Sari Ran a Proprietorship That Generated $75,000 in Profits in 2020.Included

question 1

Multiple Choice

Sari ran a proprietorship that generated $75,000 in profits in 2020.Included in these profits were: a) $10,000 - amortization expense; b) $5,000 - reasonable bad debt expense; c) $55,000 - cost of goods sold (closing inventory at market value) ; and $8,000 - meals and entertainment with clients.The business' capital cost allowance has been accurately calculated at $8,500 for the year.How much is Sari's business net income for tax purposes?

• A)$73,500
• B)$75,000
• C)$80,500
• D)$89,000

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Definitions:

Civil War

A conflict between factions within the same country, typically over political, social, or territorial disputes.

Women

Adult human females, often discussed in the context of social, political, and economic rights and roles.

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Refers to something that has been made larger or more extensive.

Traitors

Individuals who betray trust or allegiance typically to their own country.