Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. could you explain to me what is the calculation wa

could you explain to me what is the calculation way to get D is the...

60.1K

Verified Solution

Question

Accounting

could you explain to me what is the calculation way to get D is the correct answer? image
You are provided with the following amounts for Sarah Feeley for the current year - Net employment income (ITA 5 to 8 ) =$40,000 - Interest income (ITA 12) = \$5,400 - Taxable amount of dividends (ITA 12) =$3,000 - Taxable capital gains (ITA 38 to 55 ) =$5,000 - Allowable capital losses (ITA 38 to 55) =$6,000 - Interest expense (bank loan for investment purposes) =$5,000 - Investment counsel fees =$900 - RRSP deduction (allowed pursuant to ITA 60) $10,000 Based on the above, the "net property income" reported by Sarah Feeley pursuant to ITA 3 (a) for the current year is: Choose the correct answer A. $38,460 8. $8,400 c. $7.400 D. $2,500

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students