Spider Ltd

question 7

Multiple Choice

Spider Ltd.had the following accounts in 2020: Revenue $100,000, COGS $65,000, Salaries $45,000, Gain on Sale of Assets $20,000, Administrative Expenses $8,000.Which of the following is correct?

• A)Spider Ltd.will have a non-capital loss carryforward of $0 at the end of the year.
• B)Spider Ltd.will have a non-capital loss carryforward of $4,000 at the end of the year.
• C)Spider Ltd.will have a non-capital loss carryforward of $8,000 at the end of the year.
• D)Spider Ltd.will have a non-capital loss carryforward of $18,000 at the end of the year.

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