Cameron Miller is the sole shareholder of Miller EnterprisesLtd., 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. Cameron provides you with the Income Statement for the corporation for December 31, 2020. Calculate the net business income for Miller Enterprises Ltd. for the year 2020. 

Income SeLg S the sole shareholder of McLaughlin Enterprises Ltd., a small retail shop selling locally made arts and craft L Canene na n oft noin E Homework: Chapter Six Homework Question 1, Questi Ba Income statement Cameron Incoma Statamant far tha coroaration for Docambar 31 2000 bu - X McLaughlin Enterprises Ltd. Notes to income statement Income Statement For the year ended December 31, 2020 1. McLaughlin Enterprises Ltd. is a small business corporation operated by the sole shareholder, Cameron McLaughlin. Income ..... Sales 615,000 Accounting and legal includes legal fees related to Cameron's dispute in regards to a personal car accident In the amount of $1,980, 2. Cost of sales $4 51,000 Advertising and promotion includes "Meals and Entertainment costs in the amount of $4,240. Information for Capital Cost Allowance (CCA) purposes-the Undepreciated Capital Cost (UCC) at December 31 of the prior year was as follows: 3. 252,000 Opening Inventory 4. Purchases 303,000 Class 8 (Office & General Equipment): $45,150 Closing inventory 64,000 Class 10 (Automotive Equipment): S25,800. 239,000 Total Cost of Goods Sold 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 folows 5. Gross profit 376,000 every year. Insurance includes life insurance premiums for Cameron McLaughlin in the amount of $3,200. This life insurance policy is required as collateral for the business bank loan. Office expenses Include the $4,600 purchase of laptop computers on January 15, 2020. 6. Expenses Accounting and legal expenses (Note 2) 7. 3,000 8. Wages and benefits includes the dlub dues/membership fees paid to the Royal Oak Club in the armount of $5,880. The club dues are paid for the five managers who take dlients to the Royal Oak Club on a regular basis for business purposes. Advertising and promotion expenses (Note 3) 5,800 Depreciation expense (Note 4) 26,800 Automobile expenses 6,200 Bad debts expense (Note 5) 3,200 Print Done Print Done