Ashton Scott the sole shareholder of Scott Enterprises Ltd., a small retail shop selling locally made arts and crafts. The shop has been in operation for several years and has a calendar fiscal year. Ashton Provides you with the income statement for the Corporation for December 31, 2020.

*Note the Gross Profit is 410,000. It got cut off.

Answer: This is the right answer (below), however, I don't know how to get that answer.

28 of 38 (27 complete) 14 Question 6.1.28 Question Help Ashton Scott is the sole shareholder of Scott Enterprises Ltd., a small retail shop selling locally made arts and crafts. The shop has been in operation for se years and has a calendar fiscal year. Ashton provides you with the Income Statement for the corporation for December 31, 2020. i (Click on the icon to view the income statement.) (Click on the icon to view the notes to the income statement.) Calculate the net business income for Scott Enterprises Ltd. for the year 2020. Calculate the net business income for Scott Enterprises Ltd. for 2020. (Round to the nearest dollar.) The net income for 2020 is $ 28 of 38 (27 complete) 14 Question 6.1.28 Income statement X Help for se Ashton Scott is the sole shareholder of Scott Enter years and has a calendar fiscal year. Ashton provid (Click on the icon to view the income statemen (Click on the icon to view the notes to the incom Calculate the net business income for Scott Enterp Scott Enterprises Ltd. Income Statement For the year ended December 31, 2020 Income $ 640,000 Calculate the net business income for Scott Enterp The net income for 2020 is $ Sales Cost of sales Opening inventory Purchases 46,000 248,000 294,000 Closing inventory 64,000 230,000 Cannonfit 110.000 28 of 38 (27 complete) 140 Question 6.1.28 0 Income statement X Help for se Ashton Scott is the sole shareholder of Scott Enter years and has a calendar fiscal year. Ashton provid (Click on the icon to view the income statemen (Click on the icon to view the notes to the incor Calculate the net business income for Scott Enterp 4,400 4,800 26,800 6,800 Calculate the net business income for Scott Enterp Expenses Accounting and legal (Note 2) Advertising and promotion (Note 3) Depreciation (Note 4) Automobile expenses Bad debts (Note 5) Insurance (Note 6) Interest Office expenses (Note 7) Rent Wages and benefits (Note 8) The net income for 2020 is $ 3,400 8,400 19,200 13,000 34,000 104,000 224,800 28 of 38 (27 complete) 14 C Question 6.1.28 0 Income statement X Help for se 4,400 Ashton Scott is the sole shareholder of Scott Enter years and has a calendar fiscal year. Ashton provid (Click on the icon to view the income statemen (Click on the icon to view the notes to the incor Calculate the net business income for Scott Enterp 4,800 Calculate the net business income for Scott Enterp The net income for 2020 is $ Accounting and legal (Note 2) Advertising and promotion (Note 3) Depreciation (Note 4) Automobile expenses Bad debts (Note 5) Insurance (Note 6) Interest Office expenses (Note 7) Rent Wages and benefits (Note 8) Net income 26,800 6,800 3,400 8,400 19,200 13,000 34,000 104,000 224,800 185,200 28 of 38 (27 complete) 14c Question 6. estion Help Notes to income statement Jeration for se- Ashton Scott is the years and has a cal (Click on the ico 1. 2. (Click on the ice Calculate the net bu 3. 4. Calculate the net bu The net income for Scott Enterprises Ltd. is a small business corporation operated by the sole shareholder, Ashton Scott. Accounting and legal includes legal fees related to Ashton's dispute in regards to a personal car accident in the amount of $2,060. Advertising and promotion includes 'Meals and Entertainment' costs in the amount of $4,280. Information for Capital Cost Allowance (CCA) purposesthe Undepreciated Capital Cost (UCC) at December 31 of the prior year was as follows: Class 8 (Office & General Equipment): $45, 100 Class 10 (Automotive Equipment): $24,600. The company has set up an allowance for doubtful accounts based on a review of the Accounts Receivable at December 31 of the current year. This is a procedure that the proprietorship follows every year. Insurance includes life insurance premiums for Ashton Scott in the amount of $2,600. This life insurance policy is required as collateral for the business bank loan. Office expenses include the $5,800 purchase of laptop computers on January 15, 2020. 