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Question is in document attached please provide me with the solution in a doc file 1)On February 1, 2008, Wynn, a recent commerce graduate, began
Question is in document attached please provide me with the solution in a doc file
1)On February 1, 2008, Wynn, a recent commerce graduate, began a selfemployed, unincorporated coffee business, Chino's & Beano's Unlimited. Wynn would like assistance preparing his 2008 tax return. He has prepared a brief, unaudited statement of income. Wynn also supplied the following additional information: (a) Wynn used his personal automobile for all his business travel. The $2,350 represents his total expenses for the 12-month period. His travel log included business mileage of 14,400 kilometres; the total number of kilometres driven during the 12-month period totalled 18,000 kilometres. (b) Wynn would like to deduct all of his nanny expenses against his income since the expenses were incurred to earn income. (c) There are no unrecorded revenues. However, Wynn feels that $380 of his accounts receivable balance is uncollectible because the customers recently declared bankruptcy. Wynn did not provide for this bad debt expense in his financial statements. (d) The structural renovation of the coffee shop included new walls, flooring, an office for Wynn, and a kitchen. (e) To ease the burden of being a single parent, Wynn set up a home office. Wynn uses the office to complete his administrative work in the evenings. The home office expenses relate to a proportion of heat, light and power. REQUIRED Ignoring CCA, compute Wynn's net income from a business for tax purposesStep by Step Solution
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