A company resident in Jamaica purchased the following assets in 2021: Asset Cost $ Honda Motor car purchased in March 2020 38,000 Heavy Equipment 50,000 Computer (CPU) 4,000 Factory Buildings 72,000 (a) What would be the difference in capital allowances for 2022 if this company were resident in Trinidad and Tobago instead of Jamaica for tax purposes.

Armando Corporation incurred the following expenses: 2022 2023 Salaries 515,000 614,000 Materials 90,000 70,000 Insurance and utilities 14,000 19,000 Promotion expense 11,000 18,000 Advertising -0- 20,000 Cost of market survey 8,000 -0- The new product will be available for sale July 1, 2024. The company would like to capitalize and amortize the expenditures. Calculate the amount of research and experimental expenditures for: a. 2022 b. 2023 Calculate the deduction for R&D expenses for: C. 2022 d. 2023 e. 2024 If the answer is 0, just type a 0. Use commas as appropriate, ie 55,000. Round answers to the nearest dollar.

Please calculate the rental income for tax purposes. In July 2022, an individual acquires a rental property for $20,000. $110,000 is allocated to the land and $160,000 is allocated to the building. The property is rented for $1,800 per month. Condo fees are $50 per month, property taxes are $1,000 per year and interest expense for 2022 is $6,100. Note: the building was acquired after 1987 for residential use; therefore, a class 1 asset (CCA rate = 4%)

Janus Corporation purchased major pieces of manufacturing equipment on January 1, 2020 for a total of $42 million. Janus uses straight-line depreciation for financial statement reporting and MACRS for income tax reporting. At December 31, 2022, the book value of the equipment was $36 million and its tax basis was $26 million. At December 31, 2023, the book value of the equipment was $34 million and its tax basis was $19 million. There were no other temporary differences and no permanent differences. Pretax accounting income for 2023 was $50 million.Required:1. Prepare the appropriate journal entry to record Janus’s 2023 income taxes. Assume an income tax rate of 25%.2. What is Janus’s 2023 after-tax net income?

Mikkeli OY acquired a brand name with an indefinite life in 2021 for 43,600 markkas. At December 31, 2020, the brand name could be sold for 35,200 markkas, with zero costs to sell. Expected cash flows from the continued use of the brand are 45,870 markkas, and the present value of this amount is 34,200 markkas.   Assume that Mikkeli OY is a foreign company using IFRS and is owned by a company using U.S. GAAP. Thus, IFRS balances must be converted to U.S. GAAP to prepare consolidated financial statements. Ignore income taxes.   Required: Prepare journal entries for this brand name for the year ending December 31, 2020, under (1) IFRS and (2) U.S. GAAP. Prepare the entry(ies) that the U.S. parent would make on the December 31, 2020 conversion worksheet to convert IFRS balances to U.S. GAAP.

1. A special manufacturing and handling device was purchased by Alfonso Manufacturing for $200,000 and is depreciated over MACRS. CFBT is estimated to amount to $800,000 for the first 2 years followed by $600,000 thereafter until the asset is retained. The effective tax rate, Te is 35% and interest is 10% per year. In present worth dollars determine the CFAT and determine if it was a viable purchase. (Note answer must be in a tabular format)

Excelsior Corporation has the following headings on its December 31, 2019 Balance Sheet: Total Current Assets $200,000 Total Assets $500,000 Total Current Liabilities $91,500 Total Non Current Liabilities $300,000 On January 2020 Excelsior pays off $36,900 in long term debt by transferring title to one of its idle factories to the creditor Required 1: Assume no other transaction in 2020. How much will working capital increase/decrease by when comparing December 2019 with January 2020? $ Required 2: The current ratio of 2019 is: Required 3: Excelsior's financial leverage in 2019 is (calculate it as a debt to equity ratio): Required 4: Excelsior's financial leverage in 2019 is (calculate the Equity Ratio and not the Equity Ratio percentage): Required 5: If sales for 2019 amount to $570,000, the working capital turnover for 2019 is:

SINCO Ltd. purchased a piece of equipment in the year 2018 for the sum of $ 200,000. The company is subject to a tax depreciation rate of 25%. According to the following table, what is the depreciation allowance that this company can claim in 2020? (in the following picture : Année is year)

J Co. (a Canadian-controlled private corporation) had a Class 8 UCC balance of $10,000 at the end of 2022. In 2023, J Co. purchased a Class 8 asset for $50,000 to be used by the business immediately. What is J Co.'s maximum CCA for 2023? Multiple Choice $12,000 $17,000 $60,000 $52,000

Zugar Company is domiciled in a country whose currency is the dinar. Zugar begins 2020 with three assets: cash of 27,200 dinars, accounts receivable of 81,800 dinars, and land that cost 218,000 dinars when acquired on April 1, 2019. On January 1, 2020, Zugar has a 168,000 dinar note payable, and no other liabilities. On May 1, 2020, Zugar renders services to a customer for 138,000 dinars, which was immediately paid in cash. On June 1, 2020, Zugar incurred a 118,000 dinar operating expense, which was immediately paid in cash. No other transactions occurred during the year. Currency exchange rates for 1 dinar follow:     April 1, 2019 $0.51 = 1 dinar January 1, 2020 0.54 = 1 May 1, 2020 0.55 = 1 June 1, 2020 0.57 = 1 December 31, 2020 0.59 = 1     Assume that Zugar is a foreign subsidiary of a U.S. multinational company that uses the U.S. dollar as its reporting currency. Assume also that the dinar is the subsidiary’s functional currency. What is the translation…