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%
-Which statement contains assets, liabilities, and equity?

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%
-Which statement contains assets, liabilities, and equity?

Quizplus · Accepted Answer

The statement of financial position (also known as the balance sheet) contains assets, liabilities, and equity. It provides a snapshot of an entity's financial condition at a specific point in time.

Cost of the Asset$100,000