Question
11. This year, Larry has operated a business and reported the following GAAP based Accounting figures: Revenue: $10,000 Depreciation Expense: $1,000 Meal and Entertainment :
11. This year, Larry has operated a business and reported the following GAAP based Accounting figures:
- Revenue: $10,000
- Depreciation Expense: $1,000
- Meal and Entertainment : $2,000
- Sales and Marketing Expense: $1,000
Asset: Class 8-20%, Furniture: UCC was $10,000; Purchased new furniture this year: $20,000.
Larry's company's business profit/loss for Income tax purpose is?
Please choose the best and most accurate answer?
| This year, Larry's Business Income/Loss is $4,000 and Maximum CCA, for this year is $6,000 | ||
| This year, Larry's Business Income/Loss is $4,000 and Maximum CCA, for this year is $3,000
| ||
| This year, Larry's Business Income/Loss is $4,000 and Maximum CCA, for this year is $8,000 | ||
| This year, Larry's Business Income/Loss is $0, and Maximum CCA, for this year is $8,000 |
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Bank Stability, Sovereign Debt And Derivatives
Authors: Author
1st Edition
113733214X, 9781137332141
