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QUESTION 1Rental Revenue: $10,000Insurance Expense? $3,000M

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QUESTION 1Rental Revenue: $10,000Insurance Expense? $3,000Maintenance?xpense: $9,000This year,?ucy had a commercial?ental property and reports the following, in order to calculate her rental income or rental loss this year.Property Tax Expense: $2,000Maximum CCA: $5,000 (apply the maximum,?f possible/allowed,?er class review)Lucy is required to report this amount as her?Rental Income/Loss,?his year.a. ($4,000)b. $0c. $10,000d. ($9,000)QUESTION 2To calculate the annual Maximum RRSP Purchase for this year,?ast Year’s?usiness Income?and Rental Income?re included in calculating “EARNED INCOME”?rue?alseQUESTION 3Jerry provides you with his income tax information for this year:Employment Income:$200,000CPP Deduction from his Payroll T4 slip: $0EI Deduction from his Payroll T4 slip: $700Capital Gains: $20,000 (hint: calculate taxable capital gains)Union Dues Deduction:$2,000RPP Deduction:$10,000Interest Income: $5,000Employment Expense Deduction: $10,000Non-Capital (Business Loss from 2018) Loss Carry Forward: $20,000Net Capital (netted at 50%) Loss Carry Forward: $10,000What?ill?erry insert into his?ine 26000, Taxable Income, this year?QUESTION 4This year, Sandra moved from Toronto to Vancouver and earned $10,000 at her new employment in Vancouver this year:?andra paid the following for moving expenses this year:Movers,?3,000Mileage was zero (Her friend?eorge drove for FREE)Meals: Claimed three days of qualifying meals?nd applied the simplified method which allows?or?69 per day. Her actual meal costs were $200.What is the maximum moving expense claim for Sandra this year? (rounded to the nearest dollar)a. $3,000b. $3,207c. $0d. $3,200QUESTION 5This year, Sheila Linda sells Shares of CBA for proceeds of $6,000.?he original purchase cost was $4,000.?elling Commission was $500What is Linda’s Taxable Capital?ain for this transaction?a. $1,000b. $750c. $1,500d. $3,500QUESTION 6Fred’s Pizza business provides you the following?ccounting?GAAP?inancial information for this year’s business?ncome?ax return:Income Statement:Revenue: $100,000Meals and Entertainment: $10,000Supply Expenses: $2,000Depreciation Expenses: $5,000AssetsFurniture (Class 8, 20%); UCC was $10,000; Purchase this year was $10,000 and?isposed of furniture for proceeds of?10,000 and had an original cost of $5,000.Building (Class 1, 4%); UCC was $100,000The?aximum CCA?for furniture only?or this year is?Ignore the Accelerated Investment Incentive.BusinessAccountingACCOUNTIGN ACC402

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