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- 16.On 12/31/2019, Meet People, LLC, reported a $64,000 loss on its books. The items included in the loss computation were $20,000 in sales revenue, $12,000 in qualified dividends, $14,000 in cost of goods sold, $35,000 in charitable contributions, $33,000 in employee wages, and $14,000 of rent expense. How much ordinary business income (loss) will Meet People report on its 2019 return? Show computation.21- After our business deducted 20% income tax on 48.000 TL, which is the one-year rent of the workplace it rented for one year on 01.03.2020 , the rest was paid to the owner of the real estate from the bank. In accordance with the concept of periodicity, how much is the amount that should be accepted as an expense in the future period? a) 40.000 TL B) 8.000 TL NS) 9,600 TL D) 38,400 TL TO) 48,000 TL3 Glenco in Alberta has four employees with total gross earnings of $322,780.00 and excess earnings of $21,834.00. Calculate the total assessable earnings for Worker's compensation, when the maximum assessable earnings for 2022 are $98,700.00. O $300,946.00 O $322,780.00 O $344,614.00 O $394,800.00
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- What is the total amount that should be disclosed as compensation to key management personnel for Butane Company? A. 11,700,000 B. 10,000,000 C. 10,500,000 D. 11,100,000Ma1. At the end of 2016 Mustafa left the ABC Company, which is an Egyptian company, after spending many years with it. At the end of 2016 Mustafa calculates all the amounts that he received during the year Commissions and salaries Share in distribution of net profit of the company Severance pay Performance bonuses Total Compensation Required: 120,000 65,000 50,000 12,000 247,000 In 2016, how much tax should ABC retain from this compensation before giving it to Mustafa? In other terms, What is the net salary that Mustafa should get?Module 5 - Practice QuestionMr. Jay Brown is 66 years of age and his 2020 income is made up of employmentincome of $75,800, contributed $6,500 to his RRSP. He also earned interestincome from Guaranteed Investment Certificate (GIC) of $3,700 during 2020 andreceived Old Age Security benefits of $7,400 (because of large business lossesduring the previous two years, no amount was withheld from the OAS payments).Mr. Brown and his family live in Toronto, Ontario. For 2020, Mr. Brown’semployer withheld maximum CPP ($2,898) and EI ($856) contributions. Otherinformation pertaining to 2020 is as follows:1. Mr. Brown’s spouse is 59 years old and qualifies for the disability tax credit.Her income for the year totaled $4,500.2. Mr. and Mrs. Brown have two daughters, Keith, aged 15 and Laura, aged17. Keith had income of $2,700 for the year while Laura had net income of$3,000. In September 2020, Laura began full time attendance at a Canadianuniversity. Mr. Brown paid her tuition fees of $6,000, of…