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Ms. X started a self-employed bakery business in a Toronto warehouse on July 1. The fiscal year end for this sole proprietorship is December
Ms. X started a self-employed bakery business in a Toronto warehouse on July 1. The fiscal year end for this sole proprietorship is December 31. Ms. X's business includes the baking and delivery of muffins and bagels to various coffee shops throughout the city. The Income Statement for the business is provided below: from July 1 to December 31. Cost of goods sold Gross profit Acco unting amortization (note a) Repairs and maintenance Annual tennis club dues Uncollectible bad debts (note b) P olitical donations Ch aritable donations Hotel and travel Meals and entertainment (note c) Building rent Salary to spouse (note d) Total expenses Net income sso,ooo 333,000 217,000 8,800 3,100 4,750 6,500 2,400 44,000 ,680
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