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CPU Assignment 2: The CPU assignment 2 is worth 15% of your overall grade in this course. This assignment is due by the end of this module Tim Jones is an independent IT Consultant who services businesses and residential clients on their IT needs. The business is a sole proprietorship. He rents an omice space to store equipment and supplies and to show clients that the business has a permanent establishment to provide an upscale service, Tim drives out to clients' sites whenever he cannot provide 1. T. support remotely or by phone Tim's birthday is March 16, 1980 and his SIN number is 423 456 789. Address at 941 Progress Avenue, Toronto, Ontario, M1G 3T8 with a home phone number of 416-289-5000 Dana Jones Tim's wife, works as an employee at Staples Her salary is $40.000 with payroll deductions of $1,861 50 for CPP. $548 for El and income Tax Deductions of $6,000 Dana's birthday is September 9, 1982 and her SIN is 444 444 442. Same address and contact information as Tim Tim organized his own business records which shows the following Sales = $100,000 Meals with Clients - $4,800 Rent for office space $13.700 Advertising = $7000 Office expense = $8,850 Golf club membership $800 Tim uses the den of his house as an office where he works on and keeps the financial records of the business, as well as to contact clients. The den is 350 square feet, while the total square footage of his house is 3,500 Expenses related to the house is as follows for 2020. Heating is $2.000. electricity is $2.000, Mortgage payments of $18,000 or which the interest component is $5,200. Property taxes totaled $5,500, Home insurance is $150 per month and repairs for a leaking roof totaled $2 200 The vehicle used for the business to go to client sites is a Subaru Forester that Tim bought in July 1, 2019 for $28,000. In 2020, the beginning UCC of the vehicle is $23.800 Total kilometers was 20,000km of which 15,000km was for business purposes Vehicle expenses for the year are as follows Fuel 53,175 Repairs $550 Insurance = 52 200 License = $130 Tim provides a specialized LT. service with the help of a unique physical tool This tool was bought in May 15, 2019 and costed $2.000. He no longer wished to provide this service and had soid the tool for $3,000 The UCC at the start of 2020 was $1.600 In order to meet business demand, Tim had purchased a new computer on September 5, 2020 for $5,000 Other personal information includes: 2019 Donation to Doctors without Borders by Tim - $1,000 2019 Donation to Red Cross by Dana - $1,000 2019-12-31 Eligible medical receipts for Tim $1,600 2019-12-31 Eligible medical receipts for Dana $200 Prepare Tim and Dana's 2020 T1. personal tax returns with minimum taxes payable. Jonore any G STIHST implications. Submission Submit your assignment on eCentennial under "Assignments Your submission should include: 1 The entire Profile computer le (the file extension that ends 20T), and 2 A PDF printout of the Summary page Click here for a PDF version of the directions CPU Assignment 2: The CPU assignment 2 is worth 15% of your overall grade in this course. This assignment is due by the end of this module Tim Jones is an independent IT Consultant who services businesses and residential clients on their IT needs. The business is a sole proprietorship. He rents an omice space to store equipment and supplies and to show clients that the business has a permanent establishment to provide an upscale service, Tim drives out to clients' sites whenever he cannot provide 1. T. support remotely or by phone Tim's birthday is March 16, 1980 and his SIN number is 423 456 789. Address at 941 Progress Avenue, Toronto, Ontario, M1G 3T8 with a home phone number of 416-289-5000 Dana Jones Tim's wife, works as an employee at Staples Her salary is $40.000 with payroll deductions of $1,861 50 for CPP. $548 for El and income Tax Deductions of $6,000 Dana's birthday is September 9, 1982 and her SIN is 444 444 442. Same address and contact information as Tim Tim organized his own business records which shows the following Sales = $100,000 Meals with Clients - $4,800 Rent for office space $13.700 Advertising = $7000 Office expense = $8,850 Golf club membership $800 Tim uses the den of his house as an office where he works on and keeps the financial records of the business, as well as to contact clients. The den is 350 square feet, while the total square footage of his house is 3,500 Expenses related to the house is as follows for 2020. Heating is $2.000. electricity is $2.000, Mortgage payments of $18,000 or which the interest component is $5,200. Property taxes totaled $5,500, Home insurance is $150 per month and repairs for a leaking roof totaled $2 200 The vehicle used for the business to go to client sites is a Subaru Forester that Tim bought in July 1, 2019 for $28,000. In 2020, the beginning UCC of the vehicle is $23.800 Total kilometers was 20,000km of which 15,000km was for business purposes Vehicle expenses for the year are as follows Fuel 53,175 Repairs $550 Insurance = 52 200 License = $130 Tim provides a specialized LT. service with the help of a unique physical tool This tool was bought in May 15, 2019 and costed $2.000. He no longer wished to provide this service and had soid the tool for $3,000 The UCC at the start of 2020 was $1.600 In order to meet business demand, Tim had purchased a new computer on September 5, 2020 for $5,000 Other personal information includes: 2019 Donation to Doctors without Borders by Tim - $1,000 2019 Donation to Red Cross by Dana - $1,000 2019-12-31 Eligible medical receipts for Tim $1,600 2019-12-31 Eligible medical receipts for Dana $200 Prepare Tim and Dana's 2020 T1. personal tax returns with minimum taxes payable. Jonore any G STIHST implications. Submission Submit your assignment on eCentennial under "Assignments Your submission should include: 1 The entire Profile computer le (the file extension that ends 20T), and 2 A PDF printout of the Summary page Click here for a PDF version of the directions

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