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What is the company taxable income for tax purposes

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Question - In 2021, Godox Inc. generated sales revenue of $400,000.

It had the following expenses: Cost of Goods Sold: $170,000

Salary: $65,000 Rent: $50,000

Meals & Entertainment: 24,000 (50% deductible as business expense, other 50%is considered a personal benefit by CRA)

Motor Vehicle: 15,000 (It isestimated that 20% of this was for personal use)

Required - What is the Company's taxable income for tax purposes?

Reference no: EM133101656

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