Calculate the net income from a business for tax purposes. Please show calculations.

Lisa operated her own business as a proprietorship. The business has been in existence for five years now. Lisa operates an event planning business that plans events such as weddings, corporate events, charity galas etc. The income statement for the 2022 calendar year is as follows:

Lisa provides you with the following information regarding some of the amounts included above.

1) Salaries and wages include $3,000 paid to her nephew. Her nephew is attending university in Halifax and Lisa felt it was a nice gesture to give him some cash to help with his tuition fees.

2)Bank charges include $5,000 paid to the CIBC as a financing fee related to a loan to expand her business to the west coast of the island.

3)The interest expense includes $500 charged by the CRA for failure to remit the payroll remittance on time. It also includes $850 of interest paid on a loan she had from CIBC to start the business years ago. That loan was paid off in 2022.

4)The advertising expense includes $750 paid to the Telegram to advertise in the newspaper and $750 paid to a US television station to advertise in the US. This was aimed at getting business from Canadian customers who watched this particular US television station. It also includes $3,000 paid to the local golf club for Lisa to golf and hopefully gain some business contacts while golfing!

5)Travel expenses include $2,500 for a family trip to Florida.

6)Vehicle expenses included costs related to the vehicle that was leased by the business to be used solely in the business. It was a van typed vehicle which allowed Lisa to bring her supplies to the venues she was hired to decorate. The car was leased for the entire year at a lease cost of $1,000 per month. (ignore HST) Vehicle expenses also included an automobile allowance paid to an employee who used her own car to assist Lisa in performing her contracts.

7)An employee was paid 70 cents per kilometre driven in his own car in 2022 and the employee drove 6,000 km for Lisa's business and was reimbursed $4,200.