assignment2

assignment2 - $963,300 CL 1 (4%) CL3 (5%) CL6 (10%) CL8...

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TAXACTION 1 ASSIGNMENT 2 Lina Wu Ch.5 P310 Problem 8 Net income after income taxes $440,000 ADD: Provision for income taxes $400,000 Amortization $80,000 Reserve for future decline in invetory $15,000 Reserve for warranty expenses $11,000 Donations to charities $4,000 Golf Club membership dues for VP of sales $1,500 Meals and entertainment $1,000 Accrued bonuses not paid $85,000 Financing fees $8,000 Legal fees $5,000 Software upgrade cost $300 Bond discount amortization $2,000 $612,800 DEDUCT: (40,000) CCA Class 1 (14,000) Class 3 (20,000) Class 6 (1,500) Class 8 (14,100) Class 10 (24,000) Class 13 (7,000) Class 17 (800) Class 44 (2,500) CEC (5,600) (89,500)
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Unformatted text preview: $963,300 CL 1 (4%) CL3 (5%) CL6 (10%) CL8 (20%) CL10 (30%) CL13 (SL) CL17 (8%) CL44 (25%) CEC (7%) 2010.1.1 UCC- $200,000 - $60,000 $80,000 $37,500 - - $5,000 Purchases $700,000 - $30,000 $25,000 - $28,000 $20,000 $20,000 $75,000 Disposales- (180,000)- (4,000)- - - - - 2010.12.31 UCC $700,000 $20,000 $30,000 $81,000 $80,000 $65,500 $20,000 $20,000 $80,000 1/2 net - amount (350,000)- (15,000) (10,500)- - - (10,000)- UCC 350,000 20,000 15,000 70,500 80,000 $65,500 $20,000 $10,000 $80,000 Recapture- - - - - - - - - CCA (14,000) (1,500) (14,100) (24,000) (7,000) (800) (2,500) (5,600) Terminal Loss (20,000)...
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