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Lantz Ltd. reported earnings before income taxes of $620,000 in 20X5. The company had expensed $33,000 of golf club dues that were not tax deductible. There was tax-free dividend revenue of $14,000. Warranty expense was $48,000. Depreciation was $128,000, while CCA was $217,000. Warranty claims paid were $39,000. The tax rate for this year is 20%. Required: Calculate taxable income and income tax payable. Taxable income Income tax payable

Lantz Ltd. reported earnings before income taxes of $620,000 in 20X5. The company had expensed $33,000 of golf club dues that were not tax deductible. There was tax-free dividend revenue of $14,000. Warranty expense was $48,000. Depreciation was $128,000, while CCA was $217,000. Warranty claims paid were $39,000. The tax rate for this year is 20%. Required: Calculate taxable income and income tax payable. Taxable income Income tax payable

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Lantz Ltd. reported earnings before income taxes of $620,000 in 20X5. The company had expensed $33,000 of golf club dues that were not tax deductible. There was tax-free dividend revenue of $14,000. Warranty expense was $48,000. Depreciation was $128,000, while CCA was $217,000. Warranty claims paid were $39,000. The tax rate for this year is 20%. Required: Calculate taxable income and income tax payable. Taxable income Income tax payable
Transcribed Image Text:Lantz Ltd. reported earnings before income taxes of $620,000 in 20X5. The company had expensed $33,000 of golf club dues that were not tax deductible. There was tax-free dividend revenue of $14,000. Warranty expense was $48,000. Depreciation was $128,000, while CCA was $217,000. Warranty claims paid were $39,000. The tax rate for this year is 20%. Required: Calculate taxable income and income tax payable. Taxable income Income tax payable
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