Answer Happy

I need help to enter into Profile software this info.The screen shot will be helpful for the profile software. Inaddition to working a standard 9 a.m.-5 p.m. job, Ms. Smith had aninnovative idea and a couple of years ago she started her ownbusiness. The details you will need to complete her T1 Return arebelow: • The unincorporated business earns $6,000 per month. • Ms.Smith operates an unincorporated business out of her personalresidence and the entire basement is dedicated to the business onnights and weekends. The house has three levels, including thebasement. No other part of the house is used to earn income. Ms.Smith regularly meets clients there to discuss future sales. • Tofurnish the home office, Ms. Smith spent $5,000 on office furnitureon January 1, 2018. Ms. Smith was getting tired of the datedbathroom on the top floor of the house and decided to renovate itfor a cost of $25,000. • The monthly heating and utility bills are$120 and $150, respectively. • Ms. Smith pays her mortgage twice amonth (24 times a year) and the payments are $750. The outstandingmortgage balance on January 1, 2018 was $233,000 and on December31, 2018 it was $219,500. • The property tax bills were paid ontime, directly to the city and the cost was $4,000 (the propertytax amounts were not rolled into the mortgage). • On January 1,2018, she purchased a brand-new computer for $1,500 and bought newsoftware (not the operating system software) at the same time for$1,000. • Ms. Smith pays $45 per month for online localadvertising. • In order to drum up business, Ms. Smith purchasedseasons tickets for both the Senators and the Redblacks. • The costfor the Senators tickets (2) for $1,500 each. Ms. Smith will take aclient to every hockey game; she has not missed a game in over fiveyears. • The cost for the Redblacks tickets (4) for $350 each. Thesame goes for the Redblacks, she hasn’t missed a game either andit’s a family tradition for her, her spouse and their two nieces toattend the games together. • Due to environmental reasons, Ms.Smith does not own a car, so she rides her bike whenever she needsto meet a client or a supplier. • During the 2018 taxation year,Ms. Smith purchased $32,000 worth of items for resale in herbusiness. • Her brother is always helping out with the business;however, he has never received any kind of renumeration for theassistance he has provided. • Ms. Smith has a business bank accountand the monthly banking fees associated with this account are $5 amonth. • In March of 2018, one of Ms. Smith’s best customers wentbankrupt and was unable to pay for the purchased she made andreceived in December 2017 (accrual method of accounting is beingused by Ms. Smith). In 2017, the customer purchased $3,500 ingoods. • Ms. Smith pays $75 a month for a storage locker that shehas had for over 3 years. Everything in the storage locker wasbequeathed to her from her great uncle. She has no use for theitems, but she can’t seem to let them go. • A couple of years ago,Ms. Smith received an inheritance and she decided to use that moneyto purchase two condominium units in the same development. Bothunits are finalized on January 2, 2018 and they were both rentedout for the entirety of the 2018 taxation year. • Condo 1 had apurchase price of $250,000 and is rented out for $825 a month. Themonthly condo fees are $60, and Ms. Smith paid in total $4,200 inmortgage interest. The property taxes were $2,500, and theinsurance for the unit was $400. The tenant that rented out thisproperty all year told Ms. Smith that she hated the colour of thecarpet in the bedrooms. In order to keep the tenant happy, Ms.Smith paid to get the carpet replaced for $1,350. • Condo 2 had apurchase price of $550,000 and is rented out for $2,250 a month.The monthly condo fees are $140, and Ms. Smith paid in total$17,800 in mortgage interest. The property taxes are $5,500, andthe insurance for the unit was $800. This is the bigger of the twounits and Ms. Smith decided that she would buy a freezer for $1,000for the tenants as the freezer that came with the fridge was toosmall for a family of four. • In 2017, Ms. Smith received a hotstock tip from a friend regarding a brand-new industry and shedecided to buy 10,000 shares at $2.50 each. The investment did notturn out so well and on December 30th, 2018, Ms. Smith decided tosell all the shares at $0.75. She was devasted when she had to sellthem, but she was scared that the share price would have droppedeven lower. • In 2018, Ms. Smith received another hot stock tipfrom an article she read online. On March 1st, 2018, she bought 500shares at $35 each. Due to the financial instability she decided toalso sell all of these shares on December 30, 2018 for $38.50 each.Ms. Smith has sworn off self-directed investments due to the stressthey both caused her over the past 18 months.