Podcast
Questions and Answers
What was the original purchase price of Wendy's pick-up truck?
What was the original purchase price of Wendy's pick-up truck?
What was the ending UCC for Wendy's pick-up truck on last year's tax return?
What was the ending UCC for Wendy's pick-up truck on last year's tax return?
How much of the GST/HST rebate Wendy received was related to CCA on her pick-up truck?
How much of the GST/HST rebate Wendy received was related to CCA on her pick-up truck?
How should Wendy adjust the UCC for her pick-up truck after accounting for the GST/HST rebate related to CCA?
How should Wendy adjust the UCC for her pick-up truck after accounting for the GST/HST rebate related to CCA?
Signup and view all the answers
What is Wendy's annual salary from her job at the construction company?
What is Wendy's annual salary from her job at the construction company?
Signup and view all the answers
Study Notes
Wendy's Income and Truck
- Wendy's total income from her construction job is $62,000.
- Wendy's income is from a monthly salary.
- Wendy owns a pick-up truck.
- Wendy purchased the truck for $48,250, including GST/HST.
- Wendy's ending UCC for the truck on her last year's tax return was $9,800.
GST/HST Rebate and UCC Adjustment
- Wendy received a $400 GST/HST rebate in May.
- $150 of the rebate was in relation to the CCA on her truck.
- This $150 must be added back to the UCC of her truck.
- This results in a new UCC value of $10,050 ($9,800 + $150).
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
Test your understanding of financial concepts related to Wendy's income and her truck investment. This quiz covers topics such as income calculation, GST/HST rebates, and UCC adjustments. Perfect for accounting and finance students looking to apply theoretical knowledge to practical examples.
