Notes to income statement - X and perauon the Receivable at December 31 of the current year. This is a procedure that the proprietorship follows he every year. 6. Insurance includes life insurance premiums for Asher Miller in the amount of $2,600. This life insurance policy is required as collateral for the business bank loan. let 7. Office expenses include the $6,000 purchase of laptop computers on January 15, 2020 e fo 8. Wages and benefits includes the club dues/membership fees paid to the Royal Oak Club in the amount of $5,940. The club dues are paid for the five managers who take clients to the Royal Oak Club on a regular basis for business purposes. we Print Done N WE1 pt 8 of 10 (7 complete) V This Quiz: 10 i Notes to income statement - X per Miller Enterprises Lid. is a small business corporation operated by the sole shareholder, Asher Miller. 2. Accounting and legal includes legal fees related to Asher's dispute in regards to a personal car accident in the amount of $2,020. 3. Advertising and promotion includes 'Meals and Entertainment' costs in the amount of $4,270 4. Information for Capital Cost Allowance (CCA) purposes-the Undepreciated Capital Cost (UCC) at December 31 of the prior year was as follows: Class 8 (Office & General Equipment): $45,100 Print Done8 of 10 (7 complete) This Quiz: 10 1 Income statement - X arel alen as been in opera 2020 ew 10,200 ew Closing inventory 66,000 Gross profit 579,800 Inc Expenses Accounting and legal (Note 2) 3.200 IS Print Done8 Of 10 (7 complete) Income statement - X as been 2020 Accounting and legal (Note 2) 3.200 Advertising and promotion (Note 3) 5.600 Depreciation (Note 4) 26.400 Automobile expenses 6.800 Bad debts (Note 5) 3.000 Insurance (Note 6) 8.000 Print Done8 of 10 (7 complete) This Quiz: i Notes to income statement - X Class 10 (Automotive Equipment): $24,800. 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 follows every year. Insurance includes life insurance premiums for Asher Miller in the amount of $2,600. This life insurance policy is required as collateral for the business bank loan. 7. Office expenses include the $6,000 purchase of laptop computers on January 15, 2020 8. Wages and benefits includes the club dues/membership fees paid to the Roval Oak Club in the Print Done WE p 32020/2021 ACCT AC409 Taxation Manpreet Kaur & Quiz: Chapter 6 Quiz Time Remaining: 02:14:51 Submit Quiz This Question: 1 pt 8 of 10 (7 complete) This Quiz: 10 pts possible Asher Miller is the sole shareholder of Miller Enterprises Lid., 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. Asher provides you with the Income Statement for the corporation for December 31, 2020 i (Click on the icon to view the income statement.) (Click on the icon to view the notes to the income statement.) Calculate the net business income for Miller Enterprises Lid. for 2020. (Round to the nearest dollar.) The net income for 2020 is $ Enter your answer in the answer box. 9:44 PM X N WE 11/8/2020narer i. Income statement - X caler as been in operauo 2020 view insurance (Note ) 6,000 view Interest 19 400 Office expenses (Note 7) 13.500 ss inc Rent 36.500 is $ Wages and benefits (Note 8) 118.000 240.400 Net income 839 400 e ans Print Done N W
