Question 22 (1 point)
Jennifer Jones is a self-employed building inspector. Jennifer maintains a home office that occupies 10% of the square footage of her home. The following costs were incurred by Jennifer to maintain her home in the current year:
Telephone (general line) |
$600 |
House insurance |
$2,000 |
Property taxes |
$4,000 |
Heat, hydro, and maintenance |
$5,000 |
Mortgage interest |
$24,000 |
Jennifer estimates that she uses her telephone 50% for business
purposes during the year.
What is the maximum amount that Jennifer can claim for the costs
incurred with respect to her home office?
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Question 23 (1 point)
Accounting net income
(determined in accordance with generally accepted accounting
principles) of Extec Inc. (Extec) is $456,000. Additional
information is as follows:
· Extec’s
amortization expense for the year was $30,000. Maximum capital cost
allowance (CCA) for the year was $25,400.
· Extec estimated
and deducted $7,500 in warranty costs during the year. Actual
warranty costs paid for providing warranties during the year were
$4,600.
· Extec expensed
$3,800 in charitable donations during the year.
Based on the information above, determine Extec’s net income for
tax purposes for the year.
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