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%
-In what order are the following items listed on the statement of financial position?
(1) current assets
(2) property, plant, and equipment
(3) intangible assets
A) 2,3,1
B) 1,3,2
C) 3,1,2
D) 3,2,1

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%
-In what order are the following items listed on the statement of financial position?
(1) current assets
(2) property, plant, and equipment
(3) intangible assets
A) 2,3,1
B) 1,3,2
C) 3,1,2
D) 3,2,1

Quizplus · Accepted Answer

Property, plant, and equipment is listed before intangible assets on the statement of financial position.

Cost of the Asset$100,000