mc_s_33_51 - MULTIPLE CHOICE QUESTIONS SOLUTIONS Q33. (i)...

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MULTIPLE CHOICE QUESTIONS SOLUTIONS Q33. (i) (d) $3,510 Sales $65,000 Less: Paper and other supplies $35,000 Rental 2,000 Bad debt expense 1,000 38,000 $27,000 x .13 $ 3,510 (ii) (c) January 31, 2011 The return must be filed within one month of the end of the reporting period. Q34. (a) Vendors whose sales do not exceed $30,000 per year are not required to register with the CRA. Q35. (a) 12 @ $454 Per ssec. 157(1), corporations must make monthly instalments under one of the following alternatives: (i) 1/12 of estimated tax liability at current rates on the estimated taxable income for current year; (ii) 1/12 of instalment base for the immediately preceding year; or (iii) 1/12 of instalment base for 2nd preceding year for the first two months, then for the next 10 months, 1/10 of instalment base for the immediately preceding year minus the instalments paid for first two months. being: (i) 1/12 x 5,940 = $495/month (ii) 1/12 x 5,450 = $454/month (iii) 1/12 x 5,820 = $485 for 2 months 1/10 (5,450 - 485 x 2) = $448 for 10 months
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This note was uploaded on 02/05/2011 for the course ACTG 4720 taught by Professor Gaildrory during the Winter '11 term at York University.

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mc_s_33_51 - MULTIPLE CHOICE QUESTIONS SOLUTIONS Q33. (i)...

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