Complete Question Accounting In Excel

So instuctions are given, in tab 2, in tab 3 have to do answers as provided in instructions, please make sure to show all work. Its just 1 question, calcualtions, work please show where it states to show, in green area or wherever.

Last Name:
First Name:
Jamil
Urfa
1. Enter your first and last name in the yellow spaces above.
2. Do not put a space after your name. Just type the text in your name and then press enter. Try retyping your na
if the instruction sheet is not working (i.e. if there is an error “#name” on the instruction tab).
FINA 5010 Take Home Assignment Part 2: 1 Problem: GENERAL INSTRUCTIONS:
Due November 4 at 11:59pm–> hand in in submissions folder. This assignment is required to be completed inde
It is recommended to complete all required readings and homework for chapters 13 before completing this
assignment. Especially:
Byrd & Chen 2024/2025 text:
Chapter 13: Ex13-3, Ex13-5, Ex 13-6, Ex 13-7, Ex 13-8, SS13-4, SS13-5
See question instructions on each of the tabs labelled “Instructions”. Enter your responses on the “Response” tab
each question.
If some of the words in a row of an instruction sheet are cut off due to your version of excel, you can troublesho
this by:
1. Zooming in or out. You can do this by holding down the control button on your keyboard and scrolling in/out w
your mouse, or going to top–> view–> zoom–> and changing the zoom %.
2. Alternatively, though you cannot edit cells on the instruction sheet, you can increase their width by going to the
left border and dragging the row width to make it bigger. This will allow you to see anything that is cut off.
Optional recommendations for viewing the problem instructions and response sheet at the same time:
1. Print the instruction tabs to PDF or to paper.
2. Open a second copy of the excel workbook on a separate phone, laptop, or tablet, and re-enter your name.
3. If you have office 2013 or later, you should be able to open two excel workbooks in different
instances (window panes). You will need to re-enter your name on the second assignment excel
workbook you open. Ensure your name is spelt correctly and the same on both.
ss enter. Try retyping your name
tion tab).
equired to be completed independently.
3 before completing this
ponses on the “Response” tab for
n of excel, you can troubleshoot
yboard and scrolling in/out with
ase their width by going to the far
nything that is cut off.
et at the same time:
and re-enter your name.
ENTER YOUR NAME ON THE “NAME ENTRY” TAB TO SEE THE ASSIGNMENT INSTRUCTIONS.
Problem 4: Chapter 13
Instructions:
Veto Ltd. is a Canadian controlled private corporation involved in the distribution of office supplies. For the taxation year
ending December 31, 2023, its Net Income for Tax Purposes was made up of the following components:
Active Business Income
Dividends from Canadian Corporations:
Company A (All non-eligible)
Company B (All non-eligible)
Company C (All Eligible)
Rental Income
Interest on Government Bonds
Taxable Capital Gains
Net Income for Tax Purposes
220,000.00
90,000.00
19,000.00
40,000.00
12,000.00
32,000.00
58,000.00
471,000.00
On December 31, 2022, Veto Ltd., has a GRIP balance of $
50000
and a nil balance in both the Eligible RDTOH and the Non-Eligible RDTOH. During 2022, Veto Ltd. paid no dividends. Veto Ltd. also has a net capital loss carryforward balance of $80000. Veto Ltd. hopes to deduct it in division C this year.
On December 31, 2022, Veto Ltd., has a GRIP balance of $50000 and a nil balance in both the Eligible RDTOH and the Non- For 2022, the corporation’s ADJUSTED aggregate investment income (AAII) was $25,000 and its Taxable Capital Employed in Canada (TCEC) was $3 million. Last year’s AAII and TCEC for Company A, B, and Veto Ltd. combined was under $50,000 and $10 million, respectively.
Eligible RDTOH. During 2022, Veto Ltd. paid no dividends. Veto Ltd. also has a net capital loss carryforward balance of
$80000. Veto Ltd. hopes to deduct it in division C this year.
The dividends paid to Veto Ltd. by Company A in 2023 did not entitle Company A to any dividend refund. The dividends paid to Veto Ltd. by Company B in 2023 entitled Company B to a dividend refund of $
For 2022, the corporation’s ADJUSTED aggregate investment income (AAII) was $25,000 and its Taxable Capital Employed
3500
in Canada (TCEC) was $3 million. Last year’s AAII and TCEC for Company A, B, and Veto Ltd. combined was under $50,000 from its non-eligible RDTOH. Veto Ltd. owns
and $10 million, respectively.
