1. Polytech Inc. calculated its Net Income for its Dec. 31st, 2019, year-end as follows:Revenues $1,000,000Other income 100,000 AExpenses:Cost of Goods Sold ($300,000) BSelling and Administrative Costs (150,000) CAmortization Expense (175,000) DOther Expenses (125,000) (750,000) EIncome Before Tax Expense $350,000Income Tax Expense: (75,000)Net Income $275,000Other Information:A. Other income consists of a capital gain.B. Cost of Goods Sold includes:$ 15,000 in lower of cost or market adjustmentC. Selling and Administrative Costs includes:$ 30,000 in club memberships for senior management$ 1,000 in interest on late tax installmentsD. Polytech Inc. amortizes the following assets:· Building, 95% manufacturing use, 5% office use, with an ACB of $1.5 million and a UCC of $1.2 million on Jan. 1, 2019.· Warehouse leased in 2014 for a 10-year term with an option for two 5-year renewals. Leaseholds improvements were made in 2014 for $100,000 and 2016 for $40,000.· Manufacturing equipment (class 8) with a cost of $200,000 and a UCC on Jan. 1st, 2019, of $140,000. In December the company sold equipment for $500,000 which was originally purchased for $400,000. Replacement equipment was also purchased in December for $650,000.E. Other Expenses include:$ 4,000 in 2019 year-end bonuses, paid on July 1st, 2020$ 2,000 in bond amortization$ 4,000 in incorporation costs(1) Calculate minimum Net Income For Tax Purposes for the year ended Dec. 31, 2019;(2) End of year tax account balances.(3) Explain adjustments to GAAP income and any amounts that are unadjusted.
ajksbf afbaf mnabjskaf baskfh ask f Aaliyah Mendes Personal Statement of Cultural Competency, Diversity, Equity, and Inclusion It is important to
ajksbf afbaf mnabjskaf baskfh ask f Aaliyah Mendes Personal Statement of Cultural Competency, Diversity, Equity, and Inclusion It is important to understand Cultural Competency, Diversity, Equity, and Inclusion in the workplace. Every day you will come in contact while working with many different people. You will need to be able
