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The Tax Court of Canada has ruled that a trip to outer space by billionaire Quebec businessman Guy Laliberte in 2009 was a taxable benefit. At issue was a $41.8 million price tag for a trip the Cirque du Soleil's founder had been reimbursed for him, as a business expense. In his decision, the judge fixed the amount of the business-related portion of the trip to be about 10 per cent or $4.2 million.
Problem 1: Explain the tax implicatios of the decision on Mr. Laliberte as an employee & the Cirque Du Soliel as the company. Support your explanation by quantitative analysis where applicable
Retained earnings $46,000, Rent expense $18,000, Revenues $101,000, and Salary expense $60,000. How much are total assets
A company manufactures wooden swing sets which are sold partially assembled. The following costs were incurred related to the production of 1,400 swings: What is the total amount which should be included in manufacturing overhead for the month
The owner's equity at December 31, 2011, amounted to $50,000. What was the amount of stockholders' equity at December 31, 2012
Journalize the entry to record the amount of cash proceeds from the issuance of the bonds on July 1, 2016. Determine the total interest expense for 2016
the peace barber shop employs four barbers. one barber who also serves as the manager is paid a salary of 1800 per
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If the Mexican company is only willing to pay $27 for the part and CMR has excess capacity, should CMR accept the order? What will be the marginal profit if any? (Show your computations)
hernandez corporation uses a standard cost system and has established the following standards for one unit of product
The company had net depreciation expense of L.L 2 million, no amortization expense, What is the companys net operating profit after tax
A firm has operating profit of $210,000 after deducting lease payments of $30,000. Interest expense is $50,000. What is the firm's fixed charge coverage
Assuming an 80% coinsurance clause and a fire that caused $100,000 of damage, what's the liability of the insurance company
How much reliance will be placed by the external auditor on the work of the audit committee and the internal auditor of TENDER Fiji in order to gather evidence?
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