Fill This Form To Receive Instant Help
Fill This Form To Receive Instant Help
Homework answers / question archive / Copper Metals Company reported pre-tax accounting income of $ 300,000 for fiscal year ended December 31, 2020
Copper Metals Company reported pre-tax accounting income of $ 300,000 for fiscal year ended December 31, 2020. As well, the following information was reported:
Life insurance proceeds on the death of the CEO $ 130,000
CCA in excess of depreciation 20,000
Instalment tax payments made during 2020 25,000
Enacted income tax rate for 2020 30%
What amount should Copper Metals report as its current income tax liability on its December 31, 2020 SFP?
| 1. |
$ 26,000 |
|
| 2. |
$ 20,000 |
|
| 3. |
$ 51,000 |
|
| 4. |
$ 45,000 |
Already member? Sign In
