do fast The SINCO Ltd. purchased a piece of equipment in 2000. The UCC amounts for this equipment are as follows:Adjustments toUCC frompurchases andBase UCCamounts forYeardispositions2000$200,000CCA$100,00020010$175,000CCA$25,000$43.750RemainingUCC$175,000$131,2502002How much could the SINCO Ltd. claim for depreciation of this equipment in 2002?$62,500$131,250$40,250.50$26,250$32,812.50

The objective of the question is to determine the amount that SINCO Ltd. could claim for…

Answered: The SINCO Ltd. purchased a piece of…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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1. Someone bought a house $400,000 in cash of which $100,000 is the value of the property. The property is rented out for 5k monthly and it cost 500 a month to maintain. He pays 38% in contributions. He plans to totally depreciate the property after 20 years, using the straight line depreciation . What is the vnet annual income from contributors? 2. A company bought a machine with an initial cost of $1million with a salvage value of 100,000 in year 10, it was sold in y5 for 1.2 million a) what are the tax implications of this sale? fully depreciated with a 100%bonus + straight line depreciations the firm that owns the machine pays corporate income taxes at crate of 40% and a capital gains taxes at a rate of 10%
4 03:16:23 Mc Graw Hill Determine if each item below is a traceable or a common fixed cost. Depreciation on equipment used only by one segment Multiple Choice Traceable fixed cost Common fixed cost
What are the two different ways most firms calculate depreciation?
Machine that cost $150,000 and on which $120,000 of accumulated depreciation has beenrecorded was disposed of for $30,000 cash. Calculate the gain or loss.
2. An asset purchased for $50,000 has a depreciable life of 5 years, and it has a terminal book (salvage) value of $5,000 at the end of its depreciable life. With the straight-line method of depreciation, what is the asset's book value at the end of year 3?
3. You purchased a 5-year property class item for $60,000. After using this item for 3 years you sold it for $5,000. What is your gain or loss for tax purposes? Use MACRS depreciation method.
37. Vince purchased a 2008 used car for $15,300. This make and model usedcar straight line depreciates to zero in 8 years. Identify the x- and yintercepts for the depreciation equation. A. (2,008, 0) and (0, 15,300)B. (0, 15,300) and (8, 0)C. (15,300, 0) and (0, 8)D. (15,300, 0) and (0, 2,008)
Find the depreciation for the sixth year using MACRS cost-recovery rates for the property placed in service at midyear. The property is a 10-year property and was purchased for $113,206. Click the icon to view a table of MACRS rates. The depreciation is $(Round to the nearest cent as needed.)
Using the double declining balance depreciation method for an asset purchased at the start of 1019 w/an annual cost of $85,000, a salvage value of $2,500, and a depreciable life of 12 years, the book value at the end of 2023 is most nearly waht amount? a. $40,990 b. $36,238 c. $34,160 d. 28,500 e. $23,720 Please use excel and show formulas.
4. New equipment used in construction with a cost basis of $60,000 with a zero salvage value at the end of its useful life of 6 years. Use the Double Declining method to calculate the depreciation charge in year 4. $7,494 $2,633.75 $5,925.93 $10,000
RZ Company, a calendar year taxpayer, paid $6,400,000 for a commercial office building and allocated $400,000 of the cost to the land and $6,000,000 of the cost to the building. RZ place the realty in service on May 11. Refer to the appropriate MACRS Table in Chapter 7 to compute RZ's first-year depreciation on the realty. Use Table 7-4. Multiple Choice $136,380 $102,720 $96,300 None of these choices are correct
taxable income on ructions, and publications, visit www.irs.gov or call RM (800-829-3676). u e-tile your tax return? Electronicaly fled returns are less kely to have ma errors resulting in notices such as this one. t's free to file your taxes electronicaly Go to www.irs.govlefile for information and instructions • You can contact us by mail at the address at the top of the first page of this notice de sure to include your Social Securiy Cumber and the tar year and form number you are writing about • Keep this notice for your records • Activity on your 2020 account may be detaying the relese of your neftund receive a notice explaining this delay • Estimated Tax Filers Note, i# you pn sta taes c Hill Graw P Type here to search 直。 000'006$ ) $750,000. eBook The total revenues of Harvey's firm in the first year were 81°F Sunny ^ 10/17/2021 3:57 PM

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