Accountancy Final Exam
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Department of Career & Professional Development
WINTER 2012
FINAL EXAMINATION
| | | |
| STUDENT NAME | | STUDENT NUMBER |
Taxation I CCTX 511
|Lecturer: | Larry Goldsman, C.A. | |Date: | April 24, 2012 |
| | | |Time: |6:00pm – 9:00pm |
THIS EXAMINATION IS PRINTED ON BOTH SIDES OF THE PAPER.
Instructions:
- This is a closed book exam.
- The Income Tax Act is allowed.
- You are allowed a 1 page (8 ½ x 11) index sheet - You are allowed dictionaries. - Only non-text storing calculators are allowed - This exam consists of 3 questions - Total number of pages including cover sheet: 9 - Answer all questions in your exam booklet
THIS EXAMINATION PAPER MUST BE RETURNED
Question 1 (45 marks - 81 minutes)
John Winded celebrated his 65th birthday on February 14, 2011. On February 28th, 2011, John retired from Celebrate Ltd., a public corporation after 35 years of service. John’s annual remuneration was $84,000. A review of his last pay stub reveals the following deductions:
CPP contributions $700
EI premiums 200
RPP contributions 500
Employee premiums to the company dental & health plan 150
John also had the use of a company for January and February. The car was leased at a monthly rate of $360. Celebrate also paid the $800 in automobile operating expenses. John drove a total of 3,000 kms., 90% of which were personal.
As a token of their appreciation for John’s dedicated
Department of Career & Professional Development
WINTER 2012
FINAL EXAMINATION
| | | |
| STUDENT NAME | | STUDENT NUMBER |
Taxation I CCTX 511
|Lecturer: | Larry Goldsman, C.A. | |Date: | April 24, 2012 |
| | | |Time: |6:00pm – 9:00pm |
THIS EXAMINATION IS PRINTED ON BOTH SIDES OF THE PAPER.
Instructions:
- This is a closed book exam.
- The Income Tax Act is allowed.
- You are allowed a 1 page (8 ½ x 11) index sheet - You are allowed dictionaries. - Only non-text storing calculators are allowed - This exam consists of 3 questions - Total number of pages including cover sheet: 9 - Answer all questions in your exam booklet
THIS EXAMINATION PAPER MUST BE RETURNED
Question 1 (45 marks - 81 minutes)
John Winded celebrated his 65th birthday on February 14, 2011. On February 28th, 2011, John retired from Celebrate Ltd., a public corporation after 35 years of service. John’s annual remuneration was $84,000. A review of his last pay stub reveals the following deductions:
CPP contributions $700
EI premiums 200
RPP contributions 500
Employee premiums to the company dental & health plan 150
John also had the use of a company for January and February. The car was leased at a monthly rate of $360. Celebrate also paid the $800 in automobile operating expenses. John drove a total of 3,000 kms., 90% of which were personal.
As a token of their appreciation for John’s dedicated