Question
Calculate FinCo's Net Income For Tax Purposes from business income based on the following set of facts: Revenues from sales: 300,000 Gain on sales of
Calculate FinCo's Net Income For Tax Purposes from business income based on the following set of facts:
Revenues from sales: 300,000 Gain on sales of land: 40,000
Expenses: Salaries (to non-family): 190,000 Golf club fees: 20,000 Supplies: 15,000 Insurance: 70,000 Net Income before tax: 108,000 Tax expense: 16,000 Net income: 92,000
The land sold during the year had proceeds of $60,000 and a cost of $20,000 Landscaping fees totaling $5,000 were capitalized in the year.
This is based on Canadian Taxes
Calculate FinCo's Net Income For Tax Purposes from business income based on the following set of facts: Revenues from sales $300,000 Gain on Sale of Land 40,000 Expenses: Salaries (to non family $190,000 Golf club fees 20,000 Supplies 15,000 Insurance 7,000 Net Income before tax $108,000 Tax Expense $16,000 Net Income $92,000 The land sold during the year had proceeds of $60,000 and a cost of $20,000. Landscaping fees totaling $5,000 were capitalized in the year
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Cost Accounting A Managerial Emphasis International
Authors: Charles T. Horngren, Srikant M. Datar, George Foster
11th Edition
8120323548, 978-8120323544
