Calvin Sparky is an electrician operating his own business as a sole proprietorship. In recent years, he has found himself spending time more time preparing accounting and tax records and less of electrician work. For $2023$ tax year, he has decided to hire you, a professional accountant to prepare his tax returns this year. He provides you with the following financial items he has on his company:

Revenue $-$ Sales

Revenue $$ Casino Winnings

Expenses:

Food

Electrician licensing fees

Office expenses

Travel

Gym membership fees

Insurance

City parking infraction tickets

Depreciation

Other information gathered through an interview with Mr$.$ Sparky:

Food is only recorded when Mr$.$ Sparky is out on a job and has worked at least $4$ hours.

On days not out on a job, Mr$.$ Sparky goes to the gym to keep fit as his job is physically demanding.

Insurance included both business insurance and life insurance on Mr$.$ Sparky.

Casino winnings were won on a business trip to Montreal.

Question $1(1$ point$)$

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If GROSS SALES REVENUE was $80,500,$ what is Calvin's Gross Sales Revenue for Business Income for tax purposes? $[$Positive Numbers Only$]$

Your Answer:

Question $1$ options:

Answer

Question $2(1$ point$)$

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If CASINO WINNINGS was $2,150,$ what is Calvin's Casino Winnings for Business Income for tax purposes? $[$Positive Numbers Only$]$

Your Answer:

Question $2$ options:

Answer

Question $3(1$ point$)$

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If FOOD EXPENSES was $6,800,$ what is Calvin's food expenses for Business Income for tax purposes? $[$Positive Number Only$]$

Your Answer:

Question $3$ options:

Answer

Question $4(1$ point$)$

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If ELECTRICIAN LICENSING FEE was $3,600,$ what is Calvin's licensing fee for Business Income for tax purposes? $[$Positive Number Only$]$

Your Answer:

Question $4$ options:

Answer

Question $5(1$ point$)$

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If OFFICE EXPENSES was $12,700,$ what is Calvin's office expense for Business Income for tax purposes? $[$Positive Number Only$]$

Your Answer:

Question $5$ options:

Answer

Question $6(1$ point$)$

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If TRAVEL EXPENSES was $15,100,$ what is Calvin's travel expense for Business Income for tax purposes? $[$Positive Number Only$]$

Your Answer:

Question $6$ options:

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Question $7(1$ point$)$

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If GYM MEMBERSHIP FEES was $2,500,$ what is Calvin's membership fees for Business Income for tax purposes? $[$Positive Number Only$]$

Your Answer:

Question $7$ options:

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Question $8(2$ points$)$

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If INSURANCE EXPENSE was $3,900,$ and it includes $$400$ of life insurance premiums, what is Calvin's insurance expense for Business Income for tax purposes? $[$Positive Number Only$]$

Your Answer:

Question $8$ options:

Answer

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Question $9(1$ point$)$

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If CITY PARKING INFRACTION TICKETS was $1,040,$ what is Calvin's parking fees for Business Income for tax purposes? $[$Positive Number Only$]$

Your Answer:

Question $9$ options:

Answer

Question $10(1$ point$)$

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If DEPRECIATION EXPENSE was $6,700,$ what is Calvin's depreciation expense for Business Income for tax purposes? $[$Positive Number Only$]$

Your Answer:

Question $10$ options:

Answer

Question $11(1$ point$)$

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If CCA EXPENSE was accurately calculated to be $2,800,$ what is Calvin's Capital Cost Allowance expense for Business Income for tax purposes? $[$Positive Number Only$]$

Your Answer:

Question $11$ options:

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Question $12(3$ points$)$

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Assuming Calvin had a home office, $200$ square feet was his home office space, and the total area of his home is $850$ square feet. If his total eligible home expenses was $$10,500,$ what would he claim as home office expense on his Business Income for tax purposes?

Your Answer:

Question $12$ options:

Answer Cheryl runs a real estate staging company $($furnishes homes to allow real estate agents to sell the homes$)$ since $2020.$ This year, she purchased new furniture costing $$35,600.$ What would be the maximum CCA claim on the new furniture this tax year?

Your Answer:

Question $13$ options:

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Question $14(8$ points$)$

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Johnathan operates a delivery company since $2021.$ His old work van, which he purchased in $2021$ for $$14,700,$ will be traded$-$in for $$7,000$ to buy a new work van with a purchase price of $$20,000.$ The old work van had a ending UCC balance last year of $$7,500.$ What would be the ending UCC balance of his Class $10$ assets?

Your Answer:

Question $14$ options:

Answer

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Question $15(4$ points$)$

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Mike opened a new convenience store on January $1$ of this year. He rents retail space with a lease of $7$ years with a renewal period of $3$ years and a second renewal period of $2$ years after. He made leasehold improvements costing $$35,500.$ What is the Mike's maximum CCA claim on leaseholds improvements?

Your Answer:

Question $15$ options:

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