Question

Offered Price $ 10.00

The controller of Video Madness Inc. has prepared the accounting

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

Rating:
4.1/5
Expert tutors with experiences and qualities
Posted By
Best Tutors for school students, college students
Questions:
103335
Tutorials:
101040
Feedback Score:

Purchase it
Report this Question as Inappropriate
Question
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.
Tutorials for this Question
Available for
$ 10.00

The controller of Video Madness Inc. has prepared the accounting

Tutorial # 00081460
Posted On: 08/01/2015 08:37 AM
Posted By:
Best Tutors for school students, college students solutionshere
Expert tutors with experiences and qualities
Questions:
103335
Tutorials:
101040
Feedback Score:
Report this Tutorial as Inappropriate
Tutorial Preview … respect to the investigation of a su…
Attachments
soln-new.zip (216.76 KB)
Purchase this Tutorial @ $10.00 *
* - Additional Paypal / Transaction Handling Fee (3.9% of Tutorial price + $0.30) applicable
List of Main Subjects
Accounting
Anthropology
Architecture
Art
Asian Studies
Astronomy
Biology
Business
Chemistry
Communications
Computer Science
Economics
Education
Engineering
English
Finance
Foreign Languages
Gender Studies
General Questions
Geography
Geology
Health Care
History
Kindergarten
Law
Linguistics
Literary Studies
Marketing
Mathematics
Music
Nursing
Performing Arts
Philosophy
Physics
Political Science
Psychology
Religious Studies
Sociology
Statistics
Urban Planning and Policy
View all subjects...
Loading...