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D00. Ta aible fo

D00. Ta aible fo

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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Accounting During the current year, S Ltd. has net taxable capital gains of $50,000, receives dividends from taxable Canadian corporations of $40,000, and earns interest income of $20,000. Taxable Income for the year equals $260,000, of which $200,000 is eligible for the small business deduction. The Company's additional refundable tax for the year is equal to: $6,402 $10,667 $ 7,040 $ 8,427
Transcribed Image Text:Accounting During the current year, S Ltd. has net taxable capital gains of $50,000, receives dividends from taxable Canadian corporations of $40,000, and earns interest income of $20,000. Taxable Income for the year equals $260,000, of which $200,000 is eligible for the small business deduction. The Company's additional refundable tax for the year is equal to: $6,402 $10,667 $ 7,040 $ 8,427
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