In 2021 Ed's Repair shop generated sales revenue of $400,000 and had the following expenses:...
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Accounting
In 2021 Ed's Repair shop generated sales revenue of $400,000 and had the following expenses:
Salaries & Wages 105,000 Materials 87,000 Rent 25,000 Insurance 12,000 Advertising 19,500 Meals & Entertainment 22,500 Motor Vehicle 13,000 20% personal use Telecommunications 10,900 80% business use Home Expenses 13,250 1/4 of the home is used for the home office space
Ed's repair shop operates as a small business in Canada.
A) Calculate the company's net income for tax purposes.
B) Calculate the company's taxes payable
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