Hi

This is the problems from tax volume II (acct 3470)

so basically i am looking for tax proficient who can solve my problems.

and i need it tomorrow until 2pm.

Only accept who can solve it.

Thanx

Assignment Problem Twelve - 3 (Corporate Taxable Income) Fortan Ltd. has normally had a fiscal year that ended on April 30. However, for 2012 and subsequent taxation years, the Company has requested and received permission from the CRA to switch its year end to December 31. Its Income Statement, before consideration of income taxes, for the period May 1, 2012 to December 31, 2012 is as follows: Sales (All Within Canada) $465,000 Cost Of Sales ( 267,000) Gross Margin $198,000 Operating Expenses (Excluding Taxes): Wages And Salaries ($73,600) Office Rent ( 17,600) Bad Debt Expense ( 1,800) Promotion Expense ( 3,405) Warranty Reserve ( 4,440) Amortization Expense ( 12,384) Charitable Donations ( 2,160) Foreign Exchange Loss ( 4,080) Reserve For Self-Insurance ( 2,322) Interest Expense ( 1,974) Other Operating Expenses ( 14,400) ( 138,165) Income Before Taxes $ 59,835 Other Information: 1. As of May 1, 2012, the undepreciated capital cost of the Company's office furniture was $32,500. During the eight month period ending December 31, 2012, a new conference table and chairs were acquired at a cost of $2,000. There were no dispositions during this period. 2. On May 1, 2012, the Company has a non-capital loss carry forward of $10,800. 3. The Interest Expense relates to a bank loan that was incurred to acquire shares of a Canadian corporation. This investee corporation did not declare any dividends during the year. 4. On September 1, 2012, Fortan Ltd. declared common stock dividends of $7,200. 5. The Foreign Exchange Loss resulted from the purchase of merchandise in Germany. 6. Other than setting up reserves for self-insurance, the Company makes no provision for insuring its fixed assets. 622 Chapter 12 Assignment Problems 7. The Bad Debt Expense includes a loss of $1,000 resulting from the bankruptcy of a major customer. 8. On September 1, 2012, the Company purchased a delivery van for $18,000. All other vehicles used by the Company are leased. 9. Promotion Expense includes a golf club membership fee of $1,080 and $1,505 in airfare and accommodation that was incurred by the sales manager in attending a sales convention in Denver. The golf club is used exclusively for entertaining clients. The remaining balance in the Promotion Expense account of $820 is the total reimbursement paid to the president of the Company for amounts spent on meals and refreshments while entertaining clients at the club. 10. This is the first year that the Company has established a warranty reserve. Required: Calculate the minimum Net Income For Tax Purposes and Taxable Income for Fortan Ltd. for the taxation year ending December 31, 2012. Ignore the fact that 2012 is a leap year. Problem Twelve - 7 (Geographical Allocation Of Income) Brawn Inc. has permanent establishments in Manitoba, Ontario, Quebec, and the United States. For the current taxation year, the Company's Taxable Income totaled $1,467,000. During the current year, the company had total wages and salaries of $2,465,000 and gross revenues of $6,260,000. These were distributed among the provinces where the Company has operations in the following manner: Assignment Problems Province Wages And Salaries Accrued Gross Revenues Manitoba $ 369,750 $1,252,000 Ontario 616,250 1,565,000 Quebec 986,000 2,191,000 United States 493,000 1,252,000 Total $2,465,000 $6,260,000 Required: Calculate the amount of the Brawn Inc.'s Taxable Income for the current year that would be allocated to each province. Any percentages used in your calculations should be rounded to one decimal place