Prepare a T1 Return for Ms. Smith. Please read the attached documents for the assignment instructions.
Ahmadalmahmoud1-
Assignment1_MarkingFIle_UpdatedApril2920204.xlsxAssignment 1
| Enter Yoru Answer | |||||
| Particulars | Yes/No only enter here tc={99972345-B41B-4E99-9957-9604F0136B9E}: [Threaded comment] Your version of Excel allows you to read this threaded comment; however, any edits to it will get removed if the file is opened in a newer version of Excel. Learn more: https://go.microsoft.com/fwlink/?linkid=870924 Comment: Do not enter anything in the black cell. If you have any comment or remark, put it in column F. | Amount Enter here (do not put dollar sign or comma. For example enter as 2500 tc={9135DB52-28A7-4A1C-BFED-13DC62EAE760}: [Threaded comment] Your version of Excel allows you to read this threaded comment; however, any edits to it will get removed if the file is opened in a newer version of Excel. Learn more: https://go.microsoft.com/fwlink/?linkid=870924 Comment: Enter the dollar value in this format: 2500 or 25000 do not use dollar sign or sepaprate with comma. Do not enter anything in the balck cell. | Form Enter here (For example T2125 or T7776 or asset class ( for example 8, 10 etc) tc={15B07CAB-E545-4282-BA52-86A48F9C463A}: [Threaded comment] Your version of Excel allows you to read this threaded comment; however, any edits to it will get removed if the file is opened in a newer version of Excel. Learn more: https://go.microsoft.com/fwlink/?linkid=870924 Comment: Mention the name of the form as T2125 ot T7776 format , also enter the class of asset as just a number: for example , Asset class 10- enter only 10. | Enter any of your Comment/Remark | |
| 1 | Amount of Sales to be reported in T2125 | ||||
| 2 | Should Advertising expense be claimed ? If yes, How Much | ||||
| 3 | Should meals and entertainment expense be claimed? If Yes, how much | ||||
| 4 | Should Senators tickets be expensed? Yes or No | ||||
| 5 | Should Redblacks tickets be expensed? Yes or No | ||||
| 6 | Should storgae locker fee be claimed? If yes, how much | ||||
| 7 | Should Office Furniture be added as capital asset? If yes, what would be the asset (CCA) class and amount | ||||
| 8 | Should Computer be added as capital asset? If yes, what would be the asset (CCA) class and amount | ||||
| 9 | Should Software be added as capital asset?If yes, what would be the asset (CCA) class and amount | ||||
| 10 | Should Bathroom renovations be conisdered ? If yes, how much amount | ||||
| 11 | Should purchases be considered in T2125? If yes, how much | ||||
| 12 | Should banking fees be considered in T2125? If yes, how much | ||||
| 13 | Should bad debt expense be considered in T2125? If yes, how much | ||||
| 14 | Should heating expense be considered? If yes, how much | ||||
| 15 | Should mortgage interest be considered? If yes, how much | ||||
| 16 | Should Property Tax be considered? If yes, how much | ||||
| 17 | How much should be the gross rental income reported and in which form? | ||||
| 18 | Should insurance expense be claimed on rental property? If yes, how much? | ||||
| 19 | Should interest expense be claimed on rental property? If yes, how much? | ||||
| 20 | Should management and admin fees be claimed on rental property? If yes, how much? | ||||
| 21 | Should maintenance and repair expense be claimed on rental property? If yes, how much? | ||||
| 22 | Should property tax expense be claimed on rental property? If yes, how much? | ||||
| 23 | Should Unit 1 be treated as capital asset? If yes, what would be asset (CCA) class and amount? | ||||
| 24 | Should Unit 2 be treated as capital asset? If yes, what would be the asset (CCA) class and amount? | ||||
| 25 | Should freezer be treated as capital asset? If yes, what would be the asset (CCA) class and amount? | ||||
| 26 | How much would be the gain/loss on first set of share and where should it be reported? Enter loss as negative number | ||||
| 27 | How much would be the gain/loss on second set of share and where should it be reported? Enter loss as negative number |
Answer Key
| Enter Yoru Answer | Marks | |||||||||||||
