund and the Special Revenue Fund are subject to comparable accounting and financial reporting principles and they have similar financial transactions. Discuss answers to the following questions and justify your response: Compare and cont..

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!

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