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Calgary Corporation has permanent establishments in Alberta, British Columbia and Seattle in the United States. Gross revenues, Net Income and salaries and wages for each permanent establishment are: Net Income For Salaries Gross Revenue Tax Purposes And Wages Alberta $ 5,000,000 $500,000 $3,500,000 British Columbia 4,000,000 98,000 3,000,000 Seattle 4,500,000 325,000 2,000,000 $13,500,000 $923,000 Total $8,500,000 For the purposes of calculating the federal tax abatement, the percentage of income allocated to a Canadian province would be:

Calgary Corporation has permanent establishments in Alberta, British Columbia and Seattle in the United States. Gross revenues, Net Income and salaries and wages for each permanent establishment are: Net Income For Salaries Gross Revenue Tax Purposes And Wages Alberta $ 5,000,000 $500,000 $3,500,000 British Columbia 4,000,000 98,000 3,000,000 Seattle 4,500,000 325,000 2,000,000 $13,500,000 $923,000 Total $8,500,000 For the purposes of calculating the federal tax abatement, the percentage of income allocated to a Canadian province would be:

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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Calgary Corporation has permanent establishments in Alberta, British Columbia and Seattle in the United States. Gross revenues, Net Income and salaries and wages for each permanent establishment are: Net Income For Salaries Gross Revenue Tax Purposes And Wages Alberta $ 5,000,000 $500,000 $3,500,000 British Columbia 4,000,000 98,000 3,000,000 Seattle 4,500,000 325,000 2,000,000 Total $13,500,000 $923,000 $8,500,000 For the purposes of calculating the federal tax abatement, the percentage of income allocated to a Canadian province would be:
Transcribed Image Text:Calgary Corporation has permanent establishments in Alberta, British Columbia and Seattle in the United States. Gross revenues, Net Income and salaries and wages for each permanent establishment are: Net Income For Salaries Gross Revenue Tax Purposes And Wages Alberta $ 5,000,000 $500,000 $3,500,000 British Columbia 4,000,000 98,000 3,000,000 Seattle 4,500,000 325,000 2,000,000 Total $13,500,000 $923,000 $8,500,000 For the purposes of calculating the federal tax abatement, the percentage of income allocated to a Canadian province would be:
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