| Particulars | Yes/No only enter here tc={1910B08F-6113-4E4B-9B04-DBFD4E4D1512}: [Threaded comment] Your version of Excel allows you to read this threaded comment; however, any edits to it will get removed if the file is opened in a newer version of Excel. Learn more: https://go.microsoft.com/fwlink/?linkid=870924 Comment: Do not enter anything in the black cell. If you have any comment or remark, put it in column F. | Amount Enter here (do not put dollar sign or comma. For example enter as 2500 tc={32375820-F753-4234-8E37-D26FB7290851}: [Threaded comment] Your version of Excel allows you to read this threaded comment; however, any edits to it will get removed if the file is opened in a newer version of Excel. Learn more: https://go.microsoft.com/fwlink/?linkid=870924 Comment: Enter the dollar value in this format: 2500 or 25000 do not use dollar sign or sepaprate with comma. Do not enter anything in the balck cell. | Form Enter here (For example T2125 or T7776 or asset class ( for example 8, 10 etc) tc={9175D06E-C6E6-46BF-9FA6-19BA646C97F2}: [Threaded comment] Your version of Excel allows you to read this threaded comment; however, any edits to it will get removed if the file is opened in a newer version of Excel. Learn more: https://go.microsoft.com/fwlink/?linkid=870924 Comment: Mention the name of the form as T2125 ot T7776 format , also enter the class of asset as just a number: for example , Asset class 10- enter only 10. | Yes/No | Amount | Form | Total Marks | |||||||
| 1 | Amount of Sales to be reported in T2125 | 72000 | 0 | 0 | T2125 | Yes | ||||||||
| 2 | Should Advertising expense be claimed ? If yes, How Much | Yes | 540 | 0 | 0 | 0 | T776 | No | ||||||
| 3 | Should meals and entertainment expense be claimed? If Yes, how much | Yes | 1500 | 0 | 0 | 0 | T4 | |||||||
| 4 | Should Senators tickets be expensed? Yes or No | Yes | 0 | 0 | Schedule 3 | |||||||||
| 5 | Should Redblacks tickets be expensed? Yes or No | No | 0 | 0 | Class 1 | |||||||||
| 6 | Should storgae locker fee be claimed? If yes, how much | No | 0 | 0 | Class 2 | |||||||||
| 7 | Should Office Furniture be added as capital asset? If yes, what would be the asset (CCA) class and amount | Yes | 5000 | Class 8 | 0 | 0 | 0 | 0 | Class 10 | |||||
| 8 | Should Computer be added as capital asset? If yes, what would be the asset (CCA) class and amount | Yes | 1500 | Class 50 | 0 | 0 | 0 | 0 | Class 12 | |||||
| 9 | Should Software be added as capital asset?If yes, what would be the asset (CCA) class and amount | Yes | 1000 | Class 12 | 0 | 0 | 0 | 0 | Class 50 | |||||
| 10 | Should Bathroom renovations be conisdered ? If yes, how much amount | No | 0 | 0 | Class 8 | |||||||||
| 11 | Should purchases be considered in T2125? If yes, how much | Yes | 32000 | 0 | 0 | 0 | ||||||||
| 12 | Should banking fees be considered in T2125? If yes, how much | Yes | 60 | 0 | 0 | 0 | ||||||||
| 13 | Should bad debt expense be considered in T2125? If yes, how much | Yes | 3500 | 0 | 0 | 0 | ||||||||
| 14 | Should heating expense be considered? If yes, how much | Yes | 1080 | 0 | 0 | 0 | ||||||||
| 15 | Should mortgage interest be considered? If yes, how much | Yes | 1500 | 0 | 0 | 0 | ||||||||
| 16 | Should Property Tax be considered? If yes, how much | Yes | 1333 | 0 | 0 | 0 | ||||||||
| 17 | How much should be the gross rental income reported and in which form? | 36900 | T776 | 0 | 0 | 0 | ||||||||
| 18 | Should insurance expense be claimed on rental property? If yes, how much? | Yes | 1200 | 0 | 0 | 0 | ||||||||
| 19 | Should interest expense be claimed on rental property? If yes, how much? | Yes | 22000 | 0 | 0 | 0 | ||||||||
| 20 | Should management and admin fees be claimed on rental property? If yes, how much? | Yes | 2400 | 0 | 0 | 0 | ||||||||
| 21 | Should maintenance and repair expense be claimed on rental property? If yes, how much? | Yes | 1350 | 0 | 0 | 0 | ||||||||
| 22 | Should property tax expense be claimed on rental property? If yes, how much? | Yes | 8000 | 0 | 0 | 0 | ||||||||
| 23 | Should Unit 1 be treated as capital asset? If yes, what would be asset (CCA) class and amount? | Yes | 250000 | Class 1 | 0 | 0 | 0 | 0 | ||||||
| 24 | Should Unit 2 be treated as capital asset? If yes, what would be the asset (CCA) class and amount? | Yes | 550000 | Class 1 | 0 | 0 | 0 | 0 | ||||||
| 25 | Should freezer be treated as capital asset? If yes, what would be the asset (CCA) class and amount? | Yes | 1000 | Class 8 | 0 | 0 | 0 | 0 | ||||||
| 26 | How much would be the gain/loss on first set of share and where should it be reported? Enter loss as negative number | -17500 | Schedule 3 | 0 | 0 | 0 | ||||||||
| 27 | How much would be the gain/loss on second set of share and where should it be reported? Enter loss as negative number | 1750 | Schedule 3 | 0 | 0 | 0 | ||||||||
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Particulars
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Amount of Sales to be reported in T2125
