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Question 1: What are tax deductible from this income statement and balance sheet.
Assume the company is CCPC.
Appendix Jump To It Inc. - Tax information Extracts from income statement For the year ended December 31 (in $10000
Sales
Cost of Soles, (excluding depreciation)
2019
2018
$ 19,643
13,755
$ 15,470
10,904
Gross Profit
5,888
4,566
Operating Expenses:
Selling and general operating
3,896
2,936
General and administrative
337
300
Depreciation and amortization
232
181
4,465
3,417
Operating Income
1,423
1,149
Other Income
Interest and other income
237
118
Interest and other expenses
(125)
(72)
Earnings before taxes
1,535
1,195
Income taxes expense (recovery)
344
259
Net income
1,191
936
Retained earnings, beginning of year
2,615
1,829
Dividends
(150)
Retained earnings, end of year
3,656
Jump To It Inc. - Extracts from balance sheet (or
As at December
pn $'003s)
AUttS
Current:
Cosh and cash equivalents Short-term investments
Investment In Kids Place Inc. Receivables
Merchandise Inventory
Tax information
statement of financial position) 31
2019 2018
37 89 350 468 3,187
21
100 327 424 2,180
4,131
3,052
Property, plant and equipment (net)
4,812
0,629
8,943
7,681
VabIlltles
Bonk indebtedness
25
324
Accounts payable and accruals
462
362
Deferred revenue
65
19$
Income taxes payable
211
189
763
1,070
Long term debt
1,247
720
Otter liabilities
177
176
2.187
1,966
Sharehoklers'equlty
Shore capital
3,100
Retained earnings
$ 7.681
Additional information
The following were included in selling, general, and administrative expenses:
Charitable donations
$ 3.000
Reserve for potential merchandise theft
7,500
Season tickets to the local Junior hockey team used for business
2,000
Stall Christmas party
4,500
Green fees for golf games with customers
4,000
Dinners attended with customers
3,250
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