The Big Company commenced operations in 2010 and continues to operate a successful business. Reguerd: Using the Information below, determine the Net Income for purposes for The Big Company. Show ollakulations and prepare a complete CCA schedule for each das. Freempt from Flmandal Accounting Statements 31-Dec 17 $945,705 277 642 $668,063 Sales Less. COGS Gross Profit Less. Meal and Entertainment Expenses Utilities Expense Convention Expenses Rent Expense (Bullding) Depreciation Expense Interest Expenso Salarles Expense Club Dues Expense Advertising Expense Miscellaneous Expenses Net Income before Extra Ordinary Items Galn (Loss) on Disposal of Bullding Net Income Before Tinyes Less Provision for Income Taxes Net Income for Accounting Purposes $8,770 14,958 2,595 44,000 13,000 2,900 245,357 3,500 17,217 4,673 $353,070 $309,993 99, 166 $399,159 61,999 $337,161 NOTES: The above condensed financial statements were prepared in accordance with GAAP. OZ) Al figures in question are expressed in Canadian Dollars. c) The Club Dues relate to annual membership fees at Hole In 1 Golf Club. The Big Company on a regular and continuous basis uses this facility to maintain relationships with existing clients as well as meet new customers. 4) Advertising Expense Includes $5,000 paid to a US Broadcaster to entice customers to purchase our products and services: The target of the advertising is the: Canadian Market 15) Interest Expense related to a line of credit used for business activities. 86) Induded in the Miscellaneous Expenses was a parking ticket incurred while attending a meeting at the client office $14 97) Convention Expenses related to the companies owner attending a three day sales convention in Ottawa, Ontario related to our products and services. The convention expense didn't break out an amount for meals and the entire invoice was recorded as "Convention Expenses" in the accounting records. 18) Salaries expense includes $ 10,000 in bonuses declared on December 31, 2017 that were paid on March 7, 2018 #9) Assume The Big Company wants to claim the maximum CCA Deduction they are entitled to and have done so in all prior years as well 710) CEC Balance on December 31, 2016. 28,645 In 2017 The Big Company purchased a Chent List for $49,321 111) UCC Balances for January 1, 2017 are as follows: Class 1 (49) Class 8 (20%) $138,950 (Consisting of One Building Only) 100.057 There was only one depreciable asset disposed of during the year (Building). The accounting journal entry was as follows (Class 113 242,011 (Net Proceeds on Sale) Cash Loss on Disposal of Building Accumulated Depen Building 20,842 Building Gain on Disposal of Building 173,687 (Cost of Building) 89166 There was only one depredable aset disposed of during the year (Building). The accounting journal entry was as follows (Clas: 1): Cash Loss on Disposal of Building Acumulated Dep'in - Building 242,011 (Net Proceeds on Sale) 0 20,842 173,687 (Cost of building) 89 166 Building Gain on Disposal of Building During the yesr, the company acquired the following cspital Assett: Class 8 (20%) $16,021 Class 10 (20%) $31,050 The Big Company signed a lease for a building on January 1, 2017. Since the original layout dlon't work for our operations, we incurred expenses to remodel the building. The lesse detsils are as follows: Cast of Renovations: Lesse Term - Yrs: First Renewal Option - Yrs: Second Renewal Option - Yrs: $65.647 29 1 1 The Big Company commenced operations in 2010 and continues to operate a successful business. Reguerd: Using the Information below, determine the Net Income for purposes for The Big Company. Show ollakulations and prepare a complete CCA schedule for each das. Freempt from Flmandal Accounting Statements 31-Dec 17 $945,705 277 642 $668,063 Sales Less. COGS Gross Profit Less. Meal and Entertainment Expenses Utilities Expense Convention Expenses Rent Expense (Bullding) Depreciation Expense Interest Expenso Salarles Expense Club Dues Expense Advertising Expense Miscellaneous Expenses Net Income before Extra Ordinary Items Galn (Loss) on Disposal of Bullding Net Income Before Tinyes Less Provision for Income Taxes Net Income for Accounting Purposes $8,770 14,958 2,595 44,000 13,000 2,900 245,357 3,500 17,217 4,673 $353,070 $309,993 99, 166 $399,159 61,999 $337,161 NOTES: The above condensed financial statements were prepared in accordance with GAAP. OZ) Al figures in question are expressed in Canadian Dollars. c) The Club Dues relate to annual membership fees at Hole In 1 Golf Club. The Big Company on a regular and continuous basis uses this facility to maintain relationships with existing clients as well as meet new customers. 4) Advertising Expense Includes $5,000 paid to a US Broadcaster to entice customers to purchase our products and services: The target of the advertising is the: Canadian Market 15) Interest Expense related to a line of credit used for business activities. 86) Induded in the Miscellaneous Expenses was a parking ticket incurred while attending a meeting at the client office $14 97) Convention Expenses related to the companies owner attending a three day sales convention in Ottawa, Ontario related to our products and services. The convention expense didn't break out an amount for meals and the entire invoice was recorded as "Convention Expenses" in the accounting records. 18) Salaries expense includes $ 10,000 in bonuses declared on December 31, 2017 that were paid on March 7, 2018 #9) Assume The Big Company wants to claim the maximum CCA Deduction they are entitled to and have done so in all prior years as well 710) CEC Balance on December 31, 2016. 28,645 In 2017 The Big Company purchased a Chent List for $49,321 111) UCC Balances for January 1, 2017 are as follows: Class 1 (49) Class 8 (20%) $138,950 (Consisting of One Building Only) 100.057 There was only one depreciable asset disposed of during the year (Building). The accounting journal entry was as follows (Class 113 242,011 (Net Proceeds on Sale) Cash Loss on Disposal of Building Accumulated Depen Building 20,842 Building Gain on Disposal of Building 173,687 (Cost of Building) 89166 There was only one depredable aset disposed of during the year (Building). The accounting journal entry was as follows (Clas: 1): Cash Loss on Disposal of Building Acumulated Dep'in - Building 242,011 (Net Proceeds on Sale) 0 20,842 173,687 (Cost of building) 89 166 Building Gain on Disposal of Building During the yesr, the company acquired the following cspital Assett: Class 8 (20%) $16,021 Class 10 (20%) $31,050 The Big Company signed a lease for a building on January 1, 2017. Since the original layout dlon't work for our operations, we incurred expenses to remodel the building. The lesse detsils are as follows: Cast of Renovations: Lesse Term - Yrs: First Renewal Option - Yrs: Second Renewal Option - Yrs: $65.647 29 1 1