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Accounting
Earnings (loss) Depreciation (assets have a cost of $390,000) CCA Non-deductible expenses Tax rate Taxable income 1. What is the amount of the taxable income or loss in each year? (Negative amounts and deductible amounts should be indicated by a minus sign.) Accounting earnings Permanent difference: Accounting income subject to tax Temporary difference: Taxable income 20X7 20X7 (first year of operations) $99,000 $50,000 $65,000 $19,000 25% 20X8 20X8 $ (168,000) $ 50,000 $ 75,000 $ 19,000 25%

Earnings (loss) Depreciation (assets have a cost of $390,000) CCA Non-deductible expenses Tax rate Taxable income 1. What is the amount of the taxable income or loss in each year? (Negative amounts and deductible amounts should be indicated by a minus sign.) Accounting earnings Permanent difference: Accounting income subject to tax Temporary difference: Taxable income 20X7 20X7 (first year of operations) $99,000 $50,000 $65,000 $19,000 25% 20X8 20X8 $ (168,000) $ 50,000 $ 75,000 $ 19,000 25%

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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Earnings (loss) Depreciation (assets have a cost of $390,000) CCA Non-deductible expenses Tax rate Taxable income 1. What is the amount of the taxable income or loss in each year? (Negative amounts and deductible amounts should be indicated by a minus sign.) Accounting earnings Permanent difference: Accounting income subject to tax Temporary difference: Taxable income 20X7 20X7 (first year of operations) $99,000 $50,000 $65,000 $19,000 25% 20X8 20X8 $ (168,000) $ 50,000 $ 75,000 $ 19,000 25%
Transcribed Image Text:Earnings (loss) Depreciation (assets have a cost of $390,000) CCA Non-deductible expenses Tax rate Taxable income 1. What is the amount of the taxable income or loss in each year? (Negative amounts and deductible amounts should be indicated by a minus sign.) Accounting earnings Permanent difference: Accounting income subject to tax Temporary difference: Taxable income 20X7 20X7 (first year of operations) $99,000 $50,000 $65,000 $19,000 25% 20X8 20X8 $ (168,000) $ 50,000 $ 75,000 $ 19,000 25%
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