Jolene Salazar runs a flower shop in Delta, B.C. as a sole-proprietorship (i.e. it is her own unincorporated business).

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Jolene Salazar Runs A Flower Shop In Delta B C As A Sole Proprietorship I E It Is Her Own Unincorporated Business 1 (64.12 KiB) Viewed 31 times

Jolene Salazar runs a flower shop in Delta, B.C. as a sole-proprietorship (i.e. it is her own unincorporated business). She has provided you with the following information for the year (2021): 1. She has been in a common-law marriage with Jonathan Dumfry for the last three years. Jonathan earned $7,000 this year. 2. She paid spousal support to her ex-husband in the amount of $8,000. 3. She contributed $4,000 to her RRSP, the entire amount is deductible. 4. She has a non-capital loss of $12,000 and a net capital loss of $4,000 available from some bad investments she made in 2016. 5. She is angry with her ex-husband and sold her old diamond wedding ring for $1,200 (original cost $700) and her old wedding dress for $800 (original cost $1,700). 6. Jolene has a background in accounting and prepares her financial statements in accordance with GAAP. Her net income for accounting purposes was $125,000 in 2021 and included the following: $4,000 gain on the sale of equipment used in her business $8,000 meals and entertainment expenses $7,500 amortization $3,000 in penalties from the CRA Her UCC balances at the beginning of 2021 were as follows: Class 8: $18,000 Class 12: $20,000 During 2021 her business had the following capital transactions: She purchased a canoe for $3,000 so she could sell her flowers at the outdoor river market. She sold all of the class 12 items during the year for $14,000 (this was less than their original cost). Please calculate Jolene's net tax payable for 2021. Make sure to clearly show your work (use S3 format) and explain/support relevant amount (including items you have excluded from the calculation).