58
% of the common/voting shares of Company A and
75
The dividends paid to Veto Ltd. by Company A in 2023 did not entitle Company A to any dividend refund. The dividends
% of the common/voting shares of Company B.
paid to Veto Ltd. by Company B in 2023 entitled Company B to a dividend refund of $3500 from its non-eligible RDTOH.
In total, company A and B are allocated $
Veto Ltd. owns 58% of the common/voting shares of Company A and 75% of the common/voting shares of Company B.
In total, company A and B are allocated $150000 of the annual small business deduction. The remainder is allocated to
Veto Ltd.
150000
of the annual small business deduction. The remainder is allocated to Veto Ltd.
Veto Ltd. owns 100 shares of Company C. Company C is a large public company with over 100,000,000 shares issued and
outstanding.
Veto Ltd. owns 100 shares of Company C. Company C is a large public company with over 100,000,000 shares issued and outstanding.
On November 1, 2023, Veto Ltd. paid taxable dividends to its shareholders in the amount of $33000. The corporation
would like to designate the maximum amount of eligible dividends on which a dividend refund would be available.
Required: Calculate the following required information for the 2020 year, including those for which the result is nil:
A. The Part I Tax Payable
B. The refundable portion of Part I Tax Payable
C. The Part IV Tax Payable
D. The balance in the GRIP account on December 31, 2023
E. The balance in the Eligible RDTOH and the Non-Eligible RDTOH accounts on December 31, 2023
F. The amount of any dividend refunds resulting from (1) the payment of eligible dividends and (2) the payment of noneligible dividends.
G. Federal Tax Payable (net of any dividend refund).
H. The balance in the Eligible RDTOH and Non-Eligible RDTOH accounts on January 1, 2024.
Use the “P4- Response” tab to make your adjustments. Enter all your final adjustments in the yellow boxes beside each
line item. Show any notes/ extra work done for each line item in the green section of the “P4-Response” tab.
On November 1, 2023, Veto Ltd. paid taxable dividends to its shareholders in the amount of $
33000
. The corporation would like to designate the maximum amount of eligible dividends on which a dividend refund would be available.
MARKS
0
Problem 4- Enter the appropriate amounts in the yellow boxes to perform the requested calculations. Show all additional wo
space indicated. You are required to show your backup calculations for this question, for the parts indicated, to get full marks
A. The Part I Tax Payable
Net Income for Tax Purposes
Less: division C deductions (total)
Taxable income
0.00
Base Amount of Part I Tax
Less: Federal Tax Abatement
Less: Small business deduction
Plus: Additional Refundable Tax on Investment Income
Less: General rate reduction
Part I Federal Tax Payable
0.00
B. Refundable Part I Tax Payable
Least of:
Amount Under ITA 129(4)(a)(i)
Amount Under ITA 129(4)(a)(ii)
Amount Under ITA 129(4)(a)(iii)
Part I Refundable Tax Payable: Least of above:
0.00
C. Part IV Tax Payable
Part IV Tax Owed as a result of receiving dividends from Company A
Part IV Tax Owed as a result of receiving dividends from Company B
Part IV Tax Owed as a result of receiving dividends from Company C
Total Part IV Tax Payable
0.00
D. GRIP Balance
Formula:
C:
Plus: D
Plus: E
Plus: F
Less: G
GRIP Balance at End of 2023
0.00
E. RDTOH Balances- December 31, 2023
Eligible RDTOH – December 31, 2023
Non-Eligible RDTOH- December 31, 2023
F. Dividend Refunds
Of the $33000 of dividends paid, how much will be designated as eligible?
Dividend refund from eligible RDTOH will be:
Dividend refund from non-eligible RDTOH will be:
G. Total Federal Tax Payable
Federal Tax Payable
H. RDTOH Balances- January 1, 2024
Eligible RDTOH- January 1, 2024
Non-Eligible RDTOH- January 1, 2024
Of the $
of dividends paid, how much w
ns. Show all additional work needed to get to the final answers in the green
ndicated, to get full marks.
Enter additional work here:
Show work in green space
Show work in green space
Show work in green space
Explain in green space
Explain in green space
Explain in green space
Explain in green space
Explain in green space
Explain in green space
220000
90000
19000
40000
12000
32000
58000
50000
58
75
3500
150000
33000
vidends paid, how much will be designated as eligible?