TECH PLUS is a sole proprietorship business owned and operated by Steve Miller. The business primary activity is repairing, servicing, and selling computers. The business has just completed its operations for taxation year 2020.

Steve has hired you to calculate his Net Income from Business for Tax Purposes for 2020. He has provided you with the following information of everything that has happened for 2020.

1.) A summary schedule prepared by Steve, entitled Revenue and Income reported the following:

(a) $26,000 of 2020 billings to customers that have not yet been collected;

(b) $190,000 of 2020 billings to customers that have been collected in cash;

(c) $4,000 capital gain earned in 2020 from sale of some capital assets of the business.

2.) A summary schedule prepared by Steve, entitled Expenditures and Other Items reported the following:

(a) $9,000 of rent paid for 2020 for the building from which the business operates.

(b) $3,600 relating to 2020 invoices from the cleaning company that cleans the store each night. As of December 31, 2020, $500 of these invoices is still unpaid.

(c) $4,100 paid for a new store equipment (cash register).

(d) $5,000 of total loan payments on a loan obtained to purchase some new shelving and other equipment for the business. Of this total payment, $3,500 was for principal and $1,500 was for interest.

(e) $6,300 of the unpaid accounts receivable at December 31, 2020 are considered doubtful as to collection. Reported on 2019s tax return was a $3,900 reserve for doubtful debts and a separate bad debt expense of $400 pertaining to a customer that went bankrupt in 2019.

(f) $45,000 for cost of goods sold for 2020.

(g) A $9,000 bonus awarded on September 30, 2020 to one employee for great performance. The bonus is to be paid in 3 equal payments on December 31, 2020; April 15, 2021; and July 25, 2021.

(h) $72,000 of wages paid to employees.

(i) $2,400 for a membership to the local golf course for the manager of the business. The manager regularly golfs with valued, loyal customers.

(j) $5,200 for advertising on Sarnia radio stations.

(k) $4,000 relating to the cost of meals at local diners with individual employees during which business strategy was discussed.

(l) $3,600 of total premium paid for business insurance covering 2020 and 2021.

(m) $2,800 relating to the cost of meals with clients at local Sarnia restaurants.

3.) The following has just been correctly calculated for 2020 by you:

(a) Capital cost allowance (CCA) on Class 8 assets is $11,000.

(b) Terminal loss on Class 50 assets is $5,100.

Required:

Based on the information provided, calculate Steve Millers NET INCOME (OR LOSS) FROM BUSINESS for Tax Purposes for 2020.