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 is the correct date line for a statement of income?
A) from June 30, 2013
B) for the year ended June 30, 2013
C) for the accounting year ended June 30, 2013
D) as at June 30, 2013

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 is the correct date line for a statement of income?
A) from June 30, 2013
B) for the year ended June 30, 2013
C) for the accounting year ended June 30, 2013
D) as at June 30, 2013

Quizplus · Accepted Answer

The correct dateline for a statement of income is "for the year ended June 30, 2013," as it indicates the period over which the income is measured, which is typically a year.

Cost of the Asset$100,000