Therefore‚ it is taxable income and should be reported as employment income in her tax return. But it seems that the amount of $9500 she received is net of tax amount (her total before tax salary for two moths is $12‚000). She should contact CCC to get a T4 slip so that she will not be double taxed on $9500. 2) For CCC: ➢ Since the payment is related to pay in lieu of termination notice‚ the correct way that CCC should have done was to deduct income tax‚ CPP‚ EI and provided
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corporation B. Corporation B pays corporation A $100‚000 in dividends in 2002. Corporation A must pay tax on: A) $100‚000 of ordinary income. B) $ 30‚000 of ordinary income. C) $ 70‚000 of ordinary income. D) $ 70‚000 of capital gain. 5. The stockholder’s annual report must include: A) a statement of cash flows. B) an income statement. C) a balance sheet. D) a statement of retained earnings. E) all of the above. 6. A firm had the following accounts and financial data for 2005: The firm’s
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following is the summary of balances of various accounts for the transactions that took place during the year. Trial Balance as on December 31‚ 2010 Particulars | Expenses/Assets | Incomes/Liabilities | Capital | | 2000000 | Drawings | 2000 | | 12% loan | | 100000 |
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000 at the end of June 2003‚ this is a positive cash flow due to all of the investment activities the company has put in; refer to Sample III. Things are looking way up for this young company. Their income statement at the end of 2003‚ Sample VI‚ shows a 28% gross profit and a 5.2% increase in net income. This proves the stability and profitability of the company. You can even compare their balance sheets from the end of June 2003 to the one given at the end of the year (Sample II and VII). At the
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and Introduction to Financial Statements Julie Zhu‚ AC221 Financial Accounting 1-1 Agenda Administrative matters An overview of financial statements Objectives and key concepts of financial reporting Julie Zhu‚ AC221 Financial Accounting 1-2 Course Overview Course objectives Be comfortable looking through a financial report Be able to critically evaluate performance of companies using financial statements. Class format
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to other banks. IV. Alternative Courses of Action - The Bank should ask for the financial statement of Adler Custom Tailor from the last six months since the business has started. - The Bank must analyze if the business has profited or it is experiencing losses? (Attached are the journal entries‚ income statement and balance sheet) V. Conclusion and Recommendation By looking at the income statement of the Adler Custom Tailors‚ the business is already experiencing losses. The net loss amounts
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Schedules to the Financial Statements for the year ended March 31‚ 2011 15. Significant accounting policies and notes on accounts Company overview Infosys BPO s.r.o. is a leading provider of business process management services to organizations that outsource their business processes. Infosys BPO s.r.o. is a majority owned and controlled of Infosys BPO Limited. The Company leverages the benefits of service delivery globalization‚ process redesign and technology and thus drives efficiency
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chairman and David Hennessy became Managing Director. With this merger‚ the business’s strategic plans change. The changes in the business plan to be adjusted with Galvor are used as a benchmark in performance measurement in Universal‚ namely Sales‚ Net Income‚ Total Assets‚ Total Employees and Capital Expenditures. The problem arose from Universal which demanded Galvor and other business units to report performance and financial reports in the format designed by Universal. This created trouble because
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CASH Why is profit not equal to cash coming in? Some differences such as loans received which do not impact the profit and loss statement are pretty obvious. Others may not be as obvious but you can break them down into three main areas: - Revenue is booked at sale. In many cases a sale is recorded for accounting purposes in the profit and loss statement when a company delivers a product or service. In many cases‚ no cash has been exchanged at the time of sale since customers typically
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Presentation 4 What can you find from a financial statement? Financial statement ate meant to present the financial information of the entity and for readers. Financial statement for businesses usually include income statement‚ balance sheet ‚ statement of retained earnings and cash flows are well as other possible statements. Income Statement A financial statement that measures a company’s financial performance over a specific accounting period. Financial performance is assessed by giving
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