Other Payables329.003525Note Payable90 000.003530Income tax payable19 008.003535GST Payable6649.003536GST Receivable1517.003537QST Payable6606.00Sub total1 236 269.36435 252.00
Page17LE MUR DU SON LTDTRIAL BALANCE AS AT NOVEMBER 30, 20X4AccountAccount NameDebitCreditBalance1 236 269.36435 252.003538QST Receivable1 509.003540Federal deductions at source and payroll taxes1 144.923550Provincial deductions at source and payroll taxes1 256.203580Salaries payable--3590Interest payable--3595Other accrued expenses payable--3600Dividends payable--3610Unearned revenue--3620Short term payment due on long term debt--4000Mortgage payable394 498.004500Deferred income tax10 073.005000Common Stock200 000.005200Retained earnings178 977.005300Dividends--6000Income Summary--6100Sales1 173 515.006105Sales returns and allowances26 000.007050Purchases814 807.007100Purchase returns and allowances12 000.007150Transportation in4 615.008000Salaries - Sales55 225.008100Payroll taxes - Sales7 063.168200Advertising expense114 625.008300Travelling expense - Sales12 128.008400Packing supplies5 280.308500Car and Truck expenses2 920.578600Depreciation expense, Cars and Trucks--8650Depreciation expense, Store equipment--Sub total2 280 442.392 406 716.12
Page18LE MUR DU SON LTDTRIAL BALANCE AS AT NOVEMBER 30, 20X4AccountAccount NameDebitCreditBalance2 280 442.392 406 716.129000Salaries - Administration51 700.009050Payroll taxes - Administration6 044.679300Traveling expenses - Administration3 125.439350Taxes, licenses and permits3 199.949400Insurance expense10 080.009450Electricity and heating2 724.369500Building, maintenance and repairs18 275.009600Office supplies expense3 134.279650Telephone, telegrams, courier, and stamps2 310.289700Legal and auditing fees1 875.009750Accounting fees2 750.009800Bad debts expense--9850Bank charges290.129870Miscellaneous expense32.399900Depreciation expense, building--9920Depreciation expense, furniture and fixtures--10000Interest expense on short term debt512.0010050Sales Discounts19 182.5110100Interest expense on long term debt27 731.0012000Purchase discounts11 943.2412100Dividend revenue12 000.0012150Interest revenue450.0012200Gain on disposal of fixed assets2 000.0012300Miscellaneous revenue300.0013000Income tax expense--Total2 433 409.362 433 409.36
Page19APPENDICES
Page20APPENDIX A-1 EMPLOYMENT INSURANCE CONTRIBUTIONS TABLE
Page21APPENDIX A-2 QUEBEC PENSION PLAN CONTRIBUTIONS TABLE
Page22APPENDIX A-3 FEDERAL INCOME TAX DEDUCTIONS TABLE
Page23
Page24APPENDIX A-4 PROVINCIAL INCOME TAX DEDUCTIONS TABLE
Page25
Page26APPENDIX BSIMPLIFIED INCOME TAX RETURNA) Simplified Federal Income Tax ReturnTaxable income$Multiplied by the actual federal tax rate:Base rate38%Less:Federal abatement for incomeearned in a province (note 1)(10%)----------28%Plus: Surtax (4% of the above amount)1.12%Less: Deduction for small business(16%)13.12%----------Federal income tax payable for 20X4$b) Simplified Provincial Income Tax ReturnTaxable income$Multiplied by the actual provincial tax rate:Base rate16.25%Less:Provincial abatement for businessincome (note 2)(7.35%)----------8.9%Less:Provincial abatement for incomeeligible for federal small businessdeduction.3.15%5.75%-----------Provincial income tax payable for 20X4$note 1: this abatement is given due to the fact that the income is also taxed provincially.
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Term
Spring
Professor
sir
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