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The controller of Video Madness Inc. has prepared the accounting

Question # 00086971
Subject: Accounting
Due on: 08/31/2015
Posted On: 08/01/2015 08:37 AM

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The controller of Video Madness Inc. has prepared the accounting income statement for the year ended April 30, 2014: Sales: 905,000 Less: Cost of Sales: 523,000 Less: Administration Expenses: 185,000 Total: Operation Income : 287,000 Add: Other Income and expenses : 55,000 Total: 342,000 Less: Provision for income taxes: (102,000) Total: Net Income: 240,000 Other Information: Included in calculation of Administration expenses: A) Interest on late income tax payments - 435 B) Amortization (maximum CCA of 149,500) – 104,900 C) Club dues for local country club – 1,750 D) Federal political contributions – 2,500 E) Donations to registered charities – 22,500 F) Property tax with respect to vacant land not being used in the course of the business – 3,000 G) Life insurance premium with respect to the president (the company is the beneficiary) – 1,950 2) Included in the calculation of “other income and expenses” a) landscaping of ground around new premise – 4,800 b) Fees paid with respect to the investigation of a sustainable site for the company’s manufacturing plant – 5,500 c) Dividends received from taxable Canadian corporation of 42,800 and foreign corporation dividends received (not from a foreign affiliate) of - 5,500 d) Gain from the sale of another piece of land used in the business, sold for 200,000 in March (purchased for 73,800) – 126,200 e) Loss on sale of investments held as capital property purchased for 85,000 and sold for 75,000 – 10,000 3) Loss carry forwards from 2013 are: a) Non-capital losses – 73,800 b) Non-capital losses (realized in 1999_ - 75,000 You have been asked to prepare a schedule reconciling the accounting net income to income for tax purposes and taxable income. Indicate the appropriate statutory reference for your inclusions or exclusions.

Tags accounting prepared madne video controller income expenses total respect 0 property land noncapital taxable received included purchased club sold 1 foreign calculation corporation loes used sale accounting 2 sales administration dividends busine paid fees affiliate

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Tutorial Preview …respect xx the xxxxxxxxxxxxx of a xxxxxxxxxxx site for xxx company’s xxxxxxxxxxxxx xxxxx – xxxxx c) Dividends xxxxxxxx from taxable xxxxxxxx corporation xx xxxxxx and xxxxxxx corporation dividends xxxxxxxx (not from x foreign xxxxxxxxxx xx - xxxxx d) Gain xxxx the sale xx another xxxxx xx land xxxx in the xxxxxxxxx sold for xxxxxxx in xxxxx xxxxxxxxxx for…
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