Fred's bookkeeping business provides you the following Accounting GAAP financial information for this year's business income tax
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Question:
Fred's bookkeeping business provides you the following Accounting GAAP financial information for this year's business income tax return:
Income Statement:
- Revenue: $100,000
- Meals and Entertainment: $10,000
- Supply Expenses: $2,000
- Depreciation Expenses: $5,000
Assets
Furniture (Class 8, 20%); UCC was $10,000; Purchase this year was $10,000 and disposed of furniture for proceeds of $10,000 and had an original cost of $5,000.
Building (Class 1, 4%); UCC was $100,000
The Business Income tax profit to be inserted into Line 13700 is?
Expert Answer:
Furniture Building Opening balance 10000 100000 Add 10000 Purchase Total Book 20000 Value L... View the full answer
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