Lantz Ltd. reported earnings before income taxes of $580,000 in 20X5. The company had expensed $29,000 of
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Lantz Ltd. reported earnings before income taxes of $580,000 in 20X5. The company had expensed $29,000 of golf club dues that were not tax-deductible. There was tax-free dividend revenue of $12,000. Warranty expense was $44,000. Depreciation was $124,000, while CCA was $203,000. Warranty claims paid were $37,000. The tax rate for this year is 20%.
Required: Calculate taxable income and income tax payable.
Related Book For
Intermediate Accounting Volume 2
ISBN: 9781260881240
8th Edition
Authors: Thomas H. Beechy, Joan E. Conrod, Elizabeth Farrell, Ingrid McLeod-Dick, Kayla Tomulka, Romi-Lee Sevel
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