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Given the below information, provide the journal entry to recognize tax expense. Assume taxes are paid immediately (with cash). Note: the statutory rate is assumed to be 40%.
Assume the interest income is permanently non-taxable. You will have to decide whether there is any deferred tax position, given these facts.
Income
Statement
Tax Return
Difference: Permanent
Revenues
400
Cost of Goods Sold
- 150
SG&A Expense
- 50
Depreciation Expense
- 20
Interest Income
20
0
Pre-Tax Income
200
Taxable Income
180
Statutory Rate
40%
Tax Expense
?
Taxes Paid (Cash)
Deferred Tax?
Tax Expense:
Assets
Liabilities
Owners' Equity
Debit Credit $ $
In May of the current year, your employer received a PIER report from the CRA that identified Canada Pension Plan (CPP) contribution deficiencies for employees in the organization
Sales tax, as compared to VAT is the percentage of revenue imposed on the retail sale of goods. Unlike VAT, sales tax is levied on the entire value of goods and services purchased.
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During 2011, C Ltd. A public corporation has net income for tax purposes of $600,000 including $100,000 of dividends from taxable Canadian corporations and $500,000 of retailing pr
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Miguel receives tangible personal property as an inheritance in 2011. The property was depreciated by the deceased (Miguel's father), and Miguel will also depreciate it. At the dat
Assignments for Portfolio Development In order to demonstrate college-level mastery of the course objectives, you will be required to write a narrative for your electronic port
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The second task of the program is to calculate/display a possible investment. First, the program should ask the amount of money that he/she requires (on an average) per week a
Justin's parents operate a restaurant business through a family trust, The Pepper Family Trust, which had the following receipts and expenses for the year ended 30 June 2011 (the b
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