Solution to Assignment Problem Three - 1
CHAPTER THREE SOLUTIONS
Solution to Assignment Problem Three - 1
Case A
The company will deduct the bonus in the year ending August 31, 2015. Christine will include it in
income in the calendar year ending December
Solution to Assignment Problem Five - 3
Class 1 - Building
As this non-residential building has been allocated to a separate Class 1, it is eligible for
the extra 2 percent rate for CCA
Opening Balance
Additions
One-Half Net Additions [(50%)($258,000)]
CC
Solution to Assignment Problem Three - 4
Car A
Total km driven = 16,000 km
Personal use = 9,000 km; 9,000 / 16,000 = 56%
As personal use > 50%, no reduction to standby charge available
For Car A, the employment related use is less than 50 percent and, as
Chapter 2 Pre-Reading Quiz
Name: _
Score:
/
20
True or False:
Answer whether the following statements are true or false, and comment briefly where you do
not agree with the statement. No credit will be given if a False statement is not explained.
1.
The t
Chapter 9 Reading Quiz
Name: _
Score:
/
18
True or False:
Answer whether the following statements are true or false, and comment briefly where you do
not agree with the statement. No credit will be given if a False statement is not explained.
1.
Contribut
Solution to Assignment Problem Four - 4
Mr. Brooks net employment income would be calculated as follows:
Gross Salary
Additions:
Bonus (Amount Received Only)
Disability Insurance Receipts (Note One)
Personal Benefit On Car (Note Two)
Stock Option Benefit
Chapter 3 Reading Quiz
Name: _
Score:
/
14
True or False:
Answer whether the following statements are true or false, and comment briefly where you do
not agree with the statement. No credit will be given if a False statement is not explained.
1.
If proper
City
Athens
Beijing
Berlin
Cairo
Dublin
Geneva
Hong Kong
London
Moscow
Paris
Rio de Janeiro
Rome
Tokyo
Toronto
High
68
70
65
96
57
70
80
67
44
69
76
69
70
44
Low
50
49
44
64
46
45
73
45
29
44
69
51
58
39
Metro Area
Jobless Rate (%) Delinquent Loans (%)
Atlanta
7.1
7.02
Boston
5.2
5.31
Charlotte
7.8
5.38
Chicago
7.8
5.40
Dallas
5.8
5.00
Denver
5.8
4.07
Detroit
9.3
6.53
Houston
5.7
5.57
Jacksonville
7.3
6.99
Las Vegas
7.6
11.12
Los Angeles
8.2
7.56
Miami
7.
Company
DeWolfe Companies
North Coast Energy
Hansen Natural Corp.
MarineMax, Inc.
Nanometrics Incorporated
TeamStaff, Inc.
Environmental Tectonics
Measurement Specialties
SEMCO Energy, Inc.
Party City Corporation
Embrex, Inc.
Tech/Ops Sevcon, Inc.
ARCADIS
Nation
Armenia
Australia
Austria
Azerbaijan
Bahrain
Belgium
Brazil
Bulgaria
Canada
Cape Verde
Chile
China
Colombia
Costa Rica
Croatia
Cyprus
Czech Republic
Denmark
Ecuador
Egypt
El Salvador
Estonia
France
Georgia
Germany
Hungary
Iceland
Ireland
Israel
Ita
Gross salary
Addition:
Bonus
Automobile benefit
Interest free loan benefit
Gif
Stock option
$73,500
6000
1175.76485
1333.33333
650
Nil
Deductions:
RPP
Meal and entertainment
Professional due
Net income for tax purposes
Automobile benefit
Standby Charge:
O
Hotel
Location
Rooms
Boulders Resort & Spa
Phoenix, AZ
220
Disney's Wilderness Lodge
Orlando, FL
727
Four Seasons Hotel Beverly Hills Los Angeles, CA
285
Four Seasons Hotel
Boston, MA
273
Hay-Adams
Washington DC
145
Inn on Biltmore Estate
Ashville, NC
213
Team
Atlanta Falcons
Buffalo Bills
Carolina Panthers
Chicago Bears
Cleveland Browns
Dallas Cowboys
Denver Broncos
Green Bay Packers
Indianapolis Colts
New Orleans Saints
New York Jets
Pittsburgh Steelers
Seattle Seahawks
Tennessee Titans
Ticket Price
72
5
Dividend Refund Received By Medcare
Med % of ownership
Part IV payable on delux inc. dividends
Part IV tax on public company dividends
Part IV Tax Payable
20386
42%
8562
10180.448
18742.448
Taxable Capital Gain
Net rental income
aggregate Investment incom
Salary
living accommodations ben
Rent paid
Performance award
RPP contribution
Director' fees
Standby charge
operating cost
Stock option
Net employment income
71500
30000
-18000
3600
-3100
1300
2016
1008
2000
90324
Royalties on patent
Bond interest
Income
Part A
Olin can deduct work space in the home costs because
he uses his house as an office to do his business and
the work space is used for earning income.
Part B
Revenue
Expense other than home work space:
Cost of merchandise sold
Packaging materials
Sh
Income
Amortization expense
Taxable gain for building
Taxable gain for land
Recapture CCA
Accounting loss
Taxable gain for vacant land
Tax withheld
Legal fee
Amortization expense
Donation
Interest on late income tax instalment
Meals and entertainment
Memb
