Question 4 (22 marks) You‚ a CGA‚ are given the following information regarding Stoiche Anders. a. Stoiche Anders is 49 years old and is married to Dimmi. Stoiche has been employed by Fasco Ltd. for a number of years as an engineer. His salary for 2011 was $168‚898 as shown on his T4. Amounts paid by Fasco Ltd. on behalf of Stoiche and not included on his T4 are as follows: • Retirement counselling fee $ 1‚800 • Employer contributions to the company’s Registered Pension Plan $ 675 •
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College of Business and Accountancy COLUMBAN COLLEGE‚ INC. No. 1 Mt. Apo Street‚ New Asinan Olongapo City 2200 Tel. No.: (047) 222-3329 Telefax No.: (047) 222-7789 Website: www.columban.edu.ph DEDUCTIONS FROM GROSS ESTATE 1. Classify the following into exclusive deduction or conjugal/communal deduction. a. Funeral expenses b. Judicial expenses c. Loss of exclusive properties d. Loss of conjugal/communal properties e. Claims against exclusive properties f. Claims against conjugal/communal
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Formation of Contracts Introduction An offer is the first step in the formation of a contract. It is something that creates a power of acceptance. It is a proposal made by one party to another to enter into a legally binding agreement with her. In Acme Grain Co. v. Wenaus‚ 1917‚ it was observed: ... To constitute a contract‚ there must be an offer by one person to another and an acceptance of that offer by the person to whom it is made. A mere statement of a person’s intention‚ or a declaration
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becoming unified in a Dominion would have many advantages. Disadvantages to confederation include Canada West having to learn French as the colonies would now be unified. The dominion would be bilingual which would take effort to learn to communicate. Our colony is already financially well off‚ but now taxes from Canada West would be spent elsewhere as we would be one large‚ shared unit. Staying independent would enable us to continue to tax extremely high tariffs when other colonies ship in
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INT0006: Introduction to Accounting and Finance FOUNDATION PROGRAMME Economics‚ Finance and Management INTO ID Number University ID Number ASSIGNMENT: Title: G. Osborne Ltd Maximum mark: 50 Word count: 1000 Actual word count: __________ student to complete DO NOT WRITE IN THIS SECTION Markers Introduction Quantitative information Narrative 1: 2: First Marker Comments ........................................................................................... ..................
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African Journal of Economics Vol. 1 (5)‚ pp. 176-190‚ December‚ 2013. Available online at www.internationalscholarsjournals.org © International Scholars Journals Full Length Research Paper Competition in Ethiopian Banking Industry 1 Zerayehu Sime Eshete‚ 2Kagnew Wolde Tesome‚ 3Teshome Ketama Abebe 1 Research and Development Officer at CBE and now PhD candidate in Economics at University of Nairobi‚ Kenya. 2 Research and Development at CBE and now a PhD candidate in Economics at
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profits and or business assets to offset these debts. You are also liable for any injuries that may occur due to your company. •INCOME TAXES-The business is not taxed separately. All business income must be reported on the owners personal income tax return. •LONGEVITY/CONTINUITY-Sole proprietorships are dissolved when the owner dies. •CONTROL-The owner of a sole proprietorship is in complete control over every aspect of the business •PROFIT RETENTION-All income is the owner ’s who may do with
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Deferred Tax Assets There are a few accounting differences between tax (IRS) accounting and US GAAP accounting. Some differences cause deferred tax asset which is a future tax benefit. For example‚ say a firm currently is offering a special onetime 2-year warranty when a customer purchases its product. The firm estimates that over a 2-year period it is likely to spend a total of $200‚000 in warranty repairs. The following presents the reported income for this 2-year period using US GAAP rules:
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SCRAPPING THE MINING TAX- IS IT GOOD OR BAD? Executive summary Introduction The Australian governments mining tax‚ the mineral resource rent tax (MRRT) has always been under the radar for its ever changing policies. It is very easy to pint out its significant issues‚ but reforming the tax is quite a major task at hand. All the corporations involved within the mining industry‚ as well the different corporations in the economy‚ pay a current income tax rate of 30% on its revenue that they earn
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in this paper that even where every one agrees that the tax system should be simple as dictated by the first maxim of Adam Smith‚ no country is yet to meet this standard. Questions on policy‚ complexity‚ equity‚ administrative efficiency‚ cost of compliance all increasing the cry for a tax change. Many Eastern Europeans have adopted the flax tax system and presently has an increase economic growth. However‚ are they fully operating the flax tax system? INTRODUCTION Taxation is a levy or a charge
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