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In: Accounting
The following information is available for Ryan Corporation: Assets at cost - $160,000 (5 year life,...
The following information is available for Ryan Corporation: Assets at cost - $160,000 (5 year life, straight-line depreciation and purchased 4 years ago); NBV - $32,000 while UCC is $47,000 with a CCA rate – 30%; meals and entertainment recorded in the books - $10,000; golf dues paid - $2,500; accounting income - $90,000. Based on this information and a tax rate of 45%, what is taxable income?
114,508
115,400
104,508
51,930
Solutions
Expert Solution
| Pretax accounting income | 90,000 |
| Add | |
| Accounting depreciation | 32,000 |
| Meals & Entertaiment | 10,000 |
| Less | |
| Tax depreciation-47000*30% | (14,100) |
| Golf dues paid | (2,500) |
| Taxable income | 115,400 |
| Option B is correct | |
ekkarill92 answered 4 months agoRelated Solutions
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