Cost of the asset$100,000
Life of the asset 5 years
Depreciation rate20%
Capital cost allowance rate 50%
Residual value of the asset nil
Income tax rate 50%
-What account is found on the statement of income?
A) taxes payable
B) accumulated amortization
C) bank loan
D) salaries

Question

Cost of the asset$100,000 
Life of the asset 5 years 
Depreciation rate20% 
Capital cost allowance rate 50% 
Residual value of the asset nil 
Income tax rate 50%
-What account is found on the statement of income?
A) taxes payable
B) accumulated amortization
C) bank loan
D) salaries

Quizplus · Accepted Answer

The Answer of Cost of the asset$100,000 
Life of the asset 5 years 
Depreciation rate20% 
Capital cost allowance rate 50% 
Residual value of the asset nil 
Income tax rate 50%
-What account is found on the statement of income?
A) taxes payable
B) accumulated amortization
C) bank loan
D) salaries

Cost of the Asset$100,000