In the case of the adoption of a child who is not a US citizen or resident of the United States, the credit for qualified adoption expenses is available:Oa. In the last year expenses are paid.Ob. Each year expenses are paid.Oc. In the year the adoption becomes final.Od. In the first year the expenses are paid. An asset (not an automobile) placed in service in June 2021 has a depreciable basis of $35,000 and a recovery period of 5 years. Assuming bonusdepreciation is used, a half-year convention, and no expensing election, what is the maximum amount of cost that can be deducted in 2021?Oa. $24,500Ob. $17,500Oc. $21.000Od. $35,000Oe. $7,000

Given : Depreciable Asset in June 2021 = $35000 Recovery Period = 5 years Calculate : what is the…

An asset (not an automobile) placed in service in June 2021 has a depreciable basis of $35,000 and a recovery period of 5 years. Assuming bonus depreciation is used, a half-year convention, and no expensing election, what is the maximum amount of cost that can be deducted in 2021? Oa. $24,500 Ob. $17,500 Oc. $21,000 Od. $35,000 Oe, $7,000 е.

An asset (not an automobile) placed in service in June 2021 has a depreciable basis of $35,000 and a recovery period of 5 years. Assuming bonus depreciation is used, a half-year convention, and no expensing election, what is the maximum amount of cost that can be deducted in 2021? Oa. $24,500 Ob. $17,500 Oc. $21,000 Od. $35,000 Oe, $7,000 е.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Q3: Global Manufacturing Company purchased new equipment on April 29, 2020, at a cost of $80000. Useful life of this equipment was estimated at 4 years, with an estimated residual value of $5000. For income tax purpose, this equipment is classified as “5-years property”.Instructions: Compute the annual depreciation expense for each year until this equipment becomes fully depreciated under each of depreciation method listed below. i) Straight-line, with depreciation for fractional years rounded to the nearest whole month. ii) 200%- declining-balance, with the half-year convention.
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Colorado Pte Ltd commenced its first non-structural renovation works in accounting year 2017 at the cost of $120,000 and incurred a further $70,000 in accounting year 2018. In accounting year 2019, it upgraded its reception area and spent $250,000 on non-structural renovation costs. What is the amount deductible under Section 14Q in Year of Assessment 2020? Group of answer choices $100,000 $36,667 $116,667 $70,000
None
n 2018 an asset was purchased for $2,000,000. The asset qualified for Initial Allowance. The Initial Allowance (I.A) Rate was 20%. Annual Allowance (A.A) Rate was 10%. The asset was sold in 2020 for $1,000,000. Capital allowance is on the reducing balance basis. The balancing adjustment is: a. A Balancing Allowance b. A Balancing Charge 2. Which of the following statements are NOT correct? i. A registered taxpayer can claim input tax credit for items used for its exempt activities. ii. A registered taxpayer can claim input tax credit for items used for zero-rated activities. iii. The VAT rate Exempt supplies is 0%. iv. Zero-rated goods or services are taxable for VAT at 0%. a. None of the above b. i only c. i, ii and iv d. i, and iii BDF limited as the following supplies: Supplies at standard rate $5,000,000 Supplies at Zero percent $3,000,00 Supplies at 25% $2,000,000 Exempt Supplies $5,000,000 The GCT threshold is…