5. 6. 7. 28 of 38 (27 complete) 14 C Question 6.10 Jestion Help Notes to income statement eration for se- Ashton Scott is the years and has a cal (Click on the ice 3. (Click on the ice 4. Calculate the net by Calculate the net by 5. Advertising and promotion includes 'Meals and Entertainment' costs in the amount of $4,280. Information for Capital Cost Allowance (CCA) purposesthe Undepreciated Capital Cost (UCC) at December 31 of the prior year was as follows: Class 8 (Office & General Equipment): $45,100 Class 10 (Automotive Equipment): $24,600. The company has set up an allowance for doubtful accounts based on a review of the Accounts Receivable at December 31 of the current year. This is a procedure that the proprietorship follows every year. Insurance includes life insurance premiums for Ashton Scott in the amount of $2,600. This life insurance policy is required as collateral for the business bank loan. Office expenses include the $5,800 purchase of laptop computers on January 15, 2020. Wages and benefits includes the club dues/membership fees paid to the Royal Oak Club in the amount of $5,860. The club dues are paid for the five managers who take clients to the Royal Oak Club on a regular basis for business purposes. The net income for 6. 7. 8. 28 of 38 (28 complete) 14 Question 6.1.28 Question Help Ashton Scott is the sole shareholder of Scott Enterprises Ltd., a small retail shop selling locally made arts and crafts. The shop has been in operation for se years and has a calendar fiscal year. Ashton provides you with the Income Statement for the corporation for December 31, 2020. (Click on the icon to view the income statement.) (Click on the icon to view the notes to the income statement.) Calculate the net business income for Scott Enterprises Ltd. for the year 2020. Calculate the net business income for Scott Enterprises Ltd. for 2020. (Round to the nearest dollar.) The net income for 2020 is $ 200,875. 28 of 38 (27 complete) 14 Question 6.1.28 Question Help Ashton Scott is the sole shareholder of Scott Enterprises Ltd., a small retail shop selling locally made arts and crafts. The shop has been in operation for se years and has a calendar fiscal year. Ashton provides you with the Income Statement for the corporation for December 31, 2020. i (Click on the icon to view the income statement.) (Click on the icon to view the notes to the income statement.) Calculate the net business income for Scott Enterprises Ltd. for the year 2020. Calculate the net business income for Scott Enterprises Ltd. for 2020. (Round to the nearest dollar.) The net income for 2020 is $ 28 of 38 (27 complete) 14 Question 6.1.28 Income statement X Help for se Ashton Scott is the sole shareholder of Scott Enter years and has a calendar fiscal year. Ashton provid (Click on the icon to view the income statemen (Click on the icon to view the notes to the incom Calculate the net business income for Scott Enterp Scott Enterprises Ltd. Income Statement For the year ended December 31, 2020 Income $ 640,000 Calculate the net business income for Scott Enterp The net income for 2020 is $ Sales Cost of sales Opening inventory Purchases 46,000 248,000 294,000 Closing inventory 64,000 230,000 Cannonfit 110.000 28 of 38 (27 complete) 140 Question 6.1.28 0 Income statement X Help for se Ashton Scott is the sole shareholder of Scott Enter years and has a calendar fiscal year. Ashton provid (Click on the icon to view the income statemen (Click on the icon to view the notes to the incor Calculate the net business income for Scott Enterp 4,400 4,800 26,800 6,800 Calculate the net business income for Scott Enterp Expenses Accounting and legal (Note 2) Advertising and promotion (Note 3) Depreciation (Note 4) Automobile expenses Bad debts (Note 