N11.Account The following information relates to Metlock Inc.:At July 1, 2019Temporary difference, giving rise to future taxable amounts$90,000Temporary difference, giving rise to future deductible amounts 29,000At June 30, 2020$157,00088,000Accounting income for the year ended June 30, 2020 was $133,000. No permanent differences existed during the fiscalyear. The company was expected to operate profitably in the future. The tax rate was 20% for the current and futureyears. Metlock Inc. follows IFRS.(a)New attempt is in progress. Some of the new entries may impact the last attempt grading.Calculate the amount of taxable income for 2020.Taxable income, 2020 $. Enter your answer in accordance to the question statement

There are temporary differences which causes the differences of the incomes as per two separate…

Answered: Calculate the amount of taxable income…

Calculate the amount of taxable income for 2020. Taxable income, 2020 $. Enter your answer in accordance to the question statement

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter18: Accounting For Income Taxes

Section: Chapter Questions

Problem 9P: Interperiod Tax Allocation Peterson Company has computed its pretax financial income to be 66,000 in...

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Concept explainers

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.

Question

N11.

Account

The following information relates to Metlock Inc.:
At July 1, 2019
Temporary difference, giving rise to future taxable amounts
$90,000
Temporary difference, giving rise to future deductible amounts 29,000
At June 30, 2020
$157,000
88,000
Accounting income for the year ended June 30, 2020 was $133,000. No permanent differences existed during the fiscal
year. The company was expected to operate profitably in the future. The tax rate was 20% for the current and future
years. Metlock Inc. follows IFRS.
(a)
New attempt is in progress. Some of the new entries may impact the last attempt grading.
Calculate the amount of taxable income for 2020.
Taxable income, 2020 $. Enter your answer in accordance to the question statement

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