2-3 sentences, short explanations needed for each question

1. If you are self employed and have meals and entertainment expenses of $1,200 how much is claimable and where is this reported? (Statement and Line)(2) 2 In a complete Business year Allowable Automobile expenses are pro-rated how? (1) 3. Can your business use of home expenses amounts reduce your net business income to less than zero? If not what happens? (2) 4. What CCA classes is used for Eligible Capital Property and what is the rate? (2) 5. What is the limit you can Capitalize for a Class 10.1 vehicle (1) 6. CPP premiums on self-employed earnings are reported where on T1 returns? (1) 7. Where are Partnership expenses that are only claimed by one partner reported on the T1? (2) B. What must happen to an asset or asset pool before you report a terminal loss or recaptured income? (2) 9. What is the limit on Gross Income earned before a self employed person is required to be an HST registrant? (1) 10. Calculate the cost of goods sold. Opening Inventory $4,000, Purchases $25,000, Subcontracts $15,311.27 and Closing Inventory $3,991.56 (2) 11. What is the HST rate for New Brunswick? (1) I 12. How many years are you required to keep business records? (1) 13. Name a situation for a business in which allows them to use the cash basis of accounting? (1) 14. What form is used to report fishing income? (1) 15. Describe what a partnership is? (3) 16. Define what a business is? (2) 17. If you could not deduct your Available Business Investment Losses within the allowed time frame, what happens to it? (1) 18. Where does last years ending inventory amount get reported in the current T1 returns? (1) 19. Class 8 assets for your sole proprietorship, what can you do with assets that cost over $1,000? (1) 20. Where are fuel costs for automobiles for the self employed reported on the T1 return? (1)