5) Insurance (Note 6) Interest Office expenses (Note 7) Rent Wages and benefits (Note 8) The net income for 2020 is $ 3,400 8,400 19,200 13,000 34,000 104,000 224,800 28 of 38 (27 complete) 14 C Question 6.1.28 0 Income statement X Help for se 4,400 Ashton Scott is the sole shareholder of Scott Enter years and has a calendar fiscal year. Ashton provid (Click on the icon to view the income statemen (Click on the icon to view the notes to the incor Calculate the net business income for Scott Enterp 4,800 Calculate the net business income for Scott Enterp The net income for 2020 is $ Accounting and legal (Note 2) Advertising and promotion (Note 3) Depreciation (Note 4) Automobile expenses Bad debts (Note 5) Insurance (Note 6) Interest Office expenses (Note 7) Rent Wages and benefits (Note 8) Net income 26,800 6,800 3,400 8,400 19,200 13,000 34,000 104,000 224,800 185,200 28 of 38 (27 complete) 14c Question 6. estion Help Notes to income statement Jeration for se- Ashton Scott is the years and has a cal (Click on the ico 1. 2. (Click on the ice Calculate the net bu 3. 4. Calculate the net bu The net income for Scott Enterprises Ltd. is a small business corporation operated by the sole shareholder, Ashton Scott. Accounting and legal includes legal fees related to Ashton's dispute in regards to a personal car accident in the amount of $2,060. Advertising and promotion includes 'Meals and Entertainment' costs in the amount of $4,280. Information for Capital Cost Allowance (CCA) purposesthe Undepreciated Capital Cost (UCC) at December 31 of the prior year was as follows: Class 8 (Office & General Equipment): $45, 100 Class 10 (Automotive Equipment): $24,600. The company has set up an allowance for doubtful accounts based on a review of the Accounts Receivable at December 31 of the current year. This is a procedure that the proprietorship follows every year. Insurance includes life insurance premiums for Ashton Scott in the amount of $2,600. This life insurance policy is required as collateral for the business bank loan. Office expenses include the $5,800 purchase of laptop computers on January 15, 2020. 5. 6. 7. 28 of 38 (27 complete) 14 C Question 6.10 Jestion Help Notes to income statement eration for se- Ashton Scott is the years and has a cal (Click on the ice 3. (Click on the ice 4. Calculate the net by Calculate the net by 5. Advertising and promotion includes 'Meals and Entertainment' costs in the amount of $4,280. Information for Capital Cost Allowance (CCA) purposesthe Undepreciated Capital Cost (UCC) at December 31 of the prior year was as follows: Class 8 (Office & General Equipment): $45,100 Class 10 (Automotive Equipment): $24,600. The company has set up an allowance for doubtful accounts based on a review of the Accounts Receivable at December 31 of the current year. This is a procedure that the proprietorship follows every year. Insurance includes life insurance premiums for Ashton Scott in the amount of $2,600. This life insurance policy is required as collateral for the business bank loan. Office expenses include the $5,800 purchase of laptop computers on January 15, 2020. Wages and benefits includes the club dues/membership fees paid to the Royal Oak Club in the amount of $5,860. The club dues are paid for the five managers who take clients to the Royal Oak Club on a regular basis for business purposes. The net income for 6. 7. 8. 28 of 38 (28 complete) 14 Question 6.1.28 Question Help Ashton Scott is the sole shareholder of Scott Enterprises Ltd., a small retail shop selling locally made arts and crafts. The shop has been in operation for se years and has a calendar fiscal year. Ashton provides you with the Income Statement for the corporation for December 31, 2020. (Click on the icon to view the income statement.) (Click on the icon to view the notes to the income statement.) Calculate the net business income for Scott Enterprises Ltd. for the year 2020. Calculate the net business income for Scott Enterprises Ltd. for 2020. (Round to the nearest dollar.) The net income for 2020 is $ 200,875