At December 31, 2021, the Following Data Were Available for a Building

question 112

Essay

At December 31, 2021, the following data were available for a building owned by Omega Company:
$$\begin{array} { | l | r | } \hline \text { Building cost } & \$ 700,000 \\\hline \text { Accumulated depreciation - building } & 525,000 \\\hline \text { Estimated residual value at end of the useful life } & 25,000 \\\hline \text { Estimated remaining useful life } & 15 \\\hline\end{array}$$ A small room was built on the back of the building at a cost of $45,000. The room was completed on June 30, 2022 and was used as office space commencing July 2, 2022. The company uses straight-line depreciation, and accounts for partial years using the number of months the asset is available for use.
Required:
How much is the impact of this expenditure on income before taxes for 2022?

Identify the different levels of intellectual disability and their implications on functioning and support needs.

Recognize the specific characteristics and challenges associated with developmental disorders such as Down syndrome, dyslexia, and developmental coordination disorder.

Identify and describe various causes of intellectual disability.

Distinguish between different levels of intellectual disability and their characteristics.

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Definitions:

Service Charge

A fee collected for the provision of a service, often added to the base cost of the service.

Credit Card

A payment card issued to users as a method of payment allowing the cardholder to pay for goods and services based on the holder's promise to pay for them.

Journal Entry

A record in the books of accounts that shows a business transaction and its effect on the company's finances.

Percent of Receivables Method

An accounting method used to estimate the amount of accounts receivable that will not be collected by calculating a percentage of receivables deemed uncollectible.