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Accounting
Taxable income 20X7 20X8 Accounting earnings Permanent difference: Accounting income subject to tax Temporary difference: Taxable income

Taxable income 20X7 20X8 Accounting earnings Permanent difference: Accounting income subject to tax Temporary difference: Taxable income

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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Munabhai 

20X7 (first year of operations) 20X8 Earnings (loss) $99,000 Depreciation (assets have a cost of $390,000) $50,000 $ $(168,000) 50,000 CCA Non-deductible expenses $65,000 $19,000 $ 75,000 $ 19,000 Tax rate 25% 25% 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.) Taxable income Accounting earnings Permanent difference: Accounting income subject to tax Temporary difference: Taxable income 20X7 20X8
Transcribed Image Text:20X7 (first year of operations) 20X8 Earnings (loss) $99,000 Depreciation (assets have a cost of $390,000) $50,000 $ $(168,000) 50,000 CCA Non-deductible expenses $65,000 $19,000 $ 75,000 $ 19,000 Tax rate 25% 25% 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.) Taxable income Accounting earnings Permanent difference: Accounting income subject to tax Temporary difference: Taxable income 20X7 20X8
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