Assign 2 Tax - ACCT 392 TAXATION II Assignment 2 Question 1(15 marks Problem 5 Chapter 4(Income from Business Beam Laiken Barnett 3rd Edition

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ACCT 392 - TAXATION II Assignment 2 Question 1 (15 marks) rd Edition Question 2 (8 marks) Edwina Jackson is self-employed and has been operating an automobile repair business (Jackson Auto Repairs) in Edmonton since 1997. The fiscal period of the business ends on December 31. For the fiscal period ended December 31, 2009, the business had gross revenues of $500,000 and cost of goods sold of $200,000. The operating expenses (excluding amortization) incurred a total of $125,000. During the fiscal period ended December 31, 2009, the business owned the following assets. 1. Frame building used as a garage for the auto repair business, acquired in 1997. Cost of land $ 135.000 Cost of building $ 250,000 There have been no additions to the building since its acquisition. The UCC (Class 1) at the beginning of 2009 was $200,000. 2. Leased additional space next to the frame building. The lease commenced on January 1, 2009.
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This note was uploaded on 02/22/2011 for the course ACCT 3341 taught by Professor Daniel during the Spring '08 term at Concordia AB.

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Assign 2 Tax - ACCT 392 TAXATION II Assignment 2 Question 1(15 marks Problem 5 Chapter 4(Income from Business Beam Laiken Barnett 3rd Edition

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