5 6 7 8 9 10 11 12 13 -4 5 Carolyn Baskin is an experienced animal activist who has not incorporated her business She runs her businesses out of her home office and estimates that she uses 30% of her residence and 40% of het home phone and internet for business purposes. Maximum CCA on the house has already been calculated at $11.200. During 2021. Carol's revenue was $2,897.000. Costs of running her business are as follows: Payments to staff (note 1) 651.000 Miscellaneous office costs 971.000 Meals with clients 15,800 Animal food and care 1.350.800 Now computer purchased 3.250 Home office: Utilties 3,200 Repairs and maintenance 3.800 Property taxes 6,400 Home insurance 1.800 Mortgage interest 6,200 Mortgage principal 7,550 Home phone: Total monthly charges 760 Internet 1,260 Total vehicle costs (note 2) 16,880 Note 1: Carol's 20 year old daughter is in University and works for her full time in the summer months and part time during the school year. Note 2: Carol drives a Range Rover that she leases for $965/month. During the year she drove 37.000 kilometers, of which 4.000 kilometers were for personal use. Total operating costs on the Range Rover were $5,300 Required: - Cover Sheet Question 2 Question 3 New... Question 4 MacBook Pro 24 25 26 27 28 29 0 1 Required: Calculate minimum net business income for Carol's personal tax return. Excluding GST and CPP. Supporting calculations are required to be shown to receive full marks. Revenue Less Expenses Net business income = 5 6 7 8 9 10 11 12 13 -4 5 Carolyn Baskin is an experienced animal activist who has not incorporated her business She runs her businesses out of her home office and estimates that she uses 30% of her residence and 40% of het home phone and internet for business purposes. Maximum CCA on the house has already been calculated at $11.200. During 2021. Carol's revenue was $2,897.000. Costs of running her business are as follows: Payments to staff (note 1) 651.000 Miscellaneous office costs 971.000 Meals with clients 15,800 Animal food and care 1.350.800 Now computer purchased 3.250 Home office: Utilties 3,200 Repairs and maintenance 3.800 Property taxes 6,400 Home insurance 1.800 Mortgage interest 6,200 Mortgage principal 7,550 Home phone: Total monthly charges 760 Internet 1,260 Total vehicle costs (note 2) 16,880 Note 1: Carol's 20 year old daughter is in University and works for her full time in the summer months and part time during the school year. Note 2: Carol drives a Range Rover that she leases for $965/month. During the year she drove 37.000 kilometers, of which 4.000 kilometers were for personal use. Total operating costs on the Range Rover were $5,300 Required: - Cover Sheet Question 2 Question 3 New... Question 4 MacBook Pro 24 25 26 27 28 29 0 1 Required: Calculate minimum net business income for Carol's personal tax return. Excluding GST and CPP. Supporting calculations are required to be shown to receive full marks. Revenue Less Expenses Net business income =
