Homework Answers
Solution to question 1
In most cases, the Canada Revenue Agency (CRA) requires small business owners to report their income and expenses using the accrual method of accounting. However, farmers, fishers and commission sales agents can choose between the accrual and cash methods of accounting. In this question since the individual has not mentioned about a choice. let us assume that she has chosen cash method of accounting for declaring their income since it reduces her tax liability legally.
In this case her Current Year employment income = Salary + Commission received in cash during current year
= 80,000 + 20,000
R's Employment income for current year = $ 100,000.
Since no specific instruction was given, answered for the first question only as HOMEWORKLIB Q & A guidelines.
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