9.Amazing Inc. purchased Class 8 furniture for $4,000 in 2022. In 2023, this furniturewas sold for $1,000. Class 8 UCC was $10,300 at the beginning of 2022 and no Class8 property was purchased during the year. What is the UCC of this class at the endof 2023?A. $1,860B. $7,440C. $9,300D. $8,24010. Mary carries on business as a sole proprietor that generated $100,000 in netaccounting income.Included in this amount are:• $7,000 of amortization expense;•$4,000 for bad debt expense;• $112,000 cost of goods sold; and• $12,000 meals and entertainment with clients.Mary's maximum CCA has been calculated at $10,000 for the year. What is Mary'sbusiness income for income tax purposes?A. $113,000B. $109,000A)C. $107,000$103,00011. Tomas began carrying on a home-based business as a sole proprietor on January 1,2023. In 2023, he received $40,000 cash for services rendered and paid $33,000 inbusiness expenses. On December 31, 2023 there was an outstanding accountsreceivable for amounts owed by a customers. of $1,200 There was also an accountpayable of $2,300 as an amount owing to a supplier.12.In addition to any business expenses, Tomas can also deduct one-third of his houseexpenses since he utilizes the ground floor of his rented 3-storey home. Total housecosts for 2022 were: rent of $19,200; home insurance of $800 and utilities of$2,100. What is Tomas' maximum 2023 home office expense?A. $5,900.B. $7,000.C. $7,100.A) $7,367.ABC Registered, a sole proprietorship, began carrying on a business on September 1,2023. A calendar based fiscal period ending December 31 was chosen. On October1, 2023 the proprietorship purchased furniture and fixtures for $40,000. Themaximum CCA on the furniture and fixtures for the year ending December 31, 2023will be:A. $ 2,673.97.B. $4,010.96.C. $12,000.00.D. $8,000.00.

The amount or value that remains in an account or asset at the end of a given time, similar as the…

9. Amazing Inc. purchased Class 8 furniture for $4,000 in 2022. In 2023, this furniture was sold for $1,000. Class 8 UCC was $10,300 at the beginning of 2022 and no Class 8 property was purchased during the year. What is the UCC of this class at the end of 2023? A. $1,860 B. $7,440 C. $9,300 D. $8,240

9. Amazing Inc. purchased Class 8 furniture for $4,000 in 2022. In 2023, this furniture was sold for $1,000. Class 8 UCC was $10,300 at the beginning of 2022 and no Class 8 property was purchased during the year. What is the UCC of this class at the end of 2023? A. $1,860 B. $7,440 C. $9,300 D. $8,240

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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