The following information is available for Flint Corporation for 2020. 1. CCA that was reported on the
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The following information is available for Flint Corporation for 2020.
1. | CCA that was reported on the 2020 tax return exceeded depreciation reported on the income statement by $137,600. This difference is expected to reverse in equal amounts of $34,400 per year over the period 2021 to 2024. | |
2. | Dividends received from taxable Canadian corporations were $19,780. | |
3. | Rent collected in advance on January 1, 2020 total $77,400 for a three-year period. Of this amount, $51,600 was reported as unearned for book purposes at December 31, 2020. | |
4. | The tax rates are 25% for 2020 and 30% for 2021 and subsequent years. | |
5. | Income taxes payable are $172,000 for 2020. |
Calculate taxable income.
Taxable income | $enter Taxable income in dollars |
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Calculate accounting income for 2020.
Accounting income for 2020 | $enter the Accounting income for 2020 in dollars |
Related Book For
Fundamental Accounting Principles Volume II
ISBN: 978-1259066511
14th Canadian Edition
Authors: Larson Kermit, Jensen Tilly
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