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Questions and Answers
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?
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?
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What is Wendy's annual salary from her job at the construction company?
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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).
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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.
