Maxine used to work and live in Alberta, but has accepted a new job in Ontario. The new job has a starting salary of $105,600 per year, or $8,800 per month. She moved there with her family in October, so she could start her new job on November 1. While she had rented her accommodations in Alberta, she bought a new house in Ontario. She incurred the following expenses as a result of the move: • canceling the lease on her rental apartment, $1,200. • hiring movers to pack and move her household effects, $12,000. • legal fees on the house purchase, S1,400. • land transfer tax on the house purchase, $3,000. • cost of disconnecting utilities in Alberta, $100. • cost of connecting utilities in Ontario, $200. • gas, food, and lodging while traveling from Alberta to Ontario, $2,800. How much can she claim for moving expenses for the year of the move? $17,700 $16,000 $16,300 $20,700

Maxine used to work and live in Alberta, but has accepted a new job in Ontario. The new job has a starting salary of $105,600 per year, or $8,800 per month. She moved there with her family in October, so she could start her new job on November 1. While she had rented her accommodations in Alberta, she bought a new house in Ontario. She incurred the following expenses as a result of the move: • canceling the lease on her rental apartment, $1,200. • hiring movers to pack and move her household effects, $12,000. • legal fees on the house purchase, S1,400. • land transfer tax on the house purchase, $3,000. • cost of disconnecting utilities in Alberta, $100. • cost of connecting utilities in Ontario, $200. • gas, food, and lodging while traveling from Alberta to Ontario, $2,800. How much can she claim for moving expenses for the year of the move? $17,700 $16,000 $16,300 $20,700

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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