Ch. 11, 12)
The CA in your office who has completed the file for your client, Make-it and Save-it Inc., has
left for a well-deserved two-week vacation. Before leaving, she asked you to prepare Schedule
1 of the T2 Corporate Tax Return and calculate Federal Part I tax and Part IV tax for the year
ended December 31, 2011.
The CA has provided you with financial statements, which have been prepared for tax
purposes, and notes on selected items in the financial statements (Appendix I).
Calculate net income, taxable income and Federal Part I tax, and Part IV tax for Make-it and
Save-it Inc. for the year ended December 31, 2011.
Make-it and Save-it Inc.
December 31, 2011
Capital assets, net of amortization
Income taxes payable
Due to shareholder
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