Tax1Final Sample Test

Tax1Final Sample Test - Name: _ Number: _ Acct 461 SAMPLE...

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Name: ______________________ Number: _____________________ Acct 461 SAMPLE FINAL TEST
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All Night Service Company began its business on February 1, 2003 to supply computer service 24 hours per day. The Company establishes December 31 as its year end for both tax and accounting purposes. On April 1, 2003, the Company acquired a building to be used as an office and communications centre at a cost of $180,000. Also on this date, the Company purchased six cars to be used by the service technicians at a cost of $25,000 per vehicle. On May 1, 2003, the Company purchased a variety of maintenance equipment at a cost of $48,000. During 2004, the Company trades in three of its old cars on three new minivans. The list price of the new minivans is $24,000 per vehicle, and the Company receives a trade-in allowance towards this list price of $14,000 per old vehicle. During 2005, several other events occurred. They are as follows: Equipment that had an original cost of $12,000 was sold for an amount of $15,000 because the equipment was an antique. One of the original six cars was involved in a severe accident, and the car was written off. The Company’s insurance has a deductibility clause, the insurance proceeds covered only $7,770 of the value of the car. A new computer system was purchased for the company for a cost of $19,500. Required:
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Tax1Final Sample Test - Name: _ Number: _ Acct 461 SAMPLE...

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