Shierling Ltd. reported pre-tax accounting income of $750,000 for calendar 2023. To calculate the income tax liability, the following data were considered: Non-taxable portion of capital gains $ 30,000 CCA in excess of depreciation 60,000 Instalment tax payments made during 2023 150,000 Enacted income tax rate for 2023 30% What amount should Shierling report as its current income tax liability on its December 31, 2023 SFP? a) $198,000 b) $75,000 c) $66,000 d) $48,000
Shierling Ltd. reported pre-tax accounting income of $750,000 for calendar 2023. To calculate the income tax liability, the following data were considered: Non-taxable portion of capital gains $ 30,000 CCA in excess of depreciation 60,000 Instalment tax payments made during 2023 150,000 Enacted income tax rate for 2023 30% What amount should Shierling report as its current income tax liability on its December 31, 2023 SFP? a) $198,000 b) $75,000 c) $66,000 d) $48,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Shierling Ltd. reported pre-tax accounting income of $750,000 for calendar 2023. To calculate the income tax liability, the following data were considered:
Non-taxable portion of
CCA in excess of
Instalment tax payments made during 2023 150,000
Enacted income tax rate for 2023 30%
What amount should Shierling report as its current income tax liability on its December 31, 2023 SFP?
a) $198,000
|
||
b) $75,000
|
||
c) $66,000
|
||
d) $48,000 |
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