INFINITY Consulting LLP is a private CCPC with the companys head office located in B Ave, Edmonton, AB TX GExhibit provides the data for the company as well as key information from the previous years corporate tax return TExhibit is the companys Balance Sheet as at October Exhibit is the companys Income Statement for the year ended October Exhibit represents notes and financial information that should be considered.Required: Using Profile software, please prepare the Federal corporate income tax return for the year ended October Exhibit INFINITY Consulting LLPGeneral Information and Carryforward DataName INFINITY Consulting LLPBusiness Number RCAddress B AVE Edmonton, AB TXGTelephone Fiscal Year End October Major Business Activity Accounting services Business Activity Code: Shareholders Adam Man SIN common shares NOTE: Adam is also the Corporate Director Rihanna Ann SIN common sharesShareholder Address Street, Edmonton, AB TC ECarryforward Data, for Federal purposes: Undepreciated Capital Cost at October : Class $Class $ CEC at October $ OtherOpening retained earnings balance $ Incorporation date: September Loss Carryovers:Noncapital loss carried forward from fiscal year $ Balance SheetAs at October Assets Cash $ Short term investments $ Accounts receivable $ Furniture & Fixtures $ Accumulated amortization of furniture & fixtures $ Motor vehicles $ Accumulated amortization of motor vehicles $ Goodwill customer lists $ Total Assets $ Liabilities Accounts payable $ Short term debt $ $ Equity Common shares $ Retained earnings $ $ Total Liabilities & Equity $ INFINITY Consulting LLP Statement of IncomeFor the Year ended October Revenue Consulting fees $ Expenses Salaries and benefits Rent Travel Note Bad Debts Note Advertising Note Donations Note Memberships Note Bank charges and interest Note Amortization Note $ Other IncomeGain on sale of capital assets Note $ Investment income $ Income before Income tax $ Provision for income tax $ Net Income for the year $ INFINITY Consulting LLP Notes and Financial InformationOctober Meals expenses of $ was included in travel expenses INFINITY records the bad debts at the fiscal year end based on a reasonable estimate Advertising includes:Meals $Advertising Kijiji $ Donations represent a charitable donation to relief for life a registered charity for$ Memberships are club dues paid to the Extreme Golf Club, where customers are entertained on a regular basis Included in this account is $ penalties paid on late payment of payroll Amortization is calculated on the straight line basis for accounting purposes During the year the company disposed of a truckProceeds of disposition $Net Book Value Gain on disposal of truck The truck was purchased in at a cost of $ and as per note is being amortized on SLM basis During the year the company also purchased a new truck at a cost of $ And exclusively used for transportation of goods On March Smart purchased a BMW a luxury passenger vehicle, at a cost of $ On August the company purchased new office furniture at a cost of$ On September the company purchased a customer list from another consulting firm that was going out of business. INFINITY Consulting LLP paid$ for the customer list The investment income consists of the following:Interest from TD Bank $ Dividends from EPCOR Gas public com. $ The provision of income tax is an estimate of the taxes to be paid for the current fiscal year.IMPORTANT NOTE: Word, Excel, PDF Late submission will not be accepted and will earn a mark.
