Sum Mecently Financial logical test Dute & Lookup & Math More Used Time Warence thig tundin Tunan ay Cost of goods sold Die Name Usai Formula Narne Manager ate from Selection Deinde checdet Beshow Facets Anding Wech over - vom Wedere Con Sheart Chodation D Sally Smith is the sole propriertor of Always Been Content ("ABC"). The following information is taken from the financial statements of ABC for its fiscal year ended December 31, 2021. ABC Income Statement For the Year Ended December 31, 2021 250.000 105,000 95,000 Sales Cost of goods sold Gross profit Selling expenses General and administrative expenses Net income 30,000 20,000 50,000 45.000 cluded in sales for the year is a deposit of $5,000 received from a customer for goods that will be delivered next year. fx w Comments Doe- Each AS Recor Financial tage Date Loop Moth Cuenta Owendarit te More No. The night M. new-womede Window 224 Because ABC's products come back for repair under the warranty praam, they set up are for this expense on their financial statements are the Net income 45,000 Included in sales for the year is a deposit of $5,000 received from a customer for goods that will be delivered next yeat. The following items were deducted in arriving at the above net income: During the year, a warehouse worker managed to remove valuable inventory worth $1,000 during the night shift by taking it out in his lunch box Late in the year, it became apparent that during the next year new competitive products would come on the market which would drive the price of ABC's products down. They expect this decline to take place in about six months. As a result, they decided to set up a reserve for a decline in the inventory value in the amount of $8,000. They have never set up this kind of reserve before. Because ABC's products come back for repair under their warranty program, they set up a reserve for this expense on their financial statements. Last year the reserve was 56,000 This year they increased the reserve to $12.000 Charitable donations were made in the amount of $7,000 Golf club membership fees in the amount of $3,000 were paid for the sales manager who used the club regularly to close sales. The sales manager incurred expenses related to meals and entertainment at the golf club in the amount of $1,500 Management bonuses of $15,000 were accrued at December 31, 2021 ($5,000 was paid at May 31, 2022 510,000 was paid on June 30-2022). The December holiday banquet for the employees cost $9,000 ABC had a dispute with one of its major suppliers over the use of the supplier's product. As a result of a court decision, the supplier was awarded damages for beach of contract in the amount of $8,000 Temply self empl net employment income 3 bus income for tax purposes 0 Type here to search 3 e D -12C COM 2/26/2022 LO Pos Data ve Ver Hele & Comments Share ima Function Am Me Francia gal Moth time to Dom de trading Water Now we Window Manager Os 1.24 Because ABC's products come back for repair under their warranty program that reserve for the contentheir financial statement state Late in the year, it became apparent that during the next year new.competitive products would come on the market which would drive the price of ANC's products down. They expect this decline to take place in about six months. As a result, they decided to set up a reserve for a decine in the inventory value in the amount of $8,000. They have never set up this kind of reserve before Because ABC's products come back for repair under their warranty program, they set up a reserve for this expence on their financial statements. Last year the reserve was 56,000 This year they increased the reserve to 512.000 25 Charitable donations were made in the amount of $7,000 26 Golfclub membership fees in the amount of 53,000 were paid for the sales manager who used the club regularly to close sales T The sales manager incurred expenses related to meals and entertainment at the golf club in the amount of $1,500 29 Management bonuses of $15,000 were accrued at December 31, 2021 (55,000 was paid at May 31, 2022:510,000 was paid on June 30, 2022) The December holiday banquet for the employees cost $9.000 ABC had a dispute with one of its major suppliers over the use of the supplier's product. As a result of a court decltion the supplier was awarded damages for breach of contract in to the amount of $8.000 In order to raise money for expansion, Sally mortenced the real estate the used in the budness, she incurred accounting and appraisal fees of $2,000 related to this financing. The 1 morte has a 10-year term and a 30-year amortization period Instead of borrowing money at the bank, Sally decided to pay her Income tax instalments late. This resulted in an interest charge from the Canada Revenue Agency in the amount of $500 Business interruption insurance premiums of 53,000 were paid to protect ABC in the event a fire forced them to close for a period of time. Computer software costing 51.000 related to word processing was expensed because they always bought the upgrades each year, 5 Amortization expense on the fixed assets was $15,000 templom 4 temployment income 3 bus income for tax purposes Hvi X Help Formulas & A Atty. Due to Comments M C Nand Marco them. "Setelah Lod W www.m Window Oy 1124 6 Because ABC's products come back for repar under the warranty program, they set up for this expert on their financial state 28 Management bonuses of $15,000 were accrued at December 31, 2021155,000 was paidat May 31, 2022: S10,000 was paid on June 30, 2022) 29 The December holiday banquet for the employees cost $9.000 ABC had a dispute with one of its major suppliers over the use of the supplier's product. As a result of a court decision, the supplier was awarded damages for breach of contract in 30 the amount of 58,000 In order to raise money for expansion, Sally mortgaged the real estate she used in the business. She incurred accounting and appraisal lees of $2.000 related to this financing the 31 mortgage has a 10-year term and a 30 year amortization period Instead of borrowing money at the bank, Sally decided to pay her income tax instalments late. This resulted in an interest charge from the Canada Revenue Agency in the amount of 5500 Business interruption insurance premiums of $3,000 were paid to protect ABC in the event a fire forced them to close for a period of time. 34 Computer software costing 51,000 related to word processing was expensed because they always bought the upgrades each year. 35 Amortization expense on the fived assets was $15,000 16 CCA was correctly calculated as $20,000 37 38 Required: 39 Based on the foregoing information compute the minimum income from business for his purposes fi AC in respect of the 2031 fiscal you. 32 13 11 41 In addition, content on the items too mchade in your reconciliation of come from business Use the template model 42 gtamplustel ompl 42 nt employment income 93 bus income for tax purposes + FM e D Q . New S The taal he wwww Www wa w sa M alain wote Sum Mecently Financial logical test Dute & Lookup & Math More Used Time Warence thig tundin Tunan ay Cost of goods sold Die Name Usai Formula Narne Manager ate from Selection Deinde checdet Beshow Facets Anding Wech over - vom Wedere Con Sheart Chodation D Sally Smith is the sole propriertor of Always Been Content ("ABC"). The following information is taken from the financial statements of ABC for its fiscal year ended December 31, 2021. ABC Income Statement For the Year Ended December 31, 2021 250.000 105,000 95,000 Sales Cost of goods sold Gross profit Selling expenses General and administrative expenses Net income 30,000 20,000 50,000 45.000 cluded in sales for the year is a deposit of $5,000 received from a customer for goods that will be delivered next year. fx w Comments Doe- Each AS Recor Financial tage Date Loop Moth Cuenta Owendarit te More No. The night M. new-womede Window 224 Because ABC's products come back for repair under the warranty praam, they set up are for this expense on their financial statements are the Net income 45,000 Included in sales for the year is a deposit of $5,000 received from a customer for goods that will be delivered next yeat. The following items were deducted in arriving at the above net income: During the year, a warehouse worker managed to remove valuable inventory worth $1,000 during the night shift by taking it out in his lunch box Late in the year, it became apparent that during the next year new competitive products would come on the market which would drive the price of ABC's products down. They expect this decline to take place in about six months. As a result, they decided to set up a reserve for a decline in the inventory value in the amount of $8,000. They have never set up this kind of reserve before. Because ABC's products come back for repair under their warranty program, they set up a reserve for this expense on their financial statements. Last year the reserve was 56,000 This year they increased the reserve to $12.000 Charitable donations were made in the amount of $7,000 Golf club membership fees in the amount of $3,000 were paid for the sales manager who used the club regularly to close sales. The sales manager incurred expenses related to meals and entertainment at the golf club in the amount of $1,500 Management bonuses of $15,000 were accrued at December 31, 2021 ($5,000 was paid at May 31, 2022 510,000 was paid on June 30-2022). The December holiday banquet for the employees cost $9,000 ABC had a dispute with one of its major suppliers over the use of the supplier's product. As a result of a court decision, the supplier was awarded damages for beach of contract in the amount of $8,000 Temply self empl net employment income 3 bus income for tax purposes 0 Type here to search 3 e D -12C COM 2/26/2022 LO Pos Data ve Ver Hele & Comments Share ima Function Am Me Francia gal Moth time to Dom de trading Water Now we Window Manager Os 1.24 Because ABC's products come back for repair under their warranty program that reserve for the contentheir financial statement state Late in the year, it became apparent that during the next year new.competitive products would come on the market which would drive the price of ANC's products down. They expect this decline to take place in about six months. As a result, they decided to set up a reserve for a decine in the inventory value in the amount of $8,000. They have never set up this kind of reserve before Because ABC's products come back for repair under their warranty program, they set up a reserve for this expence on their financial statements. Last year the reserve was 56,000 This year they increased the reserve to 512.000 25 Charitable donations were made in the amount of $7,000 26 Golfclub membership fees in the amount of 53,000 were paid for the sales manager who used the club regularly to close sales T The sales manager incurred expenses related to meals and entertainment at the golf club in the amount of $1,500 29 Management bonuses of $15,000 were accrued at December 31, 2021 (55,000 was paid at May 31, 2022:510,000 was paid on June 30, 2022) The December holiday banquet for the employees cost $9.000 ABC had a dispute with one of its major suppliers over the use of the supplier's product. As a result of a court decltion the supplier was awarded damages for breach of contract in to the amount of $8.000 In order to raise money for expansion, Sally mortenced the real estate the used in the budness, she incurred accounting and appraisal fees of $2,000 related to this financing. The 1 morte has a 10-year term and a 30-year amortization period Instead of borrowing money at the bank, Sally decided to pay her Income tax instalments late. This resulted in an interest charge from the Canada Revenue Agency in the amount of $500 Business interruption insurance premiums of 53,000 were paid to protect ABC in the event a fire forced them to close for a period of time. Computer software costing 51.000 related to word processing was expensed because they always bought the upgrades each year, 5 Amortization expense on the fixed assets was $15,000 templom 4 temployment income 3 bus income for tax purposes Hvi X Help Formulas & A Atty. Due to Comments M C Nand Marco them. "Setelah Lod W www.m Window Oy 1124 6 Because ABC's products come back for repar under the warranty program, they set up for this expert on their financial state 28 Management bonuses of $15,000 were accrued at December 31, 2021155,000 was paidat May 31, 2022: S10,000 was paid on June 30, 2022) 29 The December holiday banquet for the employees cost $9.000 ABC had a dispute with one of its major suppliers over the use of the supplier's product. As a result of a court decision, the supplier was awarded damages for breach of contract in 30 the amount of 58,000 In order to raise money for expansion, Sally mortgaged the real estate she used in the business. She incurred accounting and appraisal lees of $2.000 related to this financing the 31 mortgage has a 10-year term and a 30 year amortization period Instead of borrowing money at the bank, Sally decided to pay her income tax instalments late. This resulted in an interest charge from the Canada Revenue Agency in the amount of 5500 Business interruption insurance premiums of $3,000 were paid to protect ABC in the event a fire forced them to close for a period of time. 34 Computer software costing 51,000 related to word processing was expensed because they always bought the upgrades each year. 35 Amortization expense on the fived assets was $15,000 16 CCA was correctly calculated as $20,000 37 38 Required: 39 Based on the foregoing information compute the minimum income from business for his purposes fi AC in respect of the 2031 fiscal you. 32 13 11 41 In addition, content on the items too mchade in your reconciliation of come from business Use the template model 42 gtamplustel ompl 42 nt employment income 93 bus income for tax purposes + FM e D Q . New S The taal he wwww Www wa w sa M alain wote