mc_s_04_09 - within two years after the sale Q07(b $21,175...

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MULTIPLE CHOICE QUESTIONS SOLUTIONS Q04. (d) ($7,000 + $400 + $500) x .13 = $1,027 (input tax credit not permitted for club dues) Q05. (b) Revenues 300,000 Purchase of bicycles (150,000) Purchase of tires and other parts (20,000) Premise rental (3,000) Bad debt recovered 1,500 128,500 x .13 16,705 Q06. (d) Nil. No reserve is allowable under par. 20(1)( n ) as the entire proceeds are due
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Unformatted text preview: within two years after the sale. Q07. (b) $21,175 Revenues $325,000 Stationery and supplies (5,000) Utilities (2,500) Rent (15,000 ) 302,500 x .13 $ 39,325 Q08. (a) ($80,000 - ($100,000 + $50,000 + $2,400 + $4,000)) = $ (76,400) x .13 = $(9,932) Q09. (c) Revenue $30,000 Office supplies (500) Rental (3,000 ) 26,500 13% $ 3,445...
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