Question
Jim Ltd.s accounting income and taxable income information for the 2021 fiscal year are set out below. Jim Ltd. is a public company. Net Income
Jim Ltd.’s accounting income and taxable income information for the 2021 fiscal year are set out below. Jim Ltd. is a public company.
| Net Income (accounting pre-tax) | $ 920,000 |
| Dividends received (accounting) | 404,000 |
| Capital Gains realized (accounting) | 472,000 |
| Meals & Entertainment deducted (accounting) | 120,000 |
| Golf Club Dues deducted (accounting) | 80,000 |
| Political Contributions deducted (accounting) | 20,000 |
| Depreciation deducted (accounting) | 200,000 |
| Capital Cost Allowance deducted (taxation) | 290,000 |
| Bad debt expense (accounting) | 185,000 |
| Bad debts expense (taxation) | 135,000 |
REQUIRED:
Determine Jim Ltd.’s taxable income for the 2021 fiscal year.
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Taxable income refers to the amount on which the income tax is applicable It is the income over whic...
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Accounting
Authors: Lew Edwards, John Medlin, Keryn Chalmers, Andreas Hellmann, Claire Beattie, Jodie Maxfield, John Hoggett
9th edition
1118608224, 1118608227, 730323994, 9780730323990, 730319172, 9780730319177, 978-1118608227
