Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Kaato Mining Company Ltd (Kaato) has been operating in the mining sector for some time now. The following data is relevant to the company's operations

Kaato Mining Company Ltd (Kaato) has been operating in the mining sector for some time now. The following data is relevant to the company's operations for 2017 year of assessment. Adjusted profit GH100,000,000 The following additional information is relevant: (i) Financial cost of GH900,000 inclusive interest on working capital loan of GH20,000 was adjusted in arriving at the adjusted profit. (ii) Financial gain from derivatives of GH600,000 was adjusted in arriving at the adjusted profit above. (iii) Depreciation of GH125,000 was adjusted to the profit above. (iv) Written down value brought forward from 2016 after 1 year capital allowance was granted stood at GH1,000,000. This was accordingly certified by the Audit Unit of the Ghana Revenue Authority. (v) Mineral Royalty GH60,000,000 was not calculated for 2017. Compute the taxes payable. A. GH14,054,350 B. GH14,054,200 C. GH14,054,255 D. GH14,054,250

Step by Step Solution

3.41 Rating (157 Votes )

There are 3 Steps involved in it

Step: 1

To compute the taxes payable we need to adjust the adjusted profit by adding back the expenses that ... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Industrial Relations in Canada

Authors: Fiona McQuarrie

4th Edition

978-1-118-8783, 1118878396, 9781119050599 , 978-1118878392

More Books

Students also viewed these Law questions

Question

Explain the various techniques of Management Development.

Answered: 1 week ago