Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

sccordance with GAMP was $1,250,000. Tha following additional information relates to the 2022 taxation =2. 1. Interest expense includes $2,500 in bond discount amortization: tax.

image text in transcribed
image text in transcribed
image text in transcribed
sccordance with GAMP was $1,250,000. Tha following additional information relates to the 2022 taxation =2. 1. Interest expense includes $2,500 in bond discount amortization: tax. claims of $9,600 were paid 4. Business meals expended were $37,000. 5. Company expenses $2,500 for the annual Christmas party which all staff membern wece in ated attend. These costs have been charged to expense in the accounting records. 7. The company paid $50,000 to a Company in the United States for an ad -ertising canparan tha directed at Nova Scotia residents. 8. Amortization expense totalled $240,000. An amount of $280,000 can be deducted tact 9. During the year, the Company paid $160,000 in landscaping costs. These combrace ty the accounting records and no amortization has been claimed. With GMAP was $1,250,000. Wha dational Information relates to the 2022 taxation you, 1. Interest expense includes $2,500 in bond discount amortication. 2. Income tax expense of $238,000 includes $14,000 future income tax and $224,000 cumvint incremen tax. 3. Warranty expense includes an accounting estimate of $15,000, During the rear actual waranty claims of $9,600 were paid 4. Business meals expended were $37,000. 5. Company expenses $2,500 for the annual Christmas party which all staff members weis inctivd to attend. 6. During the year the Company issued new common stock and incurred financing costs of $50,000 These costs have been charged to expense in the accounting records. 7. The company paid $50,000 to a Company in the United States for an advertising campalgh thiLaws directed at Nova Scotia residents. 8. Amortization expense totalled $240,000. An amount of $280,000 can be deducted for CC. a nuring the year, the Company paid $160,000 in landscaping costs. These costs were coptalard in the accounting records and no amortization has been claimed. 10. The Company expenses included $150,000 in charitable donations to the Red Crows 8. Amortization expense totalled $240,000. An amount of $280,000 can be deducted for coca 9. During the year, the Company paid $160,000 in landscaping costs, these conts were capitilin the accounting records and no amortization has been claimed. 10. The Company expenses included $150,000 in charitable donstions to the Ped Cross. Required: Calculate Carnival's net income for tax purposes for 2022

Step by Step Solution

There are 3 Steps involved in it

Step: 1

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

Step: 3

blur-text-image

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

Management Accounting For Decision Makers

Authors: Peter Atrill

9th Edition

9781292204574

More Books

Students also viewed these Accounting questions

Question

Evaluate the following integrals. In(x) X -dx

Answered: 1 week ago

Question

List the common methods used in selecting human resources. page 254

Answered: 1 week ago