Nicholas Corp reported a pretax accounting income for the year ended December 31, 2022. The company...

 

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Nicholas Corp reported a pretax accounting income for the year ended December 31, 2022. The company reported $24,000 as its current income tax liability on its December 31, 2022 balance sheet. To calculate their income tax liability, the following were considered: Non-taxable portion of capital gains: $15,000; CCA in excess of depreciation: $30,000; Instalment tax payments made during 2022: $75,000; Enacted income tax rate for 2022: 30%. What was the amount Nicholas reported as its pretax accounting income? * a. $360,000. b. $315,000. c. $375,000. d. $285,000. e. $345,000. Nicholas Corp reported a pretax accounting income for the year ended December 31, 2022. The company reported $24,000 as its current income tax liability on its December 31, 2022 balance sheet. To calculate their income tax liability, the following were considered: Non-taxable portion of capital gains: $15,000; CCA in excess of depreciation: $30,000; Instalment tax payments made during 2022: $75,000; Enacted income tax rate for 2022: 30%. What was the amount Nicholas reported as its pretax accounting income? * a. $360,000. b. $315,000. c. $375,000. d. $285,000. e. $345,000.

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Solution Total current tax liability Instalment tax payment Cu... View the full answer