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Problem 1: Jeffrey is a self-employed carpenter. He bills his clients $60,000 a year. Total business expenses amount to $10,000 a year. His only eligible income tax deduction is $5,000 for an RRSP contribution. If the first $36,000 of taxable income is taxed by the Federal Government at a rate of 15% and levels up to approximately $70,000 are taxed at 22%, what is his federal tax liability before considering tax credits?
1. $5,760
2. $6,750
3. $7,380
4. $9,900
5. $12,500
Problem 2: Joan Zemke expects interest rates to decline over the next few months. To maximize her earnings she should use a(n)
1. 5-year GIC
2. Interest-bearing chequing account
3. Regular savings account
4. Six-month GIC
5. Money market fund
Identify the type of lease in the case above and justify your answer based on the standard. Prepare the related journal entries for the year ended 2017 in Books
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