= Homework: Chapter 6 Homework Question 27, Question 6.1.28 HW Score: 63.41%, 26 of 41 points O Points: 0 of 4 Save Cameron Hill is the sole shareholder of Hill Enterprises Ltd., a small retail shop selling locally made arts and crafts. The shop has been in operation for several years and has a calendar fiscal year. Cameron provides you with the Income Statement for the corporation for December 31, 2020. (Click on the icon to view the income statement.) A (Click on the icon to view the notes to the income statement.) Calculate the net business income for Hill Enterprises Ltd. for the year 2020. Calculate the net business income for Hill Enterprises Ltd. for 2020. (Round to the nearest dollar.) The net income for 2020 is $ Etext pages Calculator Ask my instructor Clear all Check answer LIVICE C2 A1000 of At mainta = Homework: Chapter 6 Homework Questior Save Income statement on provides Cameron Hill is the sole shareholder of Hill Enterprises Ltd., a small retail shop selling locally made you with the Income Statement for the corporation for December 31, 2020. (Click on the icon to view the income statement.) Total Cost of Goods Sold 233,000 Gross profit 382,000 i (Click on the icon to view the notes to the income statement.) Calculate the net business income for Hill Enterprises Ltd. for the year 2020. 3,800 Expenses Accounting and legal expenses (Note 2) Advertising and promotion expenses (Note 3) Depreciation expense (Note 4) Calculate the net business income for Hill Enterprises Ltd. for 2020. (Round to the nearest dollar.) 5,400 26,800 6,400 The net income for 2020 is $ 3,000 6,800 Automobile expenses Bad debts expense (Note 5) Insurance expense (Note 6) Interest expense Office expenses (Note 7) Rent expense Wages and benefits expenses (Note 8) 19,600 10,500 36,500 102,000 Total expenses 220,800 Net income $ 161,200 Print Done Etext pages Calculator Ask my instructor Clear all UVAI CA. 20 440 oC of 14 nminta = Homework: Chapter 6 Homework Questior Save Income statement Cameron Hill is the sole shareholder of Hill Enterprises Ltd., a small retail shop selling locally made you with the Income Statement for the corporation for December 31, 2020. pn provides (Click on the icon to view the income statement.) Hill Enterprises Ltd. Income Statement (Click on the icon to view the notes to the income statement.) For the year ended December 31, 2020 Calculate the net business income for Hill Enterprises Ltd. for the year 2020. Income Sales $ 615,000 Cost of sales $ 49,000 246,000 Calculate the net business income for Hill Enterprises Ltd. for 2020. (Round to the nearest dollar.) The net income for 2020 is $0. Opening inventory Purchases Closing inventory 295,000 62,000 Total Cost of Goods Sold 233,000 Gross profit 382,000 3,800 Expenses Accounting and legal expenses (Note 2) Advertising and promotion expenses (Note 3) Depreciation expense (Note 4) 5,400 26,800 Print Done Etext pages Calculator Ask my instructor Clear all Check answer = Homework: Chapter 6 Homework Question 27, Question 6.1.28 HW Score: 63.41%, 26 of 41 points O Points: 0 of 4 Save Cameron Hill is the sole shareholder of Hill Eptararicocltdoomall cateilchen callina locally made arte and crafte The chan bac baon in onoration for coveral vaars and has a calendar fiscal year. Cameron provides you with the Income Statement for the corpo - X (Click on the icon to view the income sta Notes to income statement i (Click on the icon to view the notes to the Calculate the net business income for Hill En 1. 2. 3. 4. Calculate the net business income for Hill En The net income for 2020 is $ Hill Enterprises Ltd. is a small business corporation operated by the sole shareholder, Cameron Hill. Accounting and legal includes legal fees related to Cameron's dispute in regards to a personal car accident in the amount of $2,020. Advertising and promotion includes 'Meals and Entertainment' costs in the amount of $4,230. Information for Capital Cost Allowance (CCA) purposesthe Undepreciated Capital Cost (UCC) at December 31 of the prior year was as follows: Class 8 (Office & General Equipment): $45,250 Class 10 (Automotive Equipment): $24,000. The company has set up an allowance for doubtful accounts based on a review of the Accounts Receivable at December 31 of the current year. This is a procedure that the proprietorship follows every year. Insurance includes life insurance premiums for Cameron Hill in the amount of $2,800. This life insurance policy is required as collateral for the business bank loan. Office expenses include the $4,600 purchase of laptop computers on January 15, 2020. Wages and benefits includes the club dues/membership fees paid to the Royal Oak Club in the amount of $5,920. The club dues are paid for the five managers who take clients to the Royal Oak Club on a regular basis for business purposes. 5. 6. 7. 8. Print Done Etext pages Calculator Ask my instructor Clear all Check