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Calculate the amount of taxable income for 2020. Taxable income, 2020 $. Enter your answer in accordance to the question statement

Calculate the amount of taxable income for 2020. Taxable income, 2020 $. Enter your answer in accordance to the question statement

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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N11.

Account 

The following information relates to Metlock Inc.: At July 1, 2019 Temporary difference, giving rise to future taxable amounts $90,000 Temporary difference, giving rise to future deductible amounts 29,000 At June 30, 2020 $157,000 88,000 Accounting income for the year ended June 30, 2020 was $133,000. No permanent differences existed during the fiscal year. The company was expected to operate profitably in the future. The tax rate was 20% for the current and future years. Metlock Inc. follows IFRS. (a) New attempt is in progress. Some of the new entries may impact the last attempt grading. Calculate the amount of taxable income for 2020. Taxable income, 2020 $. Enter your answer in accordance to the question statement
Transcribed Image Text:The following information relates to Metlock Inc.: At July 1, 2019 Temporary difference, giving rise to future taxable amounts $90,000 Temporary difference, giving rise to future deductible amounts 29,000 At June 30, 2020 $157,000 88,000 Accounting income for the year ended June 30, 2020 was $133,000. No permanent differences existed during the fiscal year. The company was expected to operate profitably in the future. The tax rate was 20% for the current and future years. Metlock Inc. follows IFRS. (a) New attempt is in progress. Some of the new entries may impact the last attempt grading. Calculate the amount of taxable income for 2020. Taxable income, 2020 $. Enter your answer in accordance to the question statement
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