Calculate the capital gains and losses for the following scenarios: a.) In 2020, Mario sold 400...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Calculate the capital gains and losses for the following scenarios: a.) In 2020, Mario sold 400 shares of XYZ Public Corporation of Canada for $6,500. He received the full proceeds at the time of the sale and paid a commission of $60. The ACB of the shares is $4,000. b.) An art collector bought a statue for $750,000 in 2019 and sold it earlier this year for $655,000. c.) Last year, Diane bought 1,087 Tesla shares for $40,750 total. Earlier this year, she purchased 700 more Tesla shares for $750 each. Today, Gina sold all of her shares for $896 per share. d.) Five months ago, Francisca purchased 50,000 shares of MineCo for $0.50 each. He sold his investment today for $32,000. Susan works 32 hours per week and is paid $15 per hour and works 50 weeks per year. Calculate the CPP, El and Income tax payable that has to be paid by the Susan and her employer. In 2021, the company generated sales revenue of $520,000. It had the following expenses: Cost of sales/materials: Small tools: Salary: Rent: Advertising: Meals & Entertainment: Motor Vehicle: Telecommunications: Utilities $170,000 76,600 63,500 54,000 15,000 24,200 15,200 (It is estimated that 20% of this was for personal use) 17,200 (It is estimates that 15% of his phone use is personal) 10,100 What is the Company's net income for tax purposes? What is the Company's taxes payable. In 2019 Ming Xo Inc. generated taxable income of $720,000 and incurred expenses of $560,000. What is the Company's GST remittance and PST remittance to the CRA for 2019? In 2020 Ming Xo Inc. generated taxable income of $420,000 and incurred expenses of $490,000. What is the Company's GST remittance and PST remittance to the CRA for 2020? Calculate the capital gains and losses for the following scenarios: a.) In 2020, Mario sold 400 shares of XYZ Public Corporation of Canada for $6,500. He received the full proceeds at the time of the sale and paid a commission of $60. The ACB of the shares is $4,000. b.) An art collector bought a statue for $750,000 in 2019 and sold it earlier this year for $655,000. c.) Last year, Diane bought 1,087 Tesla shares for $40,750 total. Earlier this year, she purchased 700 more Tesla shares for $750 each. Today, Gina sold all of her shares for $896 per share. d.) Five months ago, Francisca purchased 50,000 shares of MineCo for $0.50 each. He sold his investment today for $32,000. Susan works 32 hours per week and is paid $15 per hour and works 50 weeks per year. Calculate the CPP, El and Income tax payable that has to be paid by the Susan and her employer. In 2021, the company generated sales revenue of $520,000. It had the following expenses: Cost of sales/materials: Small tools: Salary: Rent: Advertising: Meals & Entertainment: Motor Vehicle: Telecommunications: Utilities $170,000 76,600 63,500 54,000 15,000 24,200 15,200 (It is estimated that 20% of this was for personal use) 17,200 (It is estimates that 15% of his phone use is personal) 10,100 What is the Company's net income for tax purposes? What is the Company's taxes payable. In 2019 Ming Xo Inc. generated taxable income of $720,000 and incurred expenses of $560,000. What is the Company's GST remittance and PST remittance to the CRA for 2019? In 2020 Ming Xo Inc. generated taxable income of $420,000 and incurred expenses of $490,000. What is the Company's GST remittance and PST remittance to the CRA for 2020?
Expert Answer:
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
Students also viewed these accounting questions
-
The monthly saving P that has to be deposit in a saving account that pays an annual interest rate of r in order to save a total amount of F in N years can be calculated by the formula: p =...
-
Paul has the following long-term capital gains and losses for 2014: $62,000 28% gain, $21,000 28% loss, $18,000 25% gain, and $64,000 0%/15%/20% gain. He also has a $53,000 short-term loss and a...
-
Helena has the following long-term capital gains and losses for 2014: $65,000 28% gain, $53,000 28% loss, $28,000 25% gain, and $24,000 0%/15%/20% loss. She also has a $33,000 short-term loss and a...
-
The 10-year Coupon Bond has a face value of $1,000, the annual coupon rate is 5 percent (out of its face value), the yield to maturity is 10 percent. (2.a) show me the cash flows of this coupon bond,...
-
For the beam and loading shown, determine (a) The magnitude and location of the resultant of the distributed load, (b) The reactions at the beam supports. G00 N/m 240 N/m A. 4.2 m 2 m
-
The solution to 5.22 is Show that Bernoulli's equation applied between sections 1 and 2 does not give this result. Derive all expressions for the change in total head across a hydraulic jump. 1/2 h...
-
The Mendoza Company is installing an absorption standard-costing system and a flexible-overhead budget. Standard costs have recently been developed for its only product and are as follows: Expected...
-
Relevant-cost approach to pricing decisions. Stardom, Inc., cans peaches for sale to food distributors. All costs are classified as either manufacturing or marketing. Stardom prepares monthly...
-
Along the curve r(t)=t i-j+tk, 0sts 1, evaluate each of the following integrals. a. (x-y+z)dx b. (x-y+z)dy C C C. S(xy + z)dz C a. Sex-y+z) + + X
-
Calculator Calculating Payroll Taxes Expense and Preparing Journal Entry Selected information from the payroll register of Ebeling's Dairy for the week ended July 7, 20--, is shown below. The SUTA...
-
The Smiths can afford a maximum mortgage payment of $1250 per month. The current interest rate is 5.2% compounded semiannually. What is the maximum mortgage loan they can afford if the amortization...
-
Why do you think the experiment in teamwork at Cape Industries was unsuccessful? give a long detailed explanation.
-
How does a relational database organize data, and how does it differ from an object-oriented database? What are the principles of a database management system?
-
Why is financial auditing necessary within a casino operation? What are some of the ways a casino keep accurate records of its gaming revenue in order to be prepared when financial audits are...
-
Create a vision & mission statement for any company of your choice . Explain/describe how the mission will be essential to the companys success. Research the subject matter and add additional...
-
Why is management development management development one of the most common HRD activities found in organizations today? Do you think in the future it will become even more important or less? Support...
-
PQR Ltd is considering a 4-year lease with annual payments of $5,500. The firm can borrow at a rate of 7 percent and has a tax rate of 30 percent. The leased asset would cost $20,000 to purchase,...
-
As economic conditions change, how do banks adjust their asset portfolio?
-
Frank, age 35, and Joyce, age 34, are married and file a joint income tax return for 2012. Their salaries for the year total $83,000 and they have taxable interest income of $4,000. They have no...
-
Harold Conners (Social Security number 785-23-9873) lives at 13234 DeMilo Drive, Houston, TX 77052, and is self-employed for 2012. He estimates his required annual estimated tax payment for 2012 to...
-
On September 14, 2012, Jay purchased a passenger automobile that is used 75 percent in his accounting business. The automobile has a basis for depreciation purposes of $35,000, and Jay uses the...
-
Identify whether each of the following costs should be classified as product costs 399 (a) Manufacturing overhead. (d) Advertising expenses. (b) (c) Selling expenses. Administrative expenses. (e)...
-
Using the data in Q15, what are (a) the total cost of work in process and (b) the cost of goods manufactured? Data from in Q15 Jam Manufacturing Inc. has beginning work in process \($27,200\), direct...
-
Presented below are Hyde Company's monthly manufacturing cost data related to its personal computer products. Entei each cosl item in the following table placing an "X" undei the appropriate headings...
Study smarter with the SolutionInn App