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GROUP NAMES: 1. 2. 3. HUMBER COLLEGE THE BUSINESS SCHOOL FIN 4500 GROUP ASSIGNMENT GRADE VALUE 3% DUE DATE: FEBRUARY 27, 2017 AT THE BEGINNING OF THE CLASS INSTRUCTIONS: This assignment must be done in groups only. No individual assignment will be accepted and marked. Group formation is entirely your responsibility. Groups must have minimum three members and maximum four members. No other group composition is acceptable. If you don't find a group, it's too bad. Last minute email from any student for not able to find a group will not be entertained. You have more than two weeks to join the group. The assignment must be typed in MS World. No hand-written assignment will be accepted. Question 1: At the end of 2015, Barton's Books has ending accounts receivable of $87,500. Of this amount, it is estimated that $3,400 would prove uncollectible. A reserve for tax purposes is deducted for this amount. During 2016, $3,600 of accounts receivable are written off. At the end of 2016, accounts receivable total $103,200, with $4,100 of this amount expected to be uncollectible. By what amount will the 2016 net business income of Barton's Books be increased or decreased by the preceding information with respect to bad debts? Question 2: During 2016, Leslie's Boutique wrote off $13,000 in accounts receivable as uncollectible. At the end of this year, the accounts receivable balance was $256,400. Based on past experience, it is expected that 4 percent of these accounts will prove uncollectible. In its 2015 tax return, Leslie's Boutique had deducted a reserve for bad debts of $12,300. By what amount will the 2016 net business income of Leslie's Boutique be increased or decreased by the preceding information with respect to bad debts? Question 3: Veronica Hart is employed in retail sales with a large department store. Because of the expertise in sports clothing that she has gained as an employee, she has decided to start a sports clothing mail order business in order to supplement her employment income. The business commences on January 20, 2016. On that date, she acquires office furniture and display racks at a total cost of $14,000, a computer for $1,350, and software appropriate to her business activities for $795. She also has a separate telephone line installed for dealing exclusively with the mail order business. The business will be run out of her home, making exclusive use of 15 percent of the total available floor space. The business will have a December 31 year end. During the period January 20, 2016 through December 31, 2016, her mail order sales total $89,000. Costs associated with these sales are as follows: Cost Of Merchandise Sold Unsold Merchandise (Lower Of Cost And Market) Packaging Materials Shipping Costs Miscellaneous Office Supplies Telephone Charges (Total For The Period) Printing Of Brochures Distributed $46,000 23,500 1,547 3,216 825 210 156 Her home was purchased several years ago for $355,000 of which $80,000 was allocated to the land. Costs accrued with respect to the home for the year ending December 31, 2016 are as follows: Utilities For Home (Heat, Light, And Water) Mortgage Interest Paid House Insurance Property Taxes Repairs And Maintenance For Home Total $2,850 4,183 400 1,230 1,125 $9,788 Required: You are not required to calculate CCA. Assume CCA cost for home office being $2,174 and CCA for nonoffice expenses $2,056 A. Can Ms. Hart deduct home office costs? Briefly explain your conclusion. B. Compute the minimum net business income or loss that Veronica must report in her 2016 personal income tax return. Ignore the fact that 2016 is a leap year. C. Briefly describe any issues that should be discussed with Veronica concerning her home office and business costs. Question 4: The condensed before tax Income Statement for Swindex Incorporated for the year ending December 31, 2016, prepared from information included in its financial statements, is as follows: Sales Cost Of Sales Gross Margin Other Expenses (Not Including Taxes) Operating Income Before Taxes Other Income And Losses Income Before Taxes $3,000,000 ( 1,570,000) $1,430,000 ( 755,000) $ 675,000 275,000 $ 950,000 Other Information: 1. During the year, the Company spent $5,200 for landscaping its head office grounds. For accounting purposes this was treated as a capital expenditure, but was not amortized during the current year. 2. The Other Expenses (Not Including Taxes) account included the following amounts: Bond discount amortization Interest on deficient corporate tax instalments Reserve for inventory declines Interest paid on bonds issued Amortization expense Cost of advertising in magazine distributed only in Jamaica Charitable donations Cost of sponsoring local hockey teams Cost of advertising circulars (One-half have been distributed) 3. The Other Income And Losses account contains the following items: Damages paid for breach of contract Loss from theft Cost of appraisal of property to be sold 4. $ 500 1,700 96,300 22,000 36,500 18,000 19,100 3,200 15,000 $18,000 2,800 3,800 Maximum CCA has been calculated to be $57,500 for the year ending December 31, 2016. The policy of the Company is to deduct maximum CCA in each taxation year. Required: Using the preceding information, calculate Swindex Incorporated's Net Income For Tax Purposes for the year ending December 31, 2016. In addition, provide explanation for any items that were excluded from your calculations