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After deducting for doubtful debts worth $30,000, the accounting profit of James Ltd for the year ended 31st December 2019 was $80,000. The current tax
After deducting for doubtful debts worth $30,000, the accounting profit of James Ltd for the year ended 31st December 2019 was $80,000. The current tax rate if 30%. How much is the taxable profit and current tax liability?
Select one:
a. Taxable profit $50,000 and current tax liability $15,000
b. Taxable profit $30,000 and current tax liability $9,000
c. Taxable profit $80,000 and current tax liability $24,000
d. Taxable profit is $110,000 and current tax liability $33,000
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