A company has a pre-tax accounting profit and taxable income of $50,000 and pays out all of its after-tax profits as dividends:

The tax rate on company profits is 30%.Assuming this is the company's first year of operation; show the entries in the franking account?

Answer rating: 100% (QA)

The companys taxable income is 50000 and the tax rate is 30 so the company will owe 500... View the full answer