Reference no: EM132686460
On September 1, Maria Battelio, a Calgary resident, commenced work as an investment dealer with Top Investments Corporation. Prior to September, Maria was a fourth-year commerce student at the University of Alberta. Maria's contract of employment required that she use her own car and incur the necessary expenses to earn commission income. Maria purchased her car on September 1 for $21,000. Top Investments Corporation lent her the $21,000 for the car and she agreed to repay them $7,000 annually, without interest, on December 31 of each year. Assume that Maria's deductible capital cost allowance (net of personal use) on her automobile is $2,000.
Total distance travelled from September 1 to December 31
Total kilometres driven . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,500
Personal kilometres driven . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000
Maria received the following net pay in the year:
Gross salary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4,000
Commissions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,000
Bonus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300
Employment Insurance contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (356)
Canadian Pension Plan contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (944)
Charitable donations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (280)
Income tax withheld at source . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4,200)
Net pay . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $16,520
To earn commission income, Maria incurred the following:
Meals and entertainment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$ 2,300
Client promotion materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,500
Gasoline and operating expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5,400
- Top Investment paid for the airfare and accommodation for Maria and her spouse to attend a conference in New York. The trip cost $800 for each person attending the conference. The company also pays premiums of $400 per employee for group life insurance with coverage of $100,000. Assume a 7% prescribed rate of interest on the employee loan
Required:
Problem 1: Calculate Maria's income from employment (Office).
|
Determine the amount of avoidable interest
: Determine the amount of avoidable interest for 2020 assuming that the weighted average accumulated expenditure is $534,000 (other things being equal).
|
|
Determine the average number of days
: Rhodes Company reports the following information for the Year 1 fiscal year: Sales on account $650,000. Determine the average number of days
|
|
Prepare the statement of financial position as at december
: Make the statement of financial position as at December 31, 2019 with the relevant journal entries if necessary for each of the adjustments made
|
|
What was Blankenship operating cycle
: The following information is available for Blankenship Company for the most recent year. What was Blankenship's operating cycle for the most recent year
|
|
Calculate maria income from employment or office
: Top Investment paid for the airfare and accommodation for Maria and her spouse. Calculate Maria's income from employment (Office).
|
|
How employer prepares to establish your temporary work area
: After reading Chapter 9 discuss how your employer prepares to establish, maintain, and execute your temporary work area to reestablish or maintain your business
|
|
Determine the actual weight
: Instructions: the following assignments include determining the trucking, charges associated with each shipment using the conversions, tables and CIFFA
|
|
Calculate maria income from employment
: On September 1, Maria Battelio, a Calgary resident, commenced work as an investment dealer. Calculate Maria's income from employment (Office).
|
|
Explore the different web browser forensic tools available
: You are to explore the different web browser forensic tools available, both paid and free. You are to research the different tools available to